Refinancing your mortgage

Reviewing your mortgage or switching to another bank could save you thousands in interest, plus some extra cashback when you need it. 

With the current market situation, it's best to chat to an adviser before making any decisions. Let us help you figure it all out, and in the meantime check out our Guide to Refixing and Refinancing.

Interest rates stated are accurate to the best of our knowledge at the time of filming, and any opinions expressed are JB's own views and are not financial advice. Interest rates are ever-changing, and we're still yet to find a reliable crystal ball. As always, we recommend seeking advice from your Mortgage Adviser before taking any action.

Interest rates stated are accurate to the best of our knowledge at the time of filming, and any opinions expressed are JB's own views and are not financial advice. Interest rates are ever-changing, and we're still yet to find a reliable crystal ball. As always, we recommend seeking advice from your Mortgage Adviser before taking any action.

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Today's best rates by term


6 Months fixed

6.39%

ASB logo

12 Months fixed

5.79%

Kiwibank logo

18 Months fixed

5.79%

ANZ logo

2 Years fixed

5.65%

Westpac logo

Revolving

8.15%

The Co-operative Bank logo

Floating

7.65%

The Co-operative Bank logo

Rates sourced from MortgageRates.co.nz. Interest rates subject to change. T&Cs apply.

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Now could be a good time to make a bit of cash on your mortgage

It could be worth refinancing to a different bank, or getting us to negotiate with your current one to lock in a good rate to make your payments manageable. 

You can also get a sweet cash back worth up to 1% of the loan value in some cases.

But it's not only about the money you can save up front, it's about structuring the mortgage in the right way long-term too.

Book a chat

Get the ultimate guide to refixing and refinancing

We've pulled together all our best refixing, refinancing and restructuring hacks to help you master your mortgage – and likely save yourself thousands.

The ultimate guide to refixing and refinancing

What are the benefits of getting a free mortgage review?

People often think that having a mortgage review means tons of tricky forms and ultimately changing banks. It doesn't have to be like that.

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Get the best possible interest rates

Saving just a small amount on your interest rate can make a difference to your monthly payments, leaving you more money for the things you want - not to mention getting your home loan paid off quicker.

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You don't necessarily have to switch banks to get a better rate

Your Squirrel mortgage adviser can often renegotiate your mortgage with your current bank, saving you the hassle of switching if you're happy where you are.

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If your lifestyle has changed, so should your mortgage

Maybe you've started a family, maybe you've retired. Whatever life stage you're at, make sure your mortgage is structured in the best possible way to suit your needs right now.

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Save thousands over the life of your home loan

We're not thinking peanuts here. We're talking tens of thousands of dollars! A review costs you nothing but could save you buckets of money. Seems like a no-brainer.

Let's review your mortgage

It could make a huge difference - and it's free!

We work with all the banks

And more options means a better deal for you

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We have access to more lenders than other brokers – and if you don't quite fit the bank's box we can step in with our own custom solution for you.

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What will my mortgage repayments be?

Work out your regular repayments and how quickly you could pay off your home loan.

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Become an expert yourself, with our guide to refinancing and refixing

Want to learn how to make smarter, forward-thinking decisions when it comes to your home loan? We've made a guide to help with exactly that.

The ultimate guide to refixing and refinancing

The lowdown on break fees

Sometimes when reviewing your mortgage we might find that the best solution is switching you to different bank. In this case the bank your mortgage is with will charge what's called a "Break Fee". This is because you are breaking a legal contract between you and the bank. The bank incurs a real cost as a result, which is then passed on to you. They’re not just trying to squeeze you for a bit more.

Generally speaking, the longer the remaining time on your fixed term or the bigger the difference between your current interest rate and the new rate (if switching from a higher rate to a lower rate), the higher the break fee. In an environment like now where interest rates are rising, break fees are minimal.

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Should I refinance to a different bank to get a better deal?

Homeowners can often benefit from refinancing their mortgage because lenders will typically be more competitive with pricing for new business. If you're thinking about switching banks, here are 4 things to consider.

Useful information and insights

Learn more about how to structure your mortgage and the benefits it can bring from our blog.

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18 October 2024


We were wrong. But right.

By David Cunningham

In early February, we made a bold call—that inflation would be back to 2% by September 2024, and so the time was right to start cutting interest rates. With the latest inflation stats out this week, Squirrel CEO David Cunningham reflects on our prediction.

Close up image of a man turning out his empty pocket

11 October 2024


Opinion: Banks aren’t passing on the benefit of lower rates where it matters

By John Bolton

Short-term fixed rates have remained stubbornly high in the wake of recent OCR cuts. But with bank margins now up near record levels, Squirrel founder JB is urging lenders to starting passing the benefits of rate cuts onto customers where it matters.

Young couple dancing around their living room, surrounded by moving boxes

9 October 2024


Wellington property market & OCR update - October 2024

By Nick Virtue

In what will be welcome news for borrowers, the RBNZ dropped the OCR by 0.50% on 9th October—which should mean greener shoots are on the way. Nick Virtue, one of our resident mortgage experts in Wellington, explains what it means for interest rates.

Stay plugged in to the housing market

Keep on top of everything going on with Views from the Treehouse, the Squirrel blog.

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