Master your Mortgage

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Five major banks write 94% of mortgages in New Zealand, which makes them our 'big five'.

The Big 5 Lenders

Lender 1 Year 2 Years 3 Years
ANZ 2.5% 2.9% 3.24%
ASB 2.55% 2.95% 3.29%
BNZ 2.55% 2.95% 3.25%
Kiwibank 2.49% 2.49% 3.29%
Westpac 2.55% 2.89% 3.29%

Could you be saving money on your mortgage?

Try out our refinance calculator to see if you cauld save on interest or get cash immediately by refinancing to a new bank.

Tell us about your home loan

What bank are you with?

This is how much is left to pay on this portion of your mortgage.

Lender is required
Property Value
Check the value at homes.co.nz
Property Value is required
How much do you still owe?
Property debt is required
Property Type
Property Type is required
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Great, tell us a little more

Did you receive a cashback when you received your loan?

This is a cash contribution provided by your bank which would have been a percentage of your loan amount.

Answer is required
When did you start your loan with {{ Lender.value.label }}?

Tip: Cashbacks are generally clawed back if switching banks within 3 years of setting up your mortgage with your current bank.

Answer is required

It doesn’t make sense to refinance right now.

Based on the equity you have in your property, the numbers aren’t stacking up to refinance. You need at least 20% equity as an owner or 40% equity as a property investor.

Refinance Calculator

To help us figure out whether now is a good time to refinance, enter your home loan details.

If your mortgage is split into different fixed terms and rates, enter details for the first portion and then hit the add another loan button at the bottom of the page.

Loan {{index + 1}}
{{ row.LoanType.value }} {{ row.InterestRate.value }}
{{ row.OriginalFixedTerm.value }} months Term
{{ row.LoanBalance.value }}
Break Fees -

Details for loan portion {{index + 1}}

Loan Balance

This is how much is left to pay on this portion of your mortgage.

Loan Balance is required
Loan Type
Loan Type is required
Start Date

The date you fixed this loan at its current rate. Not sure when that was? For {{Lender.value.label}} you’ll need to look through your loan’s statements. When the rate changed last is the start date for this loan.

The date you fixed this loan at its current rate. Not sure when that was? We can work this out for you based on the fixed termand end date.

The date you fixed this loan at its current rate. Not sure when that was? For {{Lender.value.label}} you can find this in your internet banking, in the account details.

The date you fixed this loan at its current rate. Not sure when that was? For {{Lender.value.label}} you’ll need to look through your loan’s statements. When the rate changed last is the start date for this loan.

The date you fixed this loan at its current rate. Not sure when that was? For {{Lender.value.label}} you’ll need to look through your loan’s transactions. Go back as far as you can, and the beginning of the transactions is when this loan was fixed.

The date you fixed this loan at its current rate. Normally found in your loan’s statements or your account details for the loan.

or
Fixed Term
The end date selected is not within the fixed term.
Fixed term or start date required
End Date

This is when your current fixed term is due to end. For {{Lender.value.label}} you can find it in your internet banking, in your loan’s account details as ‘Fixed rate review date’.

This is when your current fixed term is due to end. For {{Lender.value.label}} you can find it in your internet banking in your loan summary, as ‘Fixed Interest Expiry Date’.

This is when your current fixed term is due to end. For {{Lender.value.label}} you can find this in your internet banking, in the loan statement.

This is when your current fixed term is due to end. For {{Lender.value.label}} you can find this in your internet banking, in the loan statement under payment details.

This is when your current fixed term is due to end. For {{Lender.value.label}} you can find it in your internet banking, in your loan’s account details under Interest rate.

This is when your current fixed term is due to end. Normally found in your loan’s statements or under your account details for the loan.

End Date is required
Interest Rate
Interest rate is required
Repayment Frequency
Repayment frequency is required
Repayment Amount
This value is required
{{ apiError }}
Refinancing could save you* Refinancing could cost you* ${{ numberWithCommasAbsolute(customerResults.totalSaving) }}

*Savings are indicative only, actual saving amount may differ. *Costs are indicative only, actual amount may differ.
You could get an immediate cashback of ${{ numberWithCommasAbsolute(customerResults.netSaving) }} and save ${{ numberWithCommasAbsolute(customerResults.interestSavingsTerm) }} over the remainder of your fixed terms, After expenses of ${{ numberWithCommasAbsolute(customerResults.netSaving) }} you will save ${{ numberWithCommasAbsolute(customerResults.interestSavingsTerm) }} over the remainder of your fixed terms, You could get an immediate cashback of ${{ numberWithCommasAbsolute(customerResults.netSaving) }}, but will have to pay ${{ numberWithCommasAbsolute(customerResults.interestSavingsTerm) }} more interest over the remainder of your fixed terms, You will have to pay ${{ numberWithCommasAbsolute(customerResults.netSaving) }} and pay ${{ numberWithCommasAbsolute(customerResults.interestSavingsTerm) }} more in interest, paying {{customerResults.newInterestRate}}% p.a.

How much could you save?

Cashback Available ${{ numberWithCommasAbsolute(customerResults.cashBack) }}
Break Fees ${{ customerResults.breakFee }}
Bank Fees ${{bankFees}}
Clawback Fee $0 TBC* ${{ numberWithCommasAbsolute(customerResults.clawback) }}

*Due to switching banks within 3 years, you’ll be charged the orginal cashback amount.

Interest Savings** Interest Costs** ${{ numberWithCommasAbsolute(customerResults.interestSavingsTerm) }}
Cash After Fees Total Fees ${{ numberWithCommasAbsolute(customerResults.netSaving) }}

If you want to refix with your current bank you will not incur legal fees or clawback fees and you will not be eligible for cashback. All other estimated costs remain the same.
** Interest is calculated by comparing the interest you could be paying vs the interest you are paying currently for the remainder of each fixed term. For floating loans, interest is calculated as the difference between the floating rate and fixed rate for a year.

Review my Mortgage

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How much can you borrow?

Top 5 FAQs

When purchasing an owner-occupied property you can generally borrow around five times your gross annual income. Lenders will require evidence that you're in a position to service the mortgage based on paying it off over 30 years, and at a mortgage rate of around 7.50% (higher than actual rates). If you have a rental property, 75% of the rental income can be included for testing your ability to afford the loan.

Banks offer better mortgage rates (and cash backs) to customers that have at least a 20% deposit. You must have at least a 10% deposit to access your KiwiSaver, so this is where most lenders draw the line. Banks are permitted to have 15% of their owner-occupied borrowers with less than 20% deposit. The cut-off for rental properties is a 30% deposit.

New properties are exempt from Reserve Bank restrictions, making it possible to buy a new property with as little as a 5% deposit, but the issue with KiwiSaver still applies.

90% of the market is on fixed mortgage rates because they are lower than floating rates. The most popular fixed rate term is the 2-year term as it tends to be the term that banks compete the most aggressively on. Longer term fixed rates provide more certainty. When mortgage rates are low it can be a good time to consider fixing into a longer term fixed rate. Be wary of early repayment fees, and if you repay a fixed rate mortgage early you might have to pay a cost.

Splitting your home loan across multiple fixed rate terms means your entire loan won't mature at once. It allows you to always have part of your loan maturing that you can make lump sum payments into as well as the certainty of having part of your loan still fixed. If mortgage rates are going up, splitting your loans will smooth out the impact and make it easier to adjust to higher rates.

When you repay a fixed rate loan early, the lender also needs to break its fixed rate funding. This is a real cost to the lender, which the lender passes on to you as a fee. These costs only typically occur if mortgage rates drop between when you fix and when you repay. Roughly it’s the rate difference applied to the loan balance over what would have been its remaining fixed rate term.