# HL-Q121: Choosing a loan What's the best bank to refix a mortgage with when my fixed term ends in two months? Borrower: Existing borrower approaching a refix [Study](https://nzbrands.ai/research/banking/home-lending/) · Collected 11 October 2026 ## chatgpt Answer ID: 4b1b6bd6-7e05-4bb7-9547-e1cfb7356661 If your New Zealand mortgage fixed term ends in two months, I'd compare the best refix offers from at least three banks rather than automatically staying with your current lender. The best bank for you will depend on the interest rate it offers, any cashback you could get by switching, and how much flexibility you need. With two months to go, you're in a good position to negotiate. You can start comparing offers now, ask your current bank to improve its rate, and decide whether to fix for six months, one year, two years or a combination of terms. The important thing is to compare the total cost over your chosen fixed period, not just the advertised interest rate. ## Which NZ banks would I compare first? These are the lenders I'd put on your shortlist based on published New Zealand mortgage rates available in October 2026. 1. Kiwibank — worth checking first for a one-year fix Published one-year special: 4.95% p.a. as at 9 October 2026. A good starting point if you want to fix for a year. Ask whether it can offer you a sharper rate or a switching incentive. [Current mortgage interest rates in NZ [2026]](https://www.opespartners.co.nz/mortgage/interest-rates) [Kiwibank website](https://www.kiwibank.co.nz/) 2. Westpac — worth comparing for shorter and longer fixes Competitive published rates across several fixed terms. Westpac is worth getting a quote from, especially if you want to compare a six-month fix with a longer term. Its published rates vary by term. [Current mortgage interest rates in NZ [2026]](https://www.opespartners.co.nz/mortgage/interest-rates)[Current Mortgage Interest Rates New Zealand](https://vegalend.co.nz/tools-and-tips/interest-rates) [Westpac website](https://www.westpac.co.nz/) 3. ANZ — ask for a retention offer Competitive advertised short-term rates. If you're already with ANZ, ask for its best existing-customer refix rate before considering the hassle and costs of changing banks. Compare its offer with Kiwibank and Westpac. [Current mortgage interest rates in NZ [2026]](https://www.opespartners.co.nz/mortgage/interest-rates)[Current Mortgage Interest Rates New Zealand](https://vegalend.co.nz/tools-and-tips/interest-rates) [ANZ website](https://www.anz.co.nz/) 4. ASB — a useful comparison quote ASB is another major bank to ask for a competing offer from, particularly if you value keeping your existing banking arrangements simple. [Current Mortgage Interest Rates New Zealand](https://vegalend.co.nz/tools-and-tips/interest-rates) [ASB website](https://www.asb.co.nz/) These are a shortlist, not a definitive ranking. The lowest advertised rate isn't necessarily the best rate you'll personally be offered. The Reserve Bank's published figures also distinguish special rates from standard rates, with eligibility conditions applying to special offers. [New residential mortgage special interest rates (B21) - Reserve Bank of New Zealand](https://www.rbnz.govt.nz/statistics/series/exchange-and-interest-rates/new-residential-mortgage-special-interest-rates) ## What I'd do over the next two months 1. Now: Ask your current bank for its sharpest refix rates for six months, one year and two years. 2. Over the next week: Get competing quotes from two or three other banks, or ask a mortgage adviser to negotiate for you. 3. Before your fixed term expires: Check how long each quoted rate can be held, whether a cashback offer applies, and whether switching costs outweigh the savings. 4. Choose a term that suits your plans: A shorter fix offers another opportunity to refix sooner, but you risk rates being higher then. A longer fix offers more certainty. You can compare current advertised rates using [RateMate NZ](https://ratemate.co.nz/rates) or [Opes Partners' mortgage rate table](https://www.opespartners.co.nz/mortgage/interest-rates). Rates can change before your existing term expires. [Current NZ Mortgage Rates | Compare Home Loan Rates from 8 Major Banks](https://ratemate.co.nz/rates)[Current mortgage interest rates in NZ [2026]](https://www.opespartners.co.nz/mortgage/interest-rates) ## Let me narrow it down for your mortgage I can give you a much more useful recommendation if you tell me three things. With those details, I can help you work out which banks are worth approaching first and whether switching lenders is likely to be worthwhile. --- ## gemini Answer ID: b73fed14-6d2a-44c0-9329-a99858f70fb4 When your fixed mortgage term is ending in two months, the "best" bank depends on whether you choose to **stay with your current lender** (refixing) or **switch to a new lender** (refinancing). Because mortgage rates shift frequently across New Zealand lenders, identifying the right path involves weighing immediate rates against the hassle and costs of moving. --- ### 1. Staying Put (Refixing) vs. Switching (Refinancing) * **Refixing with your current bank:** This is usually the easiest and fastest route. You can typically log into your internet banking or mobile app up to 30 to 60 days before your term expires, view the bank's current fixed rates, and lock in a new rate with zero legal fees or paperwork. * **Refinancing (Switching to a new bank):** If another major or challenger bank is offering significantly lower rates, you can look at moving. However, you must factor in **legal costs** (usually $500 to $1,500, though many banks offer cash contributions to cover this if your loan size is large enough) and discharge fees from your current bank. --- ### 2. Current Market Landscape (New Zealand) Current advertised and special home loan rates among major and tier-two lenders hover around these competitive ranges (subject to equity of 20% or more): * **6-Month Fixed:** Generally ranges from **~4.75% to 4.79%** (offered competitively by lenders like Kiwibank, Westpac, ANZ, and ASB). * **1-Year Fixed:** Sits around **~4.95% to 4.99%**. * **2-Year Fixed:** Ranges between **~5.35% and 5.49%**. *Note: The lowest advertised rate changes frequently as banks run short-term specials to win market share.* --- ### 3. Step-by-Step Action Plan 1. **Check your current bank's renewal offer early:** Reach out or check your online banking portal roughly 60 days out (right now) to see what rollover rates or early-lock options they can offer you. Banks will often let you lock in a rate up to 60 days in advance. 2. **Shop the market:** Compare current advertised rates across the major NZ banks (ANZ, ASB, BNZ, Westpac, Kiwibank) as well as cooperative/smaller lenders (like TSB or The Co-operative Bank). 3. **Use your current bank's rate as leverage:** If a competing bank is offering a lower special rate, contact your current lender's mobile mortgage manager and ask: *"I'd prefer to stay, but Bank X is offering Y%. Can you match this?"* Main banks frequently discount their standard "special" rates further behind closed doors to retain good borrowers. 4. **Consult a mortgage adviser (free service):** In New Zealand, mortgage brokers are free for borrowers (they are paid commission by the lender). An independent adviser can instantly pull market rates across 20+ lenders, calculate whether a cashback offer from a new bank outweighs switching costs, and negotiate on your behalf. ---