Refinance Calculator NZ: Saving & Payback

$13 a week less

$17,538 less paid back in total over 25 years

Loan balance

Years left on the loan

Current rate (% p.a.)

BNZ's and Westpac's 1-year fixed rate.

New rate (% p.a.)

ANZ's, ASB's and TSB's 1-year fixed rate.

How often you repay

WeeklyFortnightlyMonthly

New fixed term

Costs of switching

Break fee

$0 once your fixed term has ended. Ask your bank for the figure.

Legal fees

$0 if the new bank's legal service does the work.

Discharge fee (old bank)

$30 to $100 at the big banks.

Valuation

Often $0.

Cash from the new bank

Cashback you'd repay

Now: $687 a week $892,846 paid back in total
After switching: $673 a week $875,308 paid back in total

Cost of switching $1,030 · Pays back in week 77

After the 1-year fixed term: $328 behind

Have a broker run my numbers

Estimate only, not a quote or an approval. Your rate depends on your credit and the lender. Rates checked 21 Oct 2026.

When does switching pay?

When the weekly saving has covered the cost of moving before your new fixed term ends. On $500,000 with 25 years left, paid weekly, the new bank's legal service has you ahead in week 3. With your own lawyer it takes 77 weeks, and breaking a fixed rate or repaying cashback can take years.

Your situation	Saving each week	Cost to switch	Pays back in
Fixed term ended, your own lawyerCosts $1,030	$13	$1,030	Week 77
Fixed term ended, the new bank's legal serviceCosts $40	$13	$40	Week 3
Breaking a 5.79% fix with 12 months leftCosts $5,030	$55	$5,030	Week 92
Repaying $2,500 of cashbackCosts $3,530	$13	$3,530	Week 262

Estimate only, not a quote or an approval. Your rate depends on your credit and the lender. Rates checked 21 Oct 2026.

Ask a broker if my bank will match the rate

Questions about refinancing

Is refinancing worth it for 1%?

Usually, yes. On $500,000 with 25 years left, going from 5.99% to 4.99% saves $69 a week and pays back $1,030 of costs in week 15. After a 1-year fix you'd be $2,547 ahead.

How much does it cost to refinance in NZ?

About $1,025 to $1,820 in legal, registration and discharge fees once your fixed term has ended. A break fee, a valuation or a cashback clawback comes on top. BNZ and Kiwibank offer eligible borrowers a legal service, which leaves only the old bank's discharge fee of $30 to $100.

How do I find out my break fee?

Ask your bank in writing; ANZ and BNZ give an estimate on request. You pay one only if rates have fallen since you fixed. TSB's own example is about $750 when rates fall 0.50% on $100,000 with 18 months left.

Do I have to pay back my cashback if I switch?

Often, yes, if you leave within the bank's clawback period: 36 months pro rata at ASB and 4 years at Kiwibank. Put the amount in the cashback box to see how far it pushes out your payback week.

Refinance calculator NZ