Refinancing your home loan could save you thousands
Reviewing your mortgage or switching to another bank could save you a ton in interest, plus some extra cashback when you need it.
With the current market situation, it's best to chat to an adviser before making any decisions. Let us help you figure it all out, and in the meantime check out our Guide to Refixing and Refinancing.
Interest rates stated are accurate to the best of our knowledge at the time of filming, and any opinions expressed are JB's own views and are not financial advice. Interest rates are ever-changing, and we're still yet to find a reliable crystal ball. As always, we recommend seeking advice from your Mortgage Adviser before taking any action.
Interest rates stated are accurate to the best of our knowledge at the time of filming, and any opinions expressed are JB's own views and are not financial advice. Interest rates are ever-changing, and we're still yet to find a reliable crystal ball. As always, we recommend seeking advice from your Mortgage Adviser before taking any action.
Best advertised rates by term
6 Months fixed
4.89%
12 Months fixed
4.49%
18 Months fixed
4.59%
2 Years fixed
4.49%
Revolving
5.95%
Floating
5.70%
Rates sourced from MortgageRates.co.nz. Advertised interest rates require a minimum of 20% equity and are subject to change. T&Cs apply.
To view all advertised mortgage rates, check out our interest rates page.
Now could be a good time to make a bit of cash on your mortgage
It could be worth refinancing to a different bank, or getting us to negotiate with your current one to lock in a good rate to make your payments manageable.
You can also get a sweet cash back worth up to 1% of the loan value in some cases.
But it's not only about the money you can save up front, it's about structuring the mortgage in the right way long-term too.
Unlock cash back when you switch banks
Let us do the hard work while you dream up how you’ll spend your dollars.
Find out how much cash back you could get just by switching banks. Book a chat today.
| Loan amount | Estimated cashback* |
| $300k - $400k | $2,400 - $3,600 |
| $400k - $500k | $3,200 - $4,500 |
| $500k - $600k | $4,000 - $5,400 |
| $600k - $700k | $4,800 - $6,300 |
| $700k - $800k | $5,600 - $7,200 |
| $800k - $900k | $6,400 - $8,100 |
*Cashback amount shown is indicative only, actual cash back will vary depending on individual circumstances and lender T&C's.
Here's how we helped a young couple save $500K in interest and slash 14 years off their mortgage. Want to see if you could do the same?
Get the ultimate guide to refixing and refinancing
We've pulled together all our best refixing, refinancing and restructuring hacks to help you master your mortgage – and likely save yourself thousands.
What are the benefits of getting a free mortgage review?People often think that having a mortgage review means tons of tricky forms and ultimately changing banks. It doesn't have to be like that.
People often think that having a mortgage review means tons of tricky forms and ultimately changing banks. It doesn't have to be like that.
Get the best possible interest rates
Saving just a small amount on your interest rate can make a difference to your monthly payments, leaving you more money for the things you want - not to mention getting your home loan paid off quicker.
You don't necessarily have to switch banks to get a better rate
Your Squirrel mortgage adviser can often renegotiate your mortgage with your current bank, saving you the hassle of switching if you're happy where you are.
If your lifestyle has changed, so should your mortgage
Maybe you've started a family, maybe you've retired. Whatever life stage you're at, make sure your mortgage is structured in the best possible way to suit your needs right now.
Save thousands over the life of your home loan
We're not thinking peanuts here. We're talking tens of thousands of dollars! A review costs you nothing but could save you buckets of money. Seems like a no-brainer.
Let's review your mortgage
It could make a huge difference - and it's free!
We work with all the banks
And more options means a better deal for you
What will my mortgage repayments be?
Work out your regular repayments and how quickly you could pay off your home loan.
*This calculator is intended as a guide for illustrative purposes only and is not intended to provide financial advice. The results are based on the information you enter and assume that interest rates and loan terms remain constant for the duration of the loan. It does not account for fees, fluctuating interest rates, or changes to your financial situation over time. Please note that actual repayment amounts may differ and interest rates are subject to change. To talk to one of our team at Squirrel, contact us here. We recommend seeking financial advice about your situation and goals before making any financial decisions.
The lowdown on break fees
Sometimes when reviewing your mortgage we might find that the best solution is switching you to different bank. In this case the bank your mortgage is with will charge what's called a "Break Fee". This is because you are breaking a legal contract between you and the bank. The bank incurs a real cost as a result, which is then passed on to you. They’re not just trying to squeeze you for a bit more.
Generally speaking, the longer the remaining time on your fixed term or the bigger the difference between your current interest rate and the new rate (if switching from a higher rate to a lower rate), the higher the break fee. In an environment like now where interest rates are rising, break fees are minimal.
Should I refinance to a different bank to get a better deal?
Homeowners can often benefit from refinancing their mortgage because lenders will typically be more competitive with pricing for new business. If you're thinking about switching banks, here are 4 things to consider.
Useful information and insights
Learn more about how to structure your mortgage and the benefits it can bring from our blog.
Watch the latest interest rates and property market updates
Watch our latest update on interest rates and the property market - covering house prices, the economy, the OCR and where mortgage rates might be heading.
When should I refinance my mortgage?
Refinancing hasn't always been a super popular option among Kiwi borrowers, put off by all the admin involved. But the benefits—like cashbacks and the chance to restructure your mortgage and other debts to get them working better for you—could mean it's well worthwhile. Here's what you need to know.
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Don’t just take our word for it
Madhu P
New Zealand
We've worked with Ange and the team at Squirrel more than once now, and every time they've been absolutely fantastic. This time was no different, they looked after us from start to finish with the same professionalism, attention to detail, and just the right amount of hustle behind the scenes to make everything run smoothly. What I appreciate most is how they take the stress out of the process. I just tell them what we're trying to do, and they take care of the rest: crunching the numbers, dealing with the bank, and coming back with a clear plan. It means we can focus on the bigger picture without getting bogged down in the details. Even with a few curveballs from the bank this time, Ange and her team kept everything on track and moving forward. We managed to get both the sale and the purchase done without any delays or issues, which is exactly what you want in these situations. When we think about getting a loan, we think about Ange and the team, and no one else. I genuinely don't want to deal with any other company. They've earned that level of trust.
Suzanne
New Zealand
Sudam was great to deal with. I had already met with another broker and hadn't been happy with the interaction. Sudam's approach was completely different - he was really nice to talk to, very clear about the options and process, and made the whole thing easy for us. Sudam communicated well throughout and we're very happy with the outcome of switching our mortgage.
Guy
New Zealand
Very easy to deal with.
James
New Zealand
Fantastic to deal with, makes everything very effortless and provides great advice