Refinancing with Finch: How Our Free Mortgage Review Works

Refinancing doesn't always mean switching banks

When people contact Finch about refinancing, they usually expect us to move them to a new bank. Sometimes that's right. Often the better result is a sharper offer from the bank you're already with, or a better structure for the loan you already have. Our review compares all three options and recommends whichever leaves you better off after costs.

What we check in a refinance review

• Your current rates and fixed-term end dates. Each part of a split loan has its own end date, and the best time to move is usually when a fixed term ends.
• Break costs. If you're partway through a fixed term, we get the actual break-fee quote from your bank rather than guessing. See how break fees work.
• Cashback clawback. If your current lender paid you a cashback, leaving within the agreed period usually means repaying some or all of it. We check your loan documents.
• What new lenders will offer you. Rate, cashback or legal contribution, and whether their lending policy fits your income and property today — not just when you first borrowed.
• Structure. Whether your fixed and floating split, offset or revolving credit, and loan term still suit your plans.
• Your goals. Paying it off faster, freeing up cash flow, renovating, investing or consolidating debt all point to different structures.

The real cost of switching

Refinancing is only worth it if what you save is more than what it costs to move. The costs to weigh up:

• Break fees on any fixed portion you leave early.
• Cashback clawback from your current lender, if you're still inside their minimum period.
• Discharge fee charged by your current lender to release its mortgage.
• Legal fees for the new mortgage. Many lenders contribute to these, or offer a cashback that covers them.
• Valuation, if the new lender needs one.

Against those, count the interest saved over the period you'd realistically stay, plus any new cashback. Our refinance savings calculator helps you check the numbers.

How long it takes

1. Review call — about 15 minutes. We collect your current loan details and goals.
2. Documents — recent payslips or financial statements, bank statements and your current loan statement.
3. Recommendation — we compare refixing, restructuring and refinancing, with the costs set out.
4. Approval — if moving makes sense, we apply to the lender that suits you best.
5. Settlement — your solicitor handles the switch. We time it for when your fixed term ends wherever possible, to avoid break fees.

The best time to start is about 60–90 days before a fixed term ends. That gives enough time to compare options without a deadline forcing your hand. Our refix playbook covers the timeline in detail.

This article explains how New Zealand lenders generally assess these situations. It is general information, not personalised financial advice, and lender policy changes often — check your own position with a registered adviser. Official sources: Reserve Bank of New Zealand for lending policy and the OCR, and Sorted.org.nz for independent government-backed money guidance.