Current Mortgage
Make your existing mortgage work harder: repayments, interest rates, refinancing, break fees, and smart ways to reduce interest.
Articles in this topic
The Official Cash Rate (OCR) Explained: What Every NZ Homeowner Needs to Know
The OCR plays a central role in determining how much you'll pay on your mortgage. Here's a plain-English guide to understanding New Zealand's most important interest rate.
Using Home Equity in Retirement: Options for NZ Homeowners
Your home may be your largest asset, but you cannot eat bricks and mortar. Here are the ways to access home equity in retirement without selling up.
Where Will Mortgage Interest Rates Be in 2026?
What might happen to mortgage rates through the rest of 2026? We look at what economists, banks, and the Reserve Bank are saying-with the next OCR decision coming 19 February.
The CCCFA: What Property Buyers Need to Know After the 2024 Reforms
The Credit Contracts and Consumer Finance Act (CCCFA) has been significantly reformed since 2024, making mortgage lending more accessible while maintaining responsible lending principles.
Can Flatmate Income Help You Get a Mortgage in NZ?
Banks typically cap flatmate income at $150–$200 per week. Learn how flatmate income factors into mortgage applications in New Zealand.
How Does A Student Loan Affect A Mortgage Pre-Approval?
Student loans typically have a smaller impact on mortgage applications than borrowers expect. Learn how banks really assess student loan debt.
The Bank Said No Because of My Income
When a bank declines a mortgage application due to insufficient income, it's often called hitting the income hurdle. Learn actionable solutions to overcome this challenge.
Declined for an Investment Property? What to Do When the Bank Says No Due to Credit History
When a bank declines an investment property loan application, understanding the reason is crucial. A decline based on credit history is classified as a credit hurdle.
10 Annual Home Maintenance Tasks Most Homeowners Forget
A practical annual home maintenance checklist to help homeowners keep their properties safe, efficient, and in good condition.
Why Should You Use a Mortgage Broker If You Already Have a Mortgage?
When you think about mortgage broking, you probably think about it in the context of buying a house. But your mortgage broker provides multiple important services throughout the life of your mortgage.
Better Budget – All About Your Heat Pump
Heat pumps represent an efficient heating solution. According to GenLess, "a heat pump is the most energy-efficient way of using electricity to heat your home."
Buying a Better Home in a Hot Property Market
If you're fortunate enough to have owned a house for a couple of years, property appreciation has likely increased your wealth. Should you use your increased equity to upgrade?
The Revolving Credit Tax Trap for Investors – Guest Blog
Revolving credit arrangements offer flexibility for homeowners and investors, but investment lending through revolving credit creates significant tax complications.
How to Move Cities When You Have a Mortgage
With remote work becoming increasingly common, relocating to smaller, more affordable cities is now viable for many professionals.
Small Steps: Review Your Insurance Policies for Better Cover
If you haven't reviewed your insurance in the last couple of years, you're not alone. This month's Small Steps action is to pull out your policies and see whether they still stack up.
NZ Interest Rates Prediction 2020 (Historical Archive)
HISTORICAL: This article from early 2020 was overtaken by COVID-19 events. Preserved for historical interest only.
Prepare, Don't Panic – 3 Things to Do Right Now to Prepare for a Recession
The key problem in a recession is the lack of business confidence. Here are 3 things you can do to prepare-and 1 thing you definitely shouldn't.
NZ Mortgage Interest Rates Prediction 2023 (Historical Archive)
HISTORICAL: This 2023 prediction article is now over 3 years old. Preserved for historical interest-see how our predictions played out.
Where Will Mortgage Interest Rates Be In 2024? (Historical Archive)
HISTORICAL: This 2024 prediction article has been overtaken by events. The OCR has since dropped to around 4% with further cuts expected.
What Could NZ Mortgage Rates Be In 2025? (Historical Archive)
HISTORICAL: This 2024 prediction has been superseded. Actual OCR cuts were more aggressive than predicted, dropping to around 2.25% by late 2025.
The Real Cost of Credit Cards on Your Mortgage Capacity
Credit cards are a familiar fixture in most New Zealand wallets. But when it comes time to apply for a mortgage, those little pieces of plastic could be reducing your borrowing power more than you realise.
Can I Get a Top-Up on My Mortgage?
A mortgage top-up is an additional loan added to your existing home loan. The bank increases the amount owed on your mortgage and releases the difference as cash.
Split Banking for Property Investors in NZ: What You Need to Know
Split banking involves distributing your property loans across multiple lenders rather than concentrating all borrowing with a single bank.
What Is a Reverse Mortgage? How It Works for NZ Retirees
A reverse mortgage enables homeowners aged 60+ to access home equity without mandatory repayments. Here's what you need to know.
Interest-Only Mortgages: When They Work-and When They Don't
Interest-only mortgages tend to get a bad rap, and not without reason. Used recklessly, they can lead to financial stress and ballooning debt. But in the right circumstances, they can be a very smart move.
How Offset Mortgages Work in New Zealand
An offset mortgage links everyday bank accounts to your home loan. Rather than earning interest on savings, the money in those accounts is treated as if it's reducing the mortgage balance.
Should You Break Your Fixed Mortgage? Here's How to Calculate If It's Worth It
Over the past 16 years, mortgage interest rates in New Zealand have had their fair share of ups and downs, creating situations where borrowers experience regret about their fixed rates.
Weekly vs Monthly Mortgage Payments: Which Is Better?
Does paying your mortgage weekly instead of monthly really save you thousands? This article investigates whether this advice holds merit through mathematical analysis.
When is the Right Time to Refinance Your Mortgage?
Refinancing a mortgage can be a strategic financial move. Here are several key indicators to help borrowers determine if refinancing aligns with their situation.
What Is a Revolving Credit Account and Should You Use One?
A revolving credit account is a flexible home loan structure functioning similarly to a large overdraft. Rather than having an entire mortgage on a fixed schedule, a portion operates as a revolving facility.
Who Pays for the Mortgage After a Separation?
When a relationship ends, financial responsibilities don't simply disappear-especially when there's a mortgage involved.
Why Don't We Have 30-Year Fixed Mortgages in New Zealand?
If you've lived in the United States, you'll probably be familiar with 30-year fixed mortgages. But in New Zealand, the longest fixed term you're likely to get is five years. So why the difference?
The Magic of Compound Interest When Paying Down Your Mortgage
Compound interest represents "interest on interest." Understanding this concept can help you save hundreds of thousands throughout your loan.
The One Bank Trap and The Several Bank Nightmare
Property investors frequently encounter two contrasting approaches to debt management. The first concentrates all borrowing with a single lender, while the second spreads loans across numerous banks.
Getting a Divorce and a Mortgage – What You Need to Know
Divorce brings stress, uncertainty, and plenty of paperwork, and that's before anyone starts talking about who keeps the air fryer. If you're navigating a separation and wondering what it means for your mortgage, you're not alone.
Fixing or Refixing Your Mortgage: 3 Questions to Ask Before You Lock In
Let's be honest, refixing your mortgage doesn't exactly set your pulse racing. But it represents a financially significant annual decision deserving careful consideration before locking in rates.
Frequently asked questions
What is the difference between refixing and refinancing a mortgage?
Refixing means securing a new rate with your current lender without application fees, while [refinancing](/blog/when-is-the-right-time-to-refinance-your-mortgage) involves switching to a different bank with full applications and potential valuations. Refixing is simpler and faster since no credit assessment is required, whereas refinancing may offer better rates but involves more paperwork and potentially cash contributions from the new lender.
How early can I lock in a new mortgage rate before my current term expires?
Borrowers can typically lock in new rates up to 60 days before their current fixed term expires. Some lenders also offer rate guarantees that automatically apply lower rates if they drop before your new term begins. This gives you time to compare options and secure favourable rates without rushing your decision.
Should I split my mortgage across different fixed terms?
Yes, staggering refix dates across split mortgage accounts spreads risk and prevents payment shocks if all portions roll over during a rate increase simultaneously. For example, you might fix $350,000 at a 2-year rate for stability while keeping $150,000 on a 1-year or floating rate for flexibility. Learn more about [split banking](/blog/what-is-split-banking) strategies.
What happens if I need to sell my home during a fixed mortgage term?
Early exit from a fixed term triggers substantial [break fees](/blog/how-to-calculate-break-costs). If you anticipate selling within 1-2 years, consider shorter fixed terms or floating options for flexibility. Break costs can run into thousands of dollars depending on how much rates have moved since you fixed.
How does the Official Cash Rate affect my mortgage rate decisions?
The [Official Cash Rate (OCR)](/blog/official-cash-rate-ocr-explained) set by the Reserve Bank influences all interest rates in the economy. When the OCR drops, fixed rates typically follow, though not always immediately or proportionally. Understanding OCR movements and market expectations helps inform your term length decision.
What are the advantages of floating vs fixed mortgage rates?
Fixed rates offer repayment certainty, protection against rate increases, and predictable budgeting. Floating rates provide immediate benefit when rates drop, payment flexibility, and no break fee restrictions. Floating rates typically sit 1-1.5% higher than the best fixed rates, so most borrowers benefit from fixing unless they have specific circumstances requiring flexibility.
Can I make extra repayments on a fixed mortgage?
Most lenders permit up to 20% repayment increases during fixed periods without penalties, enabling faster principal reduction through [compound interest savings](/blog/the-magic-of-compound-interest-when-paying-down-your-mortgage). Any lump sum payments should be made before refixing to reduce your loan balance without triggering break fees. Check your specific loan terms for exact limits.
How do I read what the market expects rates to do?
Compare rates across different terms. When short-term rates (6 months) are higher than longer-term rates (1-2 years), markets expect rates to fall. When longer terms offer similar or better rates than short terms, markets expect stability or increases. This relationship helps inform your term length decision alongside your personal circumstances.