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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

Which bank is best to refinance a mortgage with if I'm being offered cash to switch?

If you’re in New Zealand and a bank is offering you cash to refinance, the “best” bank is usually not the one with the biggest cashback — it’s the one with the best total cost over the period you’ll actually stay with them. Cashback offers can be attractive, but banks often attach conditions such as needing to keep the loan for a set period or repaying some of the cash if you leave early. MoneyHub NZ

A good shortlist to compare in NZ would be:

  • ANZ New Zealand — Often competitive on refinance incentives; some offers have been around the 1% range (subject to eligibility and change). interest.co.nz
  • ASB Bank — Worth comparing if you value a strong digital banking experience and existing ASB ecosystem. ASB Bank
  • BNZ — Has promoted refinance options that can reduce switching costs, including a process that may avoid separate legal fees for eligible customers. BNZ
  • Kiwibank — Often competes aggressively for home-loan customers and may suit borrowers wanting a NZ-owned bank. interest.co.nz
  • SBS Bank and The Co-operative Bank — Smaller lenders that can sometimes have attractive cashback or rate offers. interest.co.nz

A simple way to compare:

1. Calculate the cashback value

  • Example: a $500,000 mortgage with a 1% cashback = $5,000.
  • Check whether there are clawback rules if you refinance again within 2–3 years. MoneyHub NZ

2. Compare the interest rate difference
A bank offering $5,000 cashback but charging 0.20% more interest may cost you more over time.

3. Negotiate
Before accepting an offer:

  • Ask your current bank to match or improve it.
  • Ask the new bank for a sharper fixed rate and cashback.
  • Ask whether fees (legal, valuation, loan setup) are covered.

4. Consider your mortgage size

  • On a very large loan, a small rate difference can outweigh a cashback.
  • On a smaller loan, cashback can make a bigger difference.

If you tell me:

  1. your mortgage balance (roughly),
  2. your current interest rate and fixed-term expiry date,
  3. the cashback offer(s) you’ve been quoted, and
  4. whether you’re owner-occupier or investor,

I can help work out which offer is likely to be best financially.

Ask anything

ChatGPT can make mistakes. Check important info.

Captured 11 October 2026

Gemini · National

Which bank is best to refinance a mortgage with if I'm being offered cash to switch?

When looking to refinance a mortgage in New Zealand, chasing a cash incentive (cashback) can be tempting, but the "best" bank is rarely just the one offering the highest upfront cash amount. Major New Zealand lenders (including ANZ, ASB, BNZ, Westpac, Kiwibank, and SBS Bank) regularly fluctuate their cashback offers—typically ranging between 0.8% and 1.25% of the total loan amount—to attract switchers.

To figure out which option actually leaves you ahead, you need to evaluate the total financial picture rather than just the initial payout.

Key Factors to Consider Beyond the Cash

  • Interest Rates vs. Cashback: A slightly higher cashback offer from a bank with a higher carded interest rate can easily wipe out your cash gains over a 1 to 3-year fixed term. Lower-rate lenders often save you more in total borrowing costs than a generous cashback.
  • The "Clawback" Period: Nearly all NZ banks require you to stay with them for a minimum period—typically 3 years (though some lenders or packages require up to 4 years). If you sell, repay, or refinance away before that period ends, you will have to repay a pro-rata portion (or 100% if within the first year) of the cashback.
  • Refinancing Costs: Factor in legal fees for discharging and registering your new mortgage, as well as any break fees if you are exiting a fixed rate with your current bank early. Many banks will contribute toward your legal fees or let you use part of the cashback to cover them, but you must check the net math.

Step-by-Step Action Plan

  1. Calculate Your Net Position: Add up the prospective cashback and subtract any break fees and legal transfer costs.
    $$\text{Net Benefit} = \text{Cashback} - (\text{Break Fees} + \text{Legal Costs})$$
  2. Compare Total Cost over the Fixed Term: Run a side-by-side comparison of the total interest paid over your proposed term (e.g., 1 or 2 years fixed) factoring in the competitor's interest rate versus staying put.
  3. Leverage Your Current Bank: Before making a switch, take a competitor's lower rate or cashback offer to your current bank. Main banks will often match or come close to competitive offers to avoid losing your business.
  4. Consult a Free Mortgage Broker: Because broker services are generally free to the borrower (paid via lender commissions), they have visibility across all major and challenger banks in New Zealand. A broker can run the exact calculations for your specific loan size and equity position.

Are you currently locked into a fixed interest rate with your existing bank, and roughly how much is left on your mortgage balance?

Ask Gemini

Gemini is AI and can make mistakes.

Captured 11 October 2026

Google AI Mode · National

Which bank is best to refinance a mortgage with if I'm being offered cash to switch?

When looking to refinance your mortgage for a cashback offer in New Zealand, there is no single "best" bank because offers change frequently, and the headline cash amount is only part of the financial equation. Major lenders—including ANZ , ASB , BNZ , Kiwibank , Westpac , and smaller entities like The Co-operative Bank or SBS Bank —regularly adjust their refinancing incentives (typically ranging from $3,000 up to around $1% of the total loan amount, depending on your borrowing size).

To determine which bank is genuinely best for your specific situation, consider the following key factors:

  • Interest Rates vs. Cashback: A higher cashback offer is often paired with a slightly higher standard or special fixed interest rate. A lower interest rate from a competitor without a massive cashback can actually save you significantly more money over a 2-to-3-year fixed term than a one-time cash injection. Always calculate the total cost of borrowing (

𝑅𝑎𝑡𝑒

+𝐹𝑒𝑒𝑠

−𝐶𝑎𝑠ℎ𝑏𝑎𝑐𝑘

). [MoneyHub NZ]

  • Clawback Conditions: Banks enforce a "clawback" period (usually 3 to 4 years). If you decide to sell, switch banks, or significantly restructure your mortgage before this period ends, you will be required to repay a proportional (or full) amount of the cashback.

  • Refinancing/Solicitor Fees: Moving a mortgage requires a solicitor or legal provider to discharge your old security and register a new one. While some banks offer a contribution toward legal fees on top of or alongside the cashback, others expect you to cover these costs out of pocket.

  • Negotiation and Brokers: Banks rarely put their absolute best unadvertised rates or maximum cashbacks on their public websites. Utilizing a registered mortgage broker in New Zealand is usually free for the borrower, and they have the leverage to negotiate behind the scenes across multiple institutions to squeeze out a higher unadvertised cashback or a sharper interest rate. You can compare general market insights via Canstar New Zealand or read up-to-date breakdowns on MoneyHub NZ.

If you'd like to narrow this down, please share:

  • Your approximate remaining mortgage balance
  • Your current equity or LVR (Loan-to-Value Ratio)
  • What fixed-term length you are considering

I can help you break down whether chasing a cashback or prioritizing a lower interest rate makes more mathematical sense for you.

Ask anything

Captured 11 October 2026

AI Overviews · National

Which bank is best to refinance a mortgage with if I'm being offered cash to switch?

AI Overview

When refinancing a mortgage in New Zealand, the "best" bank depends heavily on your total loan size, your willingness to negotiate, and how long you plan to stay with that lender.

While challenger banks like SBS Bank lead with standard advertised rates (up to 1.25% cashback), the "Big Four" (ANZ, ASB, BNZ, and Westpac) aggressively match or exceed these figures—regularly offering 0.8% to 1.0% (and historically up to 1.5% during promotional wars) for high-value borrowers switching banks.

To maximize your refinancing return, you must weigh upfront cash against long-term interest rates and the bank's "clawback" conditions.

New Zealand Mortgage Cashback Offers

Lender Standard Cashback Offer Minimum Loan / Key Term Clawback Period
SBS Bank 1.25% (Max $25,000) Highest open-market percentage. Typically 3–4 years
The Co-operative Bank 1.00% (Max $30,000) Requires min. $250,000 loan. Typically 3 years
ANZ 0.90% (Max $30,000) Highly negotiable; min $200,000 loan. 3 years
ASB / Westpac Discrete / Negotiable Usually ranges around 0.8% – 1.0% or fixed $5k+ incentives. 3–4 years
BNZ Discretionary Focuses on tailored overall value packages. 3 years

Hidden Rules to Watch For

  • The Clawback Trap: If you switch banks or pay off your loan before the clawback period expires (usually 3 to 4 years), you must pay back some or all of the cash. Do not choose a cash offer if you intend to sell or move within 36 months.

  • The Interest Rate Math: A 1% cashback on a $500,000 mortgage yields $5,000 cash. However, if that bank's interest rate is even 0.20% higher than a competitor's over a 3-year term, you will lose roughly $3,000 of that benefit back to the bank in interest.

  • Refinancing Costs: Moving banks isn't free. You will face a $150–$350 mortgage discharge fee from your old bank and roughly $900–$1,200 in legal/conveyancing fees to register the new mortgage. The cashback must comfortably clear these costs to make financial sense.

My Recommendation

Instead of choosing blindly based on advertised rates, my primary recommendation is to leverage amortgage broker / adviser. Banks treat cashback percentages fluidly and keep their highest offers "under the table". An adviser can pit the Big Four against one another to negotiate a bespoke package combining low special card rates alongside a top-tier cashback.

If you want to map out your net savings, let me know:

  • What is your approximate remaining mortgage balance?

  • What interest rate is your current bank offering you to refix and stay?

  • How long do you plan to stay in your current property?

I can help calculate whether a switch genuinely puts more cash in your pocket.

Ask anything

Captured 11 October 2026