Question 1

When should I refinance my mortgage in NZ?

Accepted Answer

Consider refinancing when: (1) Interest rates have dropped significantly (0.5%+ lower), (2) Your fixed term is expiring, (3) Your financial situation has improved (better LVR or income), or (4) You want to access equity. Calculate if savings exceed refinancing costs and break fees.

Question 2

What are the costs of refinancing in NZ?

Accepted Answer

Refinancing costs in NZ typically include: break fees (if breaking fixed term), legal fees ($500-$1,500), valuation fees ($300-$800), and application fees (varies by bank). Total costs usually range from $1,500 to $3,000. Some banks offer cashback deals that offset these costs.

Question 3

How long does refinancing take in NZ?

Accepted Answer

Refinancing in NZ typically takes 2-4 weeks from application to settlement. Timeline depends on property valuation, document processing, and bank approval times. Start the process 6-8 weeks before your fixed term expires to avoid break fees.

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