A rough figure is fine. No documents or bank logins needed. Cashback is worked out as a share of your loan, so the band is enough.
Paid by the bank, subject to their criteria and approval. Usually requires staying with the bank ~3 years. Offers change regularly.
Refinancing in New Zealand
Refinancing your home loan means moving your mortgage to another bank, or changing how your existing loan is set up, to get a structure that fits you better. Beryl Colley is a mortgage adviser at Bricks & Mortgages who helps New Zealand homeowners refinance, refix, switch banks and restructure their home loans, and who checks which lenders are offering mortgage cashback at the time.
Refinancing means moving your mortgage to another bank or restructuring the home loan you already have. People switch home loan providers when their fixed rate is ending, when their bank is no longer competitive, or when their loan no longer fits their life. Beryl handles the paperwork of changing banks for your mortgage from start to finish.
Most NZ banks pay a cash contribution when you refinance your home loan to them, commonly around 1% of the loan. Cashback home loan offers change often and each bank sets its own criteria, so Beryl confirms which refinance cashback offers apply to your loan before you commit to anything.
When a fixed rate ends, you can refix your mortgage with your current bank or refinance to a new one. Refixing is simpler, but it is also the moment a bank expects you to shop around. A quick review of your position before you refix shows whether staying or switching makes more sense.
Refinancing is not only about the interest rate. An offset mortgage, a revolving credit home loan, or a split home loan across fixed and floating portions can change how much interest you pay over the life of the loan. Beryl looks at whether restructuring your mortgage suits how you earn and spend.
A home loan top up lets you borrow against the equity in your house for renovations, a car, or consolidating debt. If your bank has said no to a mortgage top up or a renovation loan, refinancing to a lender with a different view of your equity is often the next step.
A mortgage refinance calculator only tells you about the rate. Working out whether refinancing is worth it also depends on cashback, break fees, and how the new loan is structured. The three questions above are the fast version of that refinance estimate, and Beryl does the full calculation with you on a call.
Whether your mortgage is currently with ANZ, ASB, BNZ, Westpac, Kiwibank or another lender, Beryl looks at your rate, your loan structure and any refinance cashback on offer, then tells you plainly whether switching home loans, refixing or restructuring is worth doing right now. The review is free and there is no obligation to go ahead.
Check my positionIt can, depending on the rate, the term, and the structure of the new home loan. Refinancing to lower your monthly mortgage payment is one option; keeping repayments the same and shortening the loan term is another. Beryl walks through both with you so you can choose.
When you move your home loan to a new bank, that bank may pay a cash contribution, usually a percentage of the loan and paid by the bank rather than by Bricks & Mortgages. You normally agree to stay with the bank for a few years or repay some of it. Each lender's cashback offer has its own minimum loan size and approval criteria.
Refixing means locking in a new fixed rate with the bank you are already with. Refinancing means moving your mortgage to a different bank, or changing the loan's structure. You can do either when a fixed term ends, and a refinance review tells you which one fits.
Yes. Whichever bank holds your mortgage now, Beryl can look at whether refinancing your home loan to another lender, or restructuring it where it is, makes sense for you.
There can be. If you are part way through a fixed term your current bank may charge a break fee, and there may be legal and valuation costs. Part of a refinance review is weighing those costs against any cashback and the new loan structure before you decide.
No. Your first consultation with Beryl Colley is complimentary and there is no obligation to proceed. Bricks & Mortgages is paid by the lender if you go ahead with a new home loan.
