How Much Could You
Save by Refinancing?
Enter your current loan details and compare against a new rate. See exactly how much you could save per month and over the life of your loan.
Is Refinancing Worth It?
As a general rule, refinancing makes sense if:
- You can reduce your rate by 0.5% or more
- Your monthly saving pays back any break costs within 12–18 months
- You have at least 6+ months remaining on your current fixed term (or are on floating)
- You have enough equity to access the new rate tier
Ready to Refinance?
Finch handles the entire switch at no cost to you — lender negotiation, paperwork, and settlement coordination.
Start Free Refinance Review →How to Calculate NZ Refinance Savings Properly
A refinance is only worth doing if the total benefit — rate saving + cashback contribution + improved loan structure — comfortably exceeds the total cost — break fees + legal disbursements + any existing cashback clawback owed back to your current bank. The headline rate difference can be misleading. Finch runs a full net-benefit calculation against your real loan balance, fixed-term roll-off date, and existing cashback clawback exposure before recommending a switch.
How refinance cashback works
Many NZ lenders offer a cash contribution when you refinance to them, and some also contribute towards legal costs. Amounts and conditions vary by lender and change often, and the contribution usually has to be repaid if you leave again within the lender's clawback period. We check current offers from the lenders on our panel when we run your numbers. See current offers on our NZ rates page.
Break Fees — When They Bite
If you're inside a fixed term, your bank charges a "break fee" reflecting its loss on the wholesale funding it locked in for your loan. When the OCR has fallen since you fixed, this fee can run into thousands of dollars. We obtain an exact indicative break-fee quote from your current bank before recommending any move — the figure isn't an estimate, it's based on the wholesale curve on the day. If the break fee is too high, we plan the refinance for the fixed-term roll-off date instead.
Cashback Clawback — The Hidden Cost
If you received a cashback on your current loan within the last 3–4 years, your existing bank will likely claw a portion back if you refinance before the clawback period ends. The clawback typically tapers: 100% in year 1, 75% in year 2, 50% in year 3. Finch calculates this against the new cashback you'd receive to ensure you're still in net-positive territory.
NZ Refinance Worked Example: $500,000 Loan
Switching $500,000 from 6.59% to 5.99% over a 25-year remaining term:
- Monthly saving: ~$185
- 2-year saving (fixed period): ~$4,440
- Plus cashback (0.70%): $3,500
- Less legal costs: ~$1,200
- Net 2-year benefit: ~$6,740
Read more NZ refinance scenarios in our refinance case study and refinance guide.
Related NZ refinance resources
Why you can trust us with your mortgage
Want these numbers checked against real offers?
The calculator shows the effect of a lower rate. We'll compare what lenders will actually offer you, then net off break fees, legal costs and any cashback clawback.
- ✓ Your bank's offer compared with the 23 lenders on our panel
- ✓ Break fees, legal costs and any cashback clawback worked out first
- ✓ We only recommend switching when the numbers work
- ✓ No fee on residential home loans: the lender pays us
Finch Mortgages Limited (FSP1011125) is an Authorised Body under Finsure New Zealand Limited's financial advice provider licence (FSP1005389). Disclosure statement