Refinance from Kiwibank
Refinancing from Kiwibank: what to check before your fixed rate ends
If your home loan is with Kiwibank, your fixed term is ending and you want to compare before it rolls over, this page covers what is worth checking and in what order. It is general information about the process, not a statement about any bank's offers.
Why people look at switching from Kiwibank
The most common reason to look at a move away from a Kiwibank home loan is the calendar. A fixed term is about to end, a rollover is about to apply, and you would like to see the alternatives before it does. The comparison is not hard, but it does have a deadline, and the weeks before the end date go quickly.
A rollover with a deadline
When a fixed term ends, the loan usually rolls onto a new term or a floating rate unless you tell the bank otherwise. Your loan documents set out what happens, so it is worth reading that part first.
Time to compare properly
A comparison needs rates from a few lenders, a written exit figure from your current bank, and a look at cashback and legal costs. Starting early means you are choosing, not reacting to the end date.
Cashback timing
Lenders often pay cashback to win a refinance, with typical figures around 0.8% of the loan (Canstar, checked 1 October 2026). If you took cashback yourself, check the date its clawback period finishes before you settle on a leaving date.
A short fix to buy time
If the end date is too close to finish a switch, a short refix can bridge the gap. It keeps your options open without committing you to a long term at a rate you have not compared.
What switching involves
Moving a home loan away from Kiwibank 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, Kiwibank 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 rollover window, week by week
Imagine someone whose Kiwibank fixed term ends in a few weeks. They have not started comparing, and they would like to avoid rolling over by default. This is how the weeks might be used. The timings are examples, and your own loan documents set the real dates.
1. Today: confirm the end date and the default
Find the exact date the fixed term ends and read what your loan documents say happens afterwards. Check whether the loan rolls onto a new fixed term, goes to a floating rate, or needs you to choose. This tells you how much time you really have.
2. This week: ask for the exit figures
Ask Kiwibank for a written statement of any break fee, discharge fee and cashback clawback, for a settlement date on or just after the end date. At the end of a term a break fee normally does not apply, but the other items still need checking.
3. Next week: gather offers
Get rates and cashback from a few lenders on a loan like yours, and ask what each would contribute to legal costs. A broker can collect these in a conversation, which saves time when the clock is running.
4. In the following days: decide how to use the time left
If a switch can be approved and settled by the end date, start the application and valuation straight away. If it cannot, consider a short refix to bridge the gap, and plan the switch for the end of that shorter term.
5. Final days: sign or settle
Either sign the refix or rollover you have chosen, or confirm the settlement date with your lawyer so the discharge and the new loan land together. Make a note of the next end date either way.
Staying with Kiwibank 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 Kiwibank for another term. If the rollover rate looks fair once compared, it is the least effort and leaves everything as it is.
- Refix for a shorter stretch to buy time, then compare again with the next end date in clear view.
- Ask Kiwibank for an improved rate before the end date, with another offer in hand.
Staying after a proper look is a good result, not a missed chance. The useful step is to compare before the deadline, then decide with the numbers in front of you.
What a broker does in a Kiwibank 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 Kiwibank they typically do the following.
- Works back from your end date, so the application, valuation and approval fit the time you have.
- Collects rates and cashback from a range of lenders at once, so you are not repeating the same details.
- Asks Kiwibank for exit figures in writing, so a break fee, discharge fee or clawback does not turn up late.
- Suggests a short refix as a bridge when a switch cannot finish in time, and plans around the new end date.
When the end date is close, speed and sequencing matter more than anything else. A broker can say early whether a switch is realistic in the time left.
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.
- The page of your loan documents that says what happens when the fixed term ends.
- A note of the date you would like any new loan to settle.
Start with a short enquiry
Tell us a little about your loan and we will refer you to a mortgage broker who can talk through your options. We have already filled in Kiwibank as your current bank, so that question is done. It takes about a minute, there is no credit check to enquire, and there is no obligation.
Common questions
- What happens if my fixed term ends before a switch can settle?
- That depends on your loan documents. The loan may roll onto a new term or move to a floating rate. Ask Kiwibank in advance, and consider a short refix if a switch will not finish in time.
- How early should I start comparing before my term ends?
- As early as you can. A few months ahead is comfortable, but even a few weeks can be enough if you act quickly, since a broker can collect offers and start the application for you.
- Can I start a switch before the rollover letter arrives?
- Yes. You do not need the letter to start comparing. You do need your end date and your loan documents, and a written exit figure from Kiwibank for your intended settlement date.
- Is a short refix a sensible way to buy time?
- It can be, if a switch will not finish before the end date. Check the rate on the short term, and note the next end date so you do not end up in the same position again.
- 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
Everything on this page is general information about how switching works. It is not advice, and it does not say what any bank charges or offers. Your loan documents and a written figure from your bank are what count.
General information only, not advice. We're a referral service. Mortgage advisers are usually paid a commission by the lender. If your loan settles, the adviser's business may pay Online Home Loans a referral fee. It is not added to your loan and does not change what you pay.