Refinancing your mortgage
Moving your home loan to a different lender can mean a better rate, a cash contribution or a loan structure that suits you better. We make sure the numbers genuinely stack up before you switch.
Refinancing means moving your mortgage from one lender to another. It’s worth considering when your fixed term is ending, your bank’s rates aren’t competitive, or you want to restructure your loan, release equity or combine debts. The savings need to outweigh any costs, such as break fees or having to repay a cash contribution from your current lender.
Reviewed by the Moneyplant mortgage advice team, Papakura · Updated September 2026
How we help
- Compare the market: we look across banks and non-bank lenders, not just the big four.
- Work out the true cost: break fees, cash contribution clawbacks and legal costs, weighed against what you’d save.
- Handle the switch: the application, valuation if needed, and liaising with your lawyer through to settlement.
- Set up the right structure: fixed terms, floating or revolving portions, and an eye on your next refix.
When refinancing makes sense
- Your fixed term is ending and your current lender’s offer isn’t competitive.
- You want to release equity for renovations, a new car or an investment.
- You want to combine higher-interest debts, like credit cards or car loans, into your mortgage. This can lower repayments, but may cost more in interest over time if the debt is spread over a longer term.
- Your current lender’s policies no longer fit your situation, for example if you’ve become self-employed.
The costs to check first
Break fees: if you’re partway through a fixed term, your lender may charge a fee to leave, especially if rates have fallen since you fixed.
Cash contribution clawbacks: many lenders pay a cash contribution when you take out a loan, but require you to pay some or all of it back if you leave within a set period. Check your loan documents or ask us to.
Legal and other costs: a lawyer is needed to discharge the old mortgage and register the new one, and some lenders need a valuation.
Timing is everything
The best time to refinance is usually when a fixed term is ending, because there are no break fees. Talk to us a month or two beforehand so there’s time to compare lenders, get approval and settle without rushing.
This is general information only and isn’t personalised financial advice. Everyone’s situation is different, so please talk to one of our advisers before making decisions about your lending.
Refinancing questions
Can’t see your question? Give us a call or send us a message. See our public disclosure for details of our fees and commissions.
Does refinancing cost anything?
There can be legal fees, break fees if you’re partway through a fixed term, and repayment of any cash contribution if you leave within the lender’s clawback period. Some new lenders offer a cash contribution that helps cover these. We lay out the numbers before you decide.
Will refinancing affect my credit score?
Each new application creates a credit enquiry. We keep applications targeted, rather than applying to lots of lenders at once, to limit the impact.
Can I refinance to consolidate debt?
Often, if you have enough equity and can afford the repayments. Rolling short-term debt into a mortgage can lower repayments, but spreading it over a longer term can mean paying more interest overall, so it needs a plan to pay it off.
Is refinancing with a mortgage adviser free?
For most clients, yes, because the new lender pays Moneyplant a commission. If you refinance again within 27 months of settlement, a fee may apply. Our public disclosure explains our fees and commissions.
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