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.
Today's best rates by term
6 Months fixed
5.79%
12 Months fixed
5.19%
18 Months fixed
5.19%
2 Years fixed
4.99%
Revolving
6.75%
Floating
6.45%
Rates sourced from MortgageRates.co.nz. Interest rates subject to change. T&Cs apply.
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.
Unlock cash back when you switch banks
Let us do the hard work while you dream up how you’ll spend your dollars.
Find out how much cash back you could get just by switching banks. Book a chat today.
| Loan amount | Estimated cashback* |
| $300k - $400k | $2,400 - $3,600 |
| $400k - $500k | $3,200 - $4,500 |
| $500k - $600k | $4,000 - $5,400 |
| $600k - $700k | $4,800 - $6,300 |
| $700k - $800k | $5,600 - $7,200 |
| $800k - $900k | $6,400 - $8,100 |
*Cashback amount shown is indicative only, actual cash back will vary depending on individual circumstances and lender T&C's.
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.
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.
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.
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.
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.
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.
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
What will my mortgage repayments be?
Work out your regular repayments and how quickly you could pay off your home loan.
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 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.
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.
OCR & interest rates update – February 2025
So, the Reserve Bank has kicked the year off exactly as expected, delivering a 0.50% OCR cut on 19 February. Here's what that means for Kiwi borrowers, interest rates, and the economy.
Rodney’s Ravings: NZ interest rates can still fall even if the Fed halts cuts
Movements in NZ interest rates have been relatively closely linked to those in US interest rates over the last five years. With the Fed scaling down plans for rate cuts, could it limit scope for NZ mortgage interest rates to fall further this year?
NZ property market update - February 2025
Between Trump's new trade tariffs and speculation around what will happen at our next OCR announcement on 19 February, there's plenty to discuss and dissect this month. Here's the latest on what's been happening with the New Zealand housing market, interest rates and the economy (both domestic and global) in recent weeks.
Stay plugged in to the housing market
Keep on top of everything going on with Views from the Treehouse, the Squirrel blog.
Don’t just take our word for it
Ashley Paice
New Zealand
Great experience and very happy with the service.
Jonny
New Zealand
Mayank has been great to deal with. Our mortgage is floating for the first few days and then we will fix next week since there's been an OCR cut. Mayank was really good at explaining things especially the option of setting up part of the mortgage with a revolving credit.
Anonymous
New Zealand
Excellent
Peter
New Zealand
Shiva was amazing, this process was so so simple, so much better than direct with the bank. Thanks