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Evidence · Home lending

The questions and original answers

Explore every question and captured response in the home-lending study, including answers asked nationally and from four cities.

questions
193
captured answers
1,094
AI platforms
4
collected
11 October 2026

01

Every question, with its answers

Each question was written as a voter would ask it and went to all four assistants. Some were also asked from a town. Open a question to read every answer to it in full.

Showing 20 of 193 questions

Show all 193

02

The tables behind the study

Every figure on the study page comes from these tables. They are CSV files, which open in any spreadsheet.

  • Question catalogue

    questions.csv

    One row per question.

    Question ID, borrower, exact question, group and collected answers

    193rows

    Download question catalogue (CSV)

  • Answers

    answers.csv

    One row per answer, with its full text.

    Answer ID, question ID, borrower, assistant, city, words, coded recommendations, showed a link and full text

    1,094rows

    Download answers (CSV)

  • Sources by answer

    sources.csv

    One row for each website recorded as a source of an answer.

    Answer ID, question ID, assistant, city, website and publisher type

    4,574rows

    Download sources by answer (CSV)

  • Checks against official sources

    checks.csv

    One row per statement checked.

    Check, answer ID, assistant, what the answer said, verdict, what the source says, source and date

    4rows

    Download checks against official sources (CSV)

  • Recommendation coding

    recommendation-coding.csv

    One row per coded national loan-choice or support answer.

    Answer ID, question ID, borrower, assistant, question group, recommended lenders and supporting passages

    360rows

    Download recommendation coding (CSV)

  • Platform comparisons

    platform-recommendation-counts.csv

    One row per platform, lender and question group.

    Matched panel, recommended answers, denominator and supporting answer IDs

    105rows

    Download platform comparisons (CSV)

  • City comparisons

    city-recommendation-counts.csv

    One row per city, lender and question group.

    Matched panel, recommended answers, denominator and supporting answer IDs

    112rows

    Download city comparisons (CSV)

Use these tables to trace findings back to the original questions and answers. The full text of each answer is also on this page, under its question.

03

Read in full and checked

Some answers were read in detail or checked against official sources. Those appear on the study page, beside the findings they support.

ChatGPT · National

A new lender has approved my mortgage switch. What needs to happen before the old loan is paid off and the new one starts?

In New Zealand, once your new lender has approved your mortgage switch, the next stage is usually handled by your solicitor or conveyancer, working with both lenders. Approval is not the same as settlement: the old mortgage generally remains in place until the new loan funds and the existing loan is repaid.

What needs to happen before the switch is complete?

  1. The new lender completes its final checks

Your lender may need to confirm any outstanding conditions, such as income or employment details, property valuation, insurance, and the required loan documents. You may need to sign the new loan agreement and mortgage documents.

  1. Your solicitor arranges the legal paperwork

Your solicitor reviews the new mortgage documents and arranges the legal steps to register the new lender's mortgage against your property. If you're switching lenders without selling your home, this is generally a refinance rather than a property sale.

  1. The old lender provides a final payout figure

Your solicitor obtains the amount needed to repay the old loan on the settlement date. This can include outstanding principal, accrued interest, discharge or administration fees, and any early repayment or break fee if applicable.

  1. A settlement date is agreed

Your solicitor coordinates with both lenders to ensure the new loan funds are available when the old loan is due to be repaid. Any cash contribution, cashback conditions, or funds you need to provide are also confirmed.

  1. Settlement takes place

The new lender advances the funds, usually through your solicitor. The old mortgage is paid off, and the legal registration of the new mortgage and discharge of the old mortgage are handled as part of the transaction.

  1. Your new repayments begin

The new loan follows its agreed repayment schedule. Check the first payment date, repayment amount, interest rate and loan structure, and confirm that any old direct debit or automatic payment is cancelled only when appropriate.

What you should check now

Before settlement, I’d confirm these five things with your solicitor or mortgage adviser:

  • All approval conditions are satisfied and the new lender is ready to release the funds.
  • The payout figure is confirmed, including any fixed-rate break fee or other exit costs. Mortgages and home loansMove your home loan to ASB
  • You know the settlement date and when the old loan will be repaid.
  • You understand the new repayment arrangements, including the first payment date and whether repayments will be weekly, fortnightly or monthly.
  • Any cashback or switching costs are clear, including whether you need to repay a previous cashback incentive or pay legal fees. Mortgage adviceSwitch your home loan

You can also read your new lender's refinancing guide from BNZ for an example of how the process works in New Zealand.

One important point: don't independently cancel your old mortgage repayments before settlement is confirmed. Keep the existing payments going as required until the old lender confirms the loan has been repaid and your solicitor confirms settlement has completed.

How long does it take?

It depends on whether the lender has finished its checks, the paperwork is signed, and the solicitors have everything they need. Your approval may be in place well before the actual settlement date.

Have you already signed the new loan documents, or have you only received conditional/unconditional approval so far? That will help me explain what stage you're likely at and what still needs to happen.

Ask anything

ChatGPT can make mistakes. Check important info.

Captured 11 October 2026

Gemini · National

A new lender has approved my mortgage switch. What needs to happen before the old loan is paid off and the new one starts?

Congratulations on getting your mortgage switch approved! Moving to a new lender is a great way to secure a better interest rate or more favorable loan features.

In New Zealand, the transition between your old lender and your new lender is handled primarily by your property lawyer or conveyancer. Because your property's title acts as security for the loan, everything must be legally coordinated to happen simultaneously.

What Needs to Happen Before Settlement Day

  1. Appoint a Solicitor and Sign Legal Documentation

    • Your new lender will send loan documents and instructions directly to your lawyer.
    • Your lawyer will arrange a meeting with you to go through the agreement, sign the loan contract, and complete an Authority and Instruction (A&I) form. This form gives your lawyer the legal right to interact with Land Information New Zealand (LINZ) on your behalf to update your property title.

  2. Obtain the Final Payout Figure from Your Old Bank

    • Your lawyer will contact your current (old) bank to request a formal discharge statement or exact payout figure. This figure includes the remaining principal, any accrued interest up to settlement day, and crucially, any break fees or early repayment charges if you are breaking a fixed-rate term early.

  3. Handle Any Shortfalls or Cashback Clawbacks

    • Shortfall: Compare the old loan payout total with the new loan amount. If your new loan is smaller than what you owe your old bank (or if your new loan doesn't completely cover the payout figure plus break fees and legal costs), your lawyer will calculate the difference. You must deposit this shortfall into your lawyer's trust account prior to settlement.
    • Cashback Clawback: If you received a cash incentive/reward from your old bank when you first signed or refixed with them, check their terms. Many banks have a clawback period (often 3 years); if you leave early, they may require you to repay a pro-rata portion of that cash.

  4. Update Your House and Contents Insurance

    • New lenders in New Zealand strictly require proof that they are noted as the interested party (mortgagee) on your house and contents insurance policy.
    • Have your insurance provider issue a Certificate of Currency noting your new bank, and send this to your lawyer ahead of time.

What Happens on Settlement Day

On the agreed-upon settlement day, your lawyer orchestrates a seamless financial and legal chain reaction:

  • Funds Drawn Down: Your new lender transfers the new mortgage funds directly into your lawyer's trust account.
  • Old Loan Repaid: Your lawyer uses those funds (plus any top-up funds you provided for shortfalls or fees) to completely pay off your old loan with your previous bank.
  • Discharge & Registration (LINZ):
    • Your old bank issues an electronic discharge document confirming the debt is settled.
    • Your lawyer lodges this discharge alongside your new lender's mortgage instrument electronically through the LINZ system.
  • The Handover: The old mortgage is officially removed from your property's Record of Title, and your new lender's mortgage is registered in its place.

Once registration is complete, your lawyer will send you a final reporting letter confirming that the switch is finished and that your old account is closed.

Ask Gemini

Gemini is AI and can make mistakes.

Captured 11 October 2026

Google AI Mode · National

A new lender has approved my mortgage switch. What needs to happen before the old loan is paid off and the new one starts?

Congratulations on getting approval for your mortgage switch! In New Zealand , moving your lending from your current bank to a new lender involves a coordinated settlement process managed largely by your property solicitor/conveyancer and your mortgage adviser (if you are using one).

Before the old loan is fully paid off and your new loan kicks off, several critical steps must happen:

  • Appoint a Solicitor: You will need a property solicitor or conveyancer (if you haven't already appointed one) because changing lenders involves registering a new mortgage on your property title and discharging the old one.

  • Review and Sign Loan Documents: Your new lender will send formal loan offer documents and guarantee forms to your solicitor. You will need to meet with your solicitor to sign these documents and go through independent legal advice if required.

  • Request a Discharge Authority: Your solicitor will request a Discharge of Mortgage statement and payout figure from your current (old) lender. This figure calculates the exact amount required to clear your old loan, including any applicable break fees if you are breaking a fixed-rate term early, or any clawback/repayment of a previous cash contribution/incentive.

  • Arrange Insurance: Your new lender will require proof of current home and contents insurance (and sometimes life/income insurance depending on the lending criteria). You must have your new lender noted as the interested party/mortgagee on your policy and provide a certificate of currency to your solicitor or lender. [Holland Beckett]

  • Set Up Transaction Accounts: You’ll typically need to open a working transactional account or set up direct debits with the new bank so your ongoing mortgage payments can be automatically deducted when the new loan starts.

  • Final Financial Balancing: Your solicitor will calculate any remaining financial shortfall or surplus. If your new loan amount is slightly different from the payout figure of your old loan (due to changing interest, legal fees, or adjustments), your solicitor will advise you if you need to deposit "top-up" funds into their trust account for settlement day.

  • Settlement and Registration: On the agreed settlement day, your new lender transfers the new loan funds to your solicitor’s trust account. Your solicitor uses these funds to pay off the old lender in full, the old lender releases/discharges their charge over your property, and your solicitor registers the new mortgage with Land Information New Zealand (LINZ). [Holland Beckett]

If you'd like, let me know:

  • Are you breaking any fixed-rate terms early with your current bank?
  • Do you need a recommendation on what to look for when updating your house insurance details?

I can share more details on how those specific parts might affect your timeline.

Ask anything

Captured 11 October 2026

AI Overviews · National

A new lender has approved my mortgage switch. What needs to happen before the old loan is paid off and the new one starts?

AI Overview

Once your new lender approves your mortgage switch, the process moves into a legal conveyancing and administrative phase managed primarily by your lawyer. In New Zealand, a property lawyer or conveyancer is legally required to handle the switch because it involves altering the legal title of your property.

The process operates in four major steps before your old loan officially closes:

1. Loan Instructions Sent to Your Lawyer

  • Bank Action: Your new lender compiles the official loan offer and security requirements and sends these mortgage instructions directly to your lawyer.

  • Your Action: You must provide your new lender or mortgage broker with your chosen law firm's details so they can dispatch this paperwork immediately.

2. Arranging the "Discharge of Mortgage"

  • The Request: Your lawyer contacts your current bank to formally request a Discharge of Mortgage and a final repayment statement.

  • The Payout Figure: The old bank will calculate an exact payout figure calculated right down to your intended settlement day. This figure accounts for all principal outstanding, daily interest accrued, and any applicable early repayment break fees or previous cashback clawbacks.

3. Signing Legal Documents & Final Verifications

  • The Appointment: You will meet with your lawyer (either in person or via verified remote signing options) to review and execute the documentation.

  • What You Will Sign: You will sign the new lender's loan agreement and an Authority & Instruction (A&I) form, which legally permits your lawyer to change the property title electronically via Land Information New Zealand (LINZ).

  • Compliance Checks: Your lawyer will complete mandatory Anti-Money Laundering (AML) identity verifications.

  • Home Insurance Update: You must contact your home insurance provider and request a Certificate of Currency that formally names your new lender as an interested financial party. Your lawyer needs this on file before the new bank will release any funds.

4. Settlement Day (The Switch)

  • The Wire Transfer: On the agreed settlement day, your new bank deposits the new loan funds into your lawyer’s trust account.

  • Paying the Old Loan: Your lawyer transfers those funds directly to your old bank to completely pay off and clear the old mortgage.

  • Updating the Title: Your lawyer electronically registers the discharge of the old bank's security interest with LINZ and replaces it by registering your new lender's security against your property title.

  • Surplus or Shortfalls: If your new loan is larger (e.g., you are getting extra cash out or receiving a cashback incentive), your lawyer pays the remainder to your bank account after deducting their legal fees. If there is a shortfall, you must transfer that shortfall into the lawyer's trust account before settlement day.

To ensure a smooth transition, let me know:

  • Have you already selected a property lawyer or conveyancer for this?

  • When does your current fixed-term end (or has it already rolled over to a floating rate)?

  • Are you expecting any cashback incentives from the new lender to help offset the legal fees?

Ask anything

Captured 11 October 2026