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Refinancing (Interest Rates)

Switching Your Mortgage From One Bank To Another Could Save You Thousands Of Dollars In Interest Costs Over The Life Of Your Home Loan.

This could assist in improving your cashflow position, particularly at times where we are in a rising interest rate environment. Banks are also offering cash back contributions to assist you in moving, which in some cases can be up to 1% of the loan amount. Further, with a little bit of advice to steer you in the right direction you could save even more and shorten the life of your mortgage significantly.

Things to consider when moving banks are:

Luckily, we can help you with all of this by putting it into a spreadsheet for you to review and see the cost/benefit of moving.


What are Break Fees?

When you are looking at moving banks, if you have an existing mortgage in place on a fixed term, it is possible that your bank may charge you a “Break Fee” to get out of your existing Fixed Term Contract. The reason for this, is by you breaking your Fixed Rate, the bank incurs a real cost as a result, which is then passed on to you (they are not just simply trying to take more money from you).

In general, the longer the remaining time on your fixed mortgage, and the higher the rate (relative to current market rates – if switching to a lower rate), the higher the break fee. In an environment like now where interest rates are rising, break fees can be a lot smaller (if any).

What is a Cash Contribution?

Banks offer a cash contribution in many cases when you arrange a new mortgage with them. For all intents & purposes this is a gesture of a goodwill, and is like a gift which replaced TV’s and Holidays that they used to offer years ago.

The only catch with these, is that if you move banks in a short period of time (usually 3-4 years depending on the bank) the bank may ask for some or all of it back.

In many cases in today’s market, this could be up to 1% of the loan amount and is usually paid to you on settlement date or within a couple of days of settlement date.

Home Repayment Calculator Home Repayment Calculator

Reasons to have a Review


Over the life of the loan are compounded by minor changes over time. In our free mortgage review, we can discuss how you can do this if debt-repayment is a goal of yours.

Getting the Best Rates

Saving a minor amount in terms of the interest rate can mean huge savings over the life of a mortgage, and also can make big differences to your monthly payments. This can mean you have spare income to either reduce your mortgage quicker, or have more discretionary income to spend elsewhere.

You don’t have to Move Banks

We can try to renegotiate with your current bank for you to see if we’re able to get better rates for you, so you don’t have to change banks if you’re already happy with your set-up.

Change in circumstances

If your goals/situation has changed, chances are your mortgage will need to be adjusted to fit your new situation (getting married, having a family, retiring, etc.)

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