Refinancing from BNZ: what to check before your fixed rate ends

Why people look at switching from BNZ

Reasons for looking at a move away from BNZ are the ordinary ones. The fixed term is ending, another lender is advertising cashback, or the loan no longer fits how you earn and spend. For people who work for themselves, there is an extra layer on top: a new lender will want to assess your income afresh, and that assessment can matter more than the rate.

• The way your income is read

  Lenders assess self-employed and variable income in different ways. Some look across recent years of results, some at the latest year, and some weigh contract work differently. A lender that reads your income well can offer more than a lender that does not.

• A rate gap worth checking

  Rates on similar loans can differ between banks, and a qualifying special can depend on your equity and on how the lender treats your income. The only figure that counts is the figure a lender offers for your own file.

• Your business has changed

  If your earnings have grown since you took the loan, a new assessment may show more borrowing room than before. If they have dipped, it is better to know before an application than during the process.

• Cashback on offer elsewhere

  Lenders often pay cashback to win a refinance, with typical figures around 0.8% of the loan (Canstar, checked 1 October 2026). It carries a clawback period, so it matters more if your income and plans are steady.

What switching involves

Moving a home loan away from BNZ is a handful of separate steps, each with its own cost or deadline. The short version:

• Break fees, if you leave mid-term. Leaving a fixed rate early can cost a break fee. Moving at the end of the term normally does not.
• Cashback clawback, if you took cashback. Leaving inside the clawback period can mean paying cashback back. The clawback period is set in your cashback letter and often runs for several years. Typical new cashback has been around 0.8% of the loan (Canstar, checked 1 October 2026).
• Legal fees. There are legal fees for the discharge and the new mortgage, and some lenders contribute to them for a straightforward switch.
• Valuation, discharge and timing. The new lender may want a valuation, BNZ may charge a discharge fee, and the whole job takes a few weeks.

The detail is in our guide to refinancing a home loan in NZ, and in our posts on how mortgage break fees are worked out and how cashback and clawback work. Indicative rates are on our home loan rates page.

A self-employed refinance, as a checklist

Consider someone who runs their own business, with income that moves from month to month, and who took their BNZ home loan when things looked different. This checklist shows how the preparation might run. It is an example, and each lender sets its own document requirements.

1. 1. Pull together your financial records

   Gather your most recent tax returns and financial statements, and your IRD tax position if you have it. Lenders ask for recent years of accounts, and the lender says how many, so getting them in order early removes the biggest delay in the whole process.

2. 2. Show the money coming in

   Collect personal and business bank statements for recent months. They show the income that actually lands in your accounts, which some lenders weigh as heavily as the returns themselves.

3. 3. Explain any lumpy periods

   If a quiet season, a big purchase or a lump-sum cost pushes a figure around, write a short note explaining it. A reader who understands why a number moved is less likely to read it as a warning sign.

4. 4. Check which lenders suit your income type

   Before anything is submitted, find out how likely lenders are to read your income favourably. Each application usually leaves a credit enquiry on your file, whatever the outcome, so choosing the lender first is better than applying and hoping.

5. 5. Match the dates

   Allow extra time for the assessment, and aim for the new loan to be approved before your BNZ fixed term ends. Then the discharge from BNZ and the settlement of the new loan can happen together.

Staying with BNZ is also an option

A review does not have to end in a move. Staying put is often a good result once the costs are netted off, and there are a few ways to do it.

• Refix with BNZ. Staying with your current lender can mean less paperwork, though the lender decides what it needs from you at renewal.
• Ask BNZ for a repricing, with another offer in hand. Sometimes the lender adjusts, and sometimes it does not, but you find out where you stand.
• Hold off until your next set of accounts is ready, if the latest year looks weaker than usual and a fresh assessment might not do you justice.

Timing your move around your accounts can matter as much as the rate. If the figures that a new lender would see are not your strongest, staying put for a term and moving later is a reasonable plan.

What a broker does in a BNZ switch

Online Home Loans is a referral service, so we do not do any of this ourselves. The mortgage broker we refer you to deals with you directly, and in a switch from BNZ they typically do the following.

• Looks at which lenders are comfortable with your kind of income before any application goes in.
• Packages your accounts, statements and explanations so the file is read the way you would want it read.
• Asks BNZ for exit figures in writing, so you can see a break fee, discharge fee or clawback up front.
• Keeps the discharge from BNZ lined up with a new loan that is already approved.

Before an application goes in, a broker checks the fit between your income and each lender, so you know what to expect.

What to have ready

A few documents make the first conversation quicker. You do not need all of them to enquire, but the more you have to hand, the faster the numbers come together.

• Your latest home loan statement, showing the balance, the rate and the date the fixed term ends.
• Your original loan documents, and any cashback letter with its clawback terms.
• Recent payslips, or tax returns and financial statements if you work for yourself.
• A rough idea of what your property is worth, such as a recent rating valuation.
• Your latest tax returns and financial statements, and your business bank statements.
• A short note on anything unusual in your income, such as a quiet season or a lump-sum cost.

Common questions

Can I switch from BNZ if I am self-employed?

Often, yes, though lenders assess self-employed income in different ways and ask for more documents. A broker can check which lenders suit your situation before you apply, so you are not guessing.

How many years of accounts will a new lender want?

It varies by lender, and some are flexible when the business is established. Ask your broker what each lender needs, and have your latest returns and statements ready before you start.

Does an application affect my credit file?

Each application usually leaves a credit enquiry on your file, whatever the outcome, which is why it is worth checking a lender's appetite for your income type before applying and not after.

Does leaving BNZ at the end of my fixed term cost anything?

Leaving at the end of a fixed term normally means no break fee. There can still be a discharge fee, legal costs, and cashback clawback if you are inside that period, so ask for the exit figures in writing.

Who would I deal with after I enquire?

Online Home Loans is a referral service. We pass your details on once to a mortgage broker, who talks to you directly. We do not give advice, set rates or arrange lending.

Related reading

• Refinancing your home loan in NZ
• NZ home loan rates explained
• Mortgage break fees in NZ
• Home loan cashback and clawback in NZ
• Refinancing from Westpac
• Refinancing from Kiwibank