Started With a Non-Bank Lender.
Refinanced to a Main Bank 18 Months Later.

The problem.

Ben and Sarah, a couple in their early 30s in Palmerston North, bought their first home 18 months ago through a specialist non-bank lender after Ben's credit file showed a default from a business venture that failed a few years earlier. At the time, it was the only realistic path to home ownership — but the rate was noticeably higher than main-bank pricing.

Since settling, they'd made every repayment on time, Ben's default had aged off his credit file entirely, and their combined income had grown. They wanted to know whether it was worth refinancing to a main bank, but were unsure if 18 months was "long enough" or whether the switching costs would outweigh the benefit.

Their existing non-bank lender hadn't proactively suggested a review, and Ben and Sarah weren't sure where to start comparing options themselves.

How we solved it.

The result.

The refinance completed in 3 weeks. Ben and Sarah's new main-bank rate was 1.15 percentage points lower than their non-bank rate, cutting their monthly repayment by roughly $310 — savings they've redirected into extra principal repayments.

They also received a $6,500 cashback contribution from the new lender, more than covering their legal and valuation costs with money left over.

Sarah's feedback: "Our non-bank lender got us into our home when nobody else would, and we're grateful for that — but nobody told us we could move on once our credit file cleared. Finch reviewed it without us even having to ask exactly the right question."

Useful NZ sources: the Reserve Bank of New Zealand for current lending policy, and Kāinga Ora for first-home support schemes.