Refinancing your mortgage can have big benefits…
Refinancing (or re-fixing) your mortgage can be a smart financial move with big benefits - including potentially saving thousands of dollars in interest and helping you get mortgage-free faster.
Refinancing can mean switching to an entirely new bank who can offer you a better deal, or possibly just restructuring your mortgage with your existing bank. Either way, there will be pros and cons for both, and the timing can be crucial - you need an impartial, independent mortgage broker (that’s us!) who can do all the ‘shopping around’ and negotiation for you, and present you with the sharpest options.
We’ll help you assess the unavoidable costs versus potential savings (and other advantages) of refinancing, so you can make the best choice for your family and your future.
Whether you're keen to secure a lower interest rate or better terms, want to nab a cash incentive offer to switch banks, or perhaps top-up your mortgage to fund renovations or another goal, the only agenda we're focused on is yours.
Our refinancing service is usually free - so get in touch and let’s chat!
When is it a good idea to refinance your mortgage?
By looking at your long-term goals and your current lifestyle, we will let you know if refinancing your mortgage is viable for you. You can refinance through your current bank or lender or move your mortgage to a new provider. There are numerous reasons why homeowners choose to refinance, including:
To pay off your mortgage quicker
To lengthen your mortgage term (and benefit from lower repayments)
To secure a more favourable interest rate
To avoid current bank fees
To move your mortgage from a floating interest rate to a fixed interest rate (or vice versa)
In order to release some home equity to deal with a financial emergency, renovate, finance a large purchase, invest, or consolidate debt.
To transfer away from a non-bank lender to a central bank lender if you borrowed with a lower deposit
If your current bank won’t extend the finance you need, perhaps another mortgage lender will
To get a cash contribution from a new lender
To restructure your mortgage / home loan to better meet your needs
With the property market and economy currently in such a state of fluidity, reviewing the options you have available to you is an excellent way to ensure you're getting the best deal possible.
Our experienced mortgage brokers have access to over 16 bank and non-bank mortgage lenders, to secure you the best refinancing terms.
What are the costs involved in refinancing?
As with any financial decision, It's important to consider both the benefits and potential drawbacks of restructuring your current mortgage or switching banks. When refinancing a mortgage, you might need to pay:
An Early Repayment Break Fee
If you repay your mortgage before it’s is due for maturity, your current bank may charge a break fee. If so, you should weigh the cost of paying the one-off break fee, compared to the long-term cost savings of your refinancing package. (We can do all these mortgage calculations for you, contact us!)
Repayment of Cash Contribution
If you are changing banks within a specific period of time, you may have to repay a cash contribution your bank previously gave you.
A Discharge Fee
Another fee that banks may charge when switching to a new mortgage provider is a discharge or admin fee - to complete the paperwork of closing your current mortgage and transferring it over to a new lender.
Legal Fees
Switching your mortgage to a new lender will involve signing additional legal documents in front of a solicitor. The solicitor will charge you for their services.
A Valuation Cost
While most banks will complete an electronic valuation of your property, in some cases banks may require a physical valuation. This would need to be undertaken by a registered valuer at a cost to you.
Remember - many banks offer cash incentives when refinancing with them, which is often enough to cover break fees or legal costs. Contact our mortgage brokers to find out more!
What People Are Saying
“Craig was absolutely amazing with his professional financial advice and assistance to Steve and I. We would very highly recommend him. Nothing was a problem, he listened to our needs, was extremely patient and offered very sound knowledge and expertise in his field.”
— Catherine Palmer
“Craig and Fiona have been wonderful to work with. Craig helped us take informed decisions based on market behaviour, so that we were securing the best mortgage deal for the right amount of time.”
— Armane Cárdenas
“We went to Craig to help with updating our mortgage, we found Craig great to deal with, top communication and advice for a way forward that works best for our family. Thanks Craig.”
— Theresa Wilson
Meet Craig
I’m a CFPCM Certified Financial Planner - the highest and only globally-recognised achievement within the profession - and have over 20 years’ experience in the industry. After over a decade working for a NZ bank (at a senior level) I saw there was more to life than KPI's and targets. I created WealthHealth so I could provide truly unbiased and honest advice to help families thrive financially, without having to promote one company’s product over another.
I’m not your typical suit-wearing mortgage guy. I believe wealth creation is for everyone, and I love to simplify the complex world of finance and relate to my clients on a more relaxed level.
You can learn a bit more about me here, read what clients say about me here, or just get in touch - I’d love to chat.
Let’s Chat!
Ready to chat about refinancing your mortgage?
Just fill in this form - we’ll get back to you within 24 hours!
Or if you’d rather chat now, call or text message Craig:
Text 027 667 2537
Call 0800 672 537
We're available Monday to Friday 8am - 6pm and Saturdays 9.30 - 12.30.
We’re based in Tauranga, Bay of Plenty
but we help clients throughout New Zealand via virtual (online) meetings.
The WealthHealth team are not only mortgage brokers, we’re also full financial advisors offering Insurances, KiwiSaver fund assistance and much more. We’re based in Tauranga, but help people right across New Zealand.