Refinance calculator NZ
See what a lower rate saves each week, what moving costs, and the week the saving has paid for the move.
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 rateQuestions 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 $1,030 in legal and discharge fees once your fixed term has ended: $990 for a lawyer and $30 to $100 for your old bank's discharge fee. 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 discharge fee.
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.
Want a licensed broker to run your numbers?
Two short steps, then a licensed broker checks whether moving to a new bank, or refixing where you are, leaves you ahead.
This is not a loan application.