Mortgage adviser or straight to your bank? Refinancing in NZ

When a fixed rate is about to roll off, most Kiwis end up asking the same thing. Do I just ring my bank and take whatever they offer, or do I get a mortgage adviser to look around for me? Both are normal ways to sort a home loan in New Zealand. They suit different people, and plenty of folks use a bit of both.

This guide explains how each path usually works so you can go in with your eyes open. It is general information, not personal advice. Online Home Loans does not give mortgage advice or arrange lending. We can match you with one licensed NZ mortgage adviser if you want someone to look at your numbers.

Going direct to your bank

Going direct means dealing with your own bank's staff. That might be a branch lending manager, a mobile mortgage manager, the phone team, or the refix screen in your banking app.

What it tends to look like:

• Quick for a simple refix. If you are happy with the bank and just want a new rate when the fix ends, the app or a phone call is often the fastest route.
• One bank's products only. Bank staff can only offer their own bank's loans. They are not comparing you against other lenders.
• Retention pricing is real. If you mention you are looking elsewhere, the bank may come back with a sharper rate. That is worth knowing, but it is still just one quote.
• You do the shopping. If you want to compare lenders, you contact each one yourself, and each may run its own assessment.

For a straight refix with no change to the balance or structure, going direct is often all people need. If you are unsure whether you are refixing or refinancing, read refinance vs refix first.

Using a mortgage adviser

A mortgage adviser (you will also hear "mortgage broker") is licensed to give financial advice on home loans. Instead of one bank's shelf, they work with a panel of lenders and can put your application to the ones that fit.

What it tends to look like:

• More than one lender in the mix. An adviser can compare packages across their panel, not just the bank you happen to be with.
• They do the legwork. Gathering documents, writing up the application, and chasing approvals sits with them.
• Useful when the file is not simple. Self-employed income, a trust, a top-up, debt consolidation, or a recent change in work are the sorts of situations where people often find an adviser earns their keep.
• Duty of care. Licensed advisers must follow the Code of Professional Conduct for Financial Advice Services and put your interests first when they give advice.

Panels differ. Not every adviser works with every lender, so it is fair to ask which lenders they deal with.

How mortgage advisers get paid in NZ

This is the bit people wonder about most. Most mortgage advisers in New Zealand are paid a commission by the lender when your loan settles, so their service usually costs you nothing directly. Your adviser will confirm how they are paid before you go ahead.

A few things worth knowing:

• Disclosure is required. Before giving advice, an adviser has to tell you how they are paid, any fees you might owe, and any conflicts of interest. Read it.
• Some fees can still apply. Some advisers charge a fee in certain cases, for example if you repay or switch the loan soon after settlement. Their disclosure should spell out when.
• Commission does not set your rate. The lender's pricing and your file drive the rate you are offered. Ask the adviser to explain why they are recommending one lender over another.

Refix vs refinance: which path fits which job

A rough way to think about it, not a rule:

• Happy with your bank and doing a simple refix at expiry. Going direct is common, sometimes with an adviser sense-check.
• Wanting to compare other lenders for a sharper deal. An adviser, or shopping lenders yourself.
• Borrowing more for a top-up or renovations. Often an adviser, as it is new lending.
• Rolling debts into the mortgage. Often an adviser, given the total-interest trade-off.
• Complex income or ownership structure. Often an adviser.

Whichever way you go, the same costs still need netting: legal fees, valuation, break fees if you leave a fix early, and cashback clawback. The refinance costs checklist walks through them, and the refix vs refinance calculator gives a rough sketch of staying vs moving. Estimates only.

You can use both

Plenty of Kiwis get their bank's refix offer first, then ask an adviser whether another lender beats it once costs are counted. An adviser can also tell you when staying put looks fine. That is a useful answer too.

If you are thinking about switching home loan banks, a written offer from your current bank gives the adviser something solid to compare against.

Questions worth asking an adviser

1. Which lenders are on your panel?
2. How are you paid on this loan, and is there any fee I might owe later?
3. Why this lender and structure over the others you looked at?
4. What happens with my current bank's break fee or clawback, if any?
5. How long does it usually take from application to settlement?

And a few for your bank:

1. What rate can you offer me at expiry, and how long is it held?
2. Are there conditions, such as salary credit or packaging?
3. Does this change any cashback or clawback already on my loan?

How Online Home Loans fits

We are a refinance referral site, not an adviser or a bank. You tell us a bit about your loan, and we pass your details to one licensed NZ mortgage adviser. They get in touch and look after it from there. We do not give advice, set rates, or approve loans.

See my refinance options

A short form. One licensed adviser. No obligation.

Online Home Loans does not provide financial advice. We connect you with a licensed New Zealand mortgage adviser.

FAQ

Is a mortgage adviser the same as a mortgage broker in NZ?

In everyday Kiwi usage, yes. "Mortgage broker" is the older, more common term. "Financial adviser" is the formal label for someone licensed to give home loan advice under New Zealand's financial advice rules.

Does a mortgage adviser cost anything to refinance?

Most mortgage advisers in New Zealand are paid by the lender, so their service usually costs you nothing directly. Some charge a fee in certain cases, such as repaying or switching soon after settlement. Your adviser must tell you how they are paid before you go ahead.

Can a mortgage adviser get a better rate than my bank?

Sometimes. An adviser can compare lenders on their panel and may find a sharper package. Other times your own bank's retention offer is competitive. The answer depends on your loan, equity, and the lenders involved.

Do I need an adviser just to refix with my current bank?

No. Many people refix directly through their bank's app or a phone call. Some still ask an adviser to sense-check the offer, especially if they are also thinking about a top-up, a change of structure, or a different lender.

Will using an adviser and talking to my bank cause problems?

Not usually. Getting your bank's refix offer and asking an adviser to compare it is common. Be upfront with both about what you are looking at, so nobody is working from the wrong numbers.