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Refinancing vs. Restructuring: Understanding Your Options in NZ
15:43

Refinancing vs. Restructuring: Understanding Your Options in NZ

Picture of Trent Bradley By  Trent Bradley  ·  12 minute read

refinancing-vs-restructuring-understanding-your-options-in-nz

When it comes to optimizing your home loan in New Zealand, you'll often hear two terms used interchangeably: refinancing and restructuring. While both strategies can help you achieve better mortgage outcomes, they're actually quite different processes with distinct advantages, costs, and circumstances where each makes the most sense.





Key Takeaways

  • Refinancing replaces your existing loan with new mortgage from different lender requiring full application, documentation, and costs ($2,500-$13,000+), while restructuring modifies existing loan with current bank involving simpler process and lower fees ($50-$300)
  • Refinancing provides access to entire NZ lending market with competitive rates and features unavailable from current bank, while restructuring limits you to current lender's products but leverages existing relationship and repayment history
  • Refinancing timeline spans 4-8 weeks requiring property valuations, income verification, credit checks, and legal work, whereas restructuring completes in 1-3 weeks (sometimes days) with minimal documentation since bank has your information
  • Even 0.5% interest rate reduction through refinancing can save thousands annually—calculate break-even by dividing refinancing costs by annual savings, worthwhile if recouped within 2-3 years
  • Restructuring makes sense when fixed terms end naturally, rate differences are marginal, you need quick equity access, planning to sell within 1-2 years, or prioritizing simplicity over maximum savings
  • Banks often reserve best rates for new customers creating "loyalty tax"—if your current bank won't match competitive market rates despite negotiation, refinancing opens entire market
  • Hybrid approach balances both strategies: restructure periodically with current bank for minor adjustments, refinance every few years when substantial gains available or bank becomes uncompetitive
  • Refinancing involves changing lenders, discharging old mortgage, registering new one with legal work transferring property security, and starting completely fresh loan with new terms and structure


Understanding the difference between refinancing and restructuring is crucial for making informed decisions about your mortgage. This comprehensive guide will clarify what each option involves, when to choose one over the other, and how to determine the best path forward for your financial situation.


What is Mortgage Refinancing?

Refinancing involves completely replacing your existing home loan with a new mortgage, typically from a different lender. When you refinance, you're essentially paying off your current mortgage in full using funds from the new loan, then starting fresh with new terms, conditions, and often a new interest rate.

The Refinancing Process

The refinancing journey begins with shopping around for better mortgage deals from various lenders across New Zealand. You'll submit a full mortgage application to your chosen new lender, complete with income verification, credit checks, and property valuation. Once approved, your new lender provides the funds to pay out your existing mortgage, and you begin making payments under your new loan terms.

This process involves discharging your old mortgage and registering a new one, which requires legal work and documentation. Your lawyer will handle the transfer of security over your property from your old lender to your new one, ensuring all legal requirements are met.

Key Characteristics of Refinancing

Refinancing always involves changing lenders, though you may refinance with your existing bank if they offer substantially different products. It requires a complete new application process with full documentation and assessment, including updated property valuations and income verification. You'll typically incur various costs including application fees, legal fees, valuation costs, and potentially break fees if you're exiting a fixed-term loan early.

The new loan may have completely different terms, structure, and features from your previous mortgage. This fresh start allows you to access different loan products, potentially split your loan differently between fixed and floating rates, or change your loan term entirely.


What is Mortgage Restructuring?

Restructuring, by contrast, involves making changes to your existing mortgage without switching lenders. You're working with your current bank to modify aspects of your loan to better suit your evolving needs or to take advantage of changed circumstances.

The Restructuring Process

Restructuring is generally simpler and faster than refinancing. You approach your existing lender and discuss what changes you'd like to make to your current loan. This might involve switching between fixed and floating rates, changing your loan term, splitting your loan differently, accessing additional funds against your equity, or consolidating other debts into your mortgage.

Because you're staying with the same lender, the process requires less documentation than a full refinance application. Your bank already has your information on file and a history of your repayment behavior, which simplifies the assessment process.

Key Characteristics of Restructuring

Restructuring keeps you with your current lender, maintaining your existing banking relationship. The process is typically faster and involves less paperwork than refinancing, often taking just days or weeks rather than months. Costs are generally lower since you're not changing lenders, though some fees may still apply depending on the changes you're making.

You're working within the constraints of your current lender's products and policies, which means you're limited to whatever options your existing bank offers. However, this simplicity can be advantageous when you just need minor adjustments rather than a complete overhaul of your mortgage.


Key Differences Between Refinancing and Restructuring

Understanding the practical differences between these two approaches will help you determine which option suits your situation best.

Lender Involvement

The most obvious difference is that refinancing means moving to a new lender, while restructuring means staying with your current one. This distinction impacts everything else about the process, from complexity to cost to the range of options available to you.

When refinancing, you're opening the door to the entire New Zealand lending market. You can compare offers from all the major banks, second-tier lenders, credit unions, and specialist mortgage providers. This competition often results in better rates and terms, as lenders compete for your business.

With restructuring, you're limited to what your current bank can offer. While this restricts your options, it also means you can leverage your existing relationship and potentially negotiate better terms based on your loyalty and repayment history.

Application Complexity

Refinancing requires a comprehensive application process similar to when you first purchased your home. You'll need to provide current income documentation, bank statements, proof of identity, details of all assets and liabilities, and consent to credit checks. The new lender will also arrange a property valuation to confirm your home's current market value.

Restructuring involves a much simpler process. Your bank already has most of your information, understands your financial situation, and has a track record of your mortgage repayments. While they may request updated income information for significant changes, the documentation requirements are far less extensive.

Time Investment

The refinancing process typically takes between four to eight weeks from application to settlement, though this can vary depending on how quickly you provide documentation and how busy lenders are. You'll need to coordinate with lawyers, wait for property valuations, and go through the full approval process.

Restructuring can often be completed in one to three weeks, and sometimes even faster for simple changes. If you're just switching from fixed to floating at the end of your term or making minor adjustments, the process might take only a few days.

Cost Considerations

Refinancing comes with substantial upfront costs. Application fees typically range from two hundred to eight hundred dollars, legal fees often cost between five hundred to fifteen hundred dollars, and property valuations can add another three hundred to one thousand dollars to your costs. If you're breaking a fixed-term mortgage, break fees could add thousands more depending on market conditions and your remaining term.

Restructuring generally involves lower costs. You might pay small administration fees for certain changes, typically ranging from fifty to three hundred dollars, and potentially break fees if you're changing from a fixed to floating rate before your term ends. Legal fees are usually minimal or nonexistent since you're not changing lenders.

Potential Benefits and Outcomes

Refinancing offers access to the best available rates in the entire market, which could result in significant long-term savings. You can access features and products not available from your current lender, and you have leverage as a new customer since banks typically offer their best rates to attract new business. Additionally, refinancing provides an opportunity to fundamentally restructure your entire mortgage approach.

Restructuring provides quick access to different products within your bank's range, allows you to maintain your existing relationship and any benefits that come with it, and involves lower upfront costs and less hassle. It's ideal for making tactical adjustments without the full commitment of changing lenders.


When to Choose Refinancing

Certain situations clearly favor refinancing over restructuring, particularly when substantial savings or major changes are needed.

Significant Interest Rate Savings Available

If other lenders are offering interest rates substantially lower than what your current bank can provide, refinancing makes financial sense. Even a difference of half a percent can translate to thousands of dollars in savings annually, which can easily outweigh the upfront costs of refinancing.

Before committing to refinancing, calculate your break-even point by dividing your total refinancing costs by your annual interest savings. If you'll recoup your costs within two to three years and plan to stay in your home beyond that, refinancing is likely worthwhile.

Your Current Bank Won't Negotiate

Some homeowners find their bank unwilling to match competitive rates available elsewhere. If you've approached your current lender about better terms and they've declined or offered only marginal improvements, refinancing opens up the entire market to you.

Banks sometimes take loyal customers for granted, assuming they won't go through the hassle of refinancing. If your bank is counting on your inertia, it's time to explore other options.

You Need Features Your Current Bank Doesn't Offer

Different lenders specialize in different loan features. Perhaps you want an offset account, redraw facility, flexible repayment options, or the ability to make substantial extra payments without penalties. If your current bank doesn't offer the features that would benefit your situation, refinancing to a lender who does can significantly improve your mortgage experience.

You're Consolidating Significant Debt

While you can sometimes consolidate debt through restructuring with your current bank, refinancing often provides better options for substantial debt consolidation. Other lenders may be more flexible about the amount you can borrow or offer better rates on the consolidated total.

Major Life Changes Have Occurred

Significant life events like divorce, inheritance, career changes, or business ventures might require more substantial mortgage changes than restructuring can accommodate. Refinancing gives you a complete fresh start with a loan structure that matches your new circumstances.


When to Choose Restructuring

Restructuring is often the smarter choice when you need flexibility without the cost and complexity of changing lenders.

Your Fixed Term is Ending

When your fixed-rate period concludes, restructuring is usually the path of least resistance. If your bank offers competitive rates at renewal time and you're satisfied with their service, staying put avoids the hassle and expense of refinancing while still allowing you to secure a good rate for your next term.

This is also an ideal time to split your mortgage between fixed and floating rates, adjust your loan term, or make other tactical changes without incurring the full costs of refinancing.

You Have a Good Relationship with Your Bank

If you've been a loyal customer with a strong repayment history, your bank may offer you preferential rates or special consideration that new lenders won't match. Long-standing customers sometimes access relationship rates or package discounts that make staying put more attractive than refinancing.

The Rate Difference is Marginal

If the best rate you can find elsewhere is only marginally better than what your current bank offers, the time, effort, and cost of refinancing likely outweigh the modest savings. A difference of just one or two basis points might not justify the refinancing process.

You Need Quick Access to Equity

When you need to access home equity quickly for time-sensitive opportunities or urgent expenses, restructuring with your existing bank is typically much faster than refinancing. Your bank can often approve equity release within days rather than the weeks required for refinancing.

You're Planning to Sell Soon

If you intend to sell your property within the next year or two, refinancing costs might not be recouped before you sell. Restructuring allows you to optimize your current situation without the substantial upfront investment that refinancing requires.

Simplicity is Your Priority

Not everyone wants to deal with the complexity of refinancing, even if it might save some money. If you value simplicity and convenience, and your current mortgage is reasonably competitive, restructuring provides a straightforward way to adjust your loan without the extensive process of refinancing.


Can You Combine Both Strategies?

Interestingly, many savvy New Zealand homeowners use both strategies at different times. You might restructure your mortgage periodically with your current bank to maintain optimal terms, then refinance every few years when market conditions make it worthwhile or when your bank stops offering competitive rates.

This hybrid approach balances the benefits of both strategies. You avoid the constant churn of refinancing while still taking advantage of major opportunities when they arise. Consider restructuring as your default approach for minor adjustments and refinancing as your strategic option when substantial gains are available.


Making Your Decision

Choosing between refinancing and restructuring depends on your specific circumstances, financial goals, and the current lending environment. Start by assessing what you want to achieve with changes to your mortgage. Are you primarily seeking lower interest rates, different loan features, access to equity, or simplified debt management?

Next, compare what's available. Get quotes from multiple lenders to understand the best refinancing options, then discuss what your current bank can offer through restructuring. Calculate the true costs of each option and the potential savings or benefits. Consider not just immediate financial impacts but also convenience, timing, and how each option aligns with your broader financial strategy.


Expert Guidance Makes the Difference

Whether you choose refinancing, restructuring, or a combination of both strategies over time, having expert guidance can help ensure you make the best decision for your unique situation. The mortgage landscape in New Zealand is complex and constantly evolving, with different lenders offering different products, rates, and features.

At Luminate Financial Group, we help homeowners across New Zealand navigate these decisions every day. Our experienced mortgage advisers can assess your current situation, explain your options clearly, and help you understand the true costs and benefits of both refinancing and restructuring. We'll do the heavy lifting of comparing rates and negotiating with lenders, whether that's with your current bank or with new lenders across the market.

The right strategy depends on your individual circumstances, and there's no one-size-fits-all answer. What matters is making an informed decision based on comprehensive information and expert analysis tailored to your situation.

Frequently Asked Questions

When should I refinance versus just asking my current bank for a better rate?

Refinance when rate savings exceed costs within 2-3 years—typically when competitors offer 0.5%+ better rates than your bank provides even after negotiation. Example: if refinancing costs $5,000 and saves $2,500 annually through 0.5% reduction on $500,000 mortgage, you break even in 2 years and profit thereafter. Refinance when your bank refuses to match competitive market rates despite your loyalty and perfect repayment history, you need features unavailable from current bank (offset accounts, flexible repayments, higher borrowing limits), consolidating significant debt requiring different loan structures, or major life changes requiring fresh mortgage start. Restructure (staying with current bank) when rate difference is marginal (0.1-0.2% or less), your fixed term naturally expires and bank offers competitive renewal rates, you have strong banking relationship with preferential pricing, you need quick equity access (days versus weeks), planning to sell within 1-2 years making refinancing costs unrecoverable, or prioritizing simplicity over modest savings. Always negotiate with current bank first using competitor quotes as leverage—many banks match competitive rates for valued customers rather than lose business.

What are all the costs involved in refinancing and how do I calculate if it's worth it?

Refinancing costs include: application fees ($200-$800), legal fees for discharging old mortgage and registering new one ($500-$1,500), property valuation ($300-$1,000), potential break fees if exiting fixed-rate early ($0-$10,000+ depending on rate movements and remaining term), and minor sundry costs for registration and documentation ($100-$300). Total typical cost: $2,500-$13,000. Calculate break-even: divide total refinancing costs by annual interest savings. Example: $5,000 refinancing costs ÷ $2,500 annual savings = 2 years break-even. Refinancing makes sense if you'll hold property 3+ years beyond break-even point. Calculate annual savings: (Old Rate - New Rate) × Mortgage Balance. On $500,000 mortgage, 0.5% reduction saves $2,500 annually or $75,000+ over 30 years. However, if planning to sell in 18 months, $5,000 costs for $3,750 cumulative savings (18 months × $208/month) means net loss. Request detailed cost breakdown from brokers or lenders before committing, and model both short-term (2-3 years) and long-term (10-20 years) scenarios confirming refinancing delivers net benefit.

Can I refinance if my property value has decreased or my income has dropped?

Refinancing with decreased property values or reduced income is challenging but sometimes possible. Property value decreases affect loan-to-value ratio—if your property dropped from $600,000 to $550,000 while owing $480,000, your LVR increased from 80% to 87%, exceeding most banks' 80% standard lending. Options include: paying down principal improving LVR to acceptable levels, accepting higher interest rates from lenders accommodating higher LVRs (85-90%) at premium pricing, waiting for property values to recover, or restructuring with current bank (often more flexible than new lenders for existing customers). Income reductions create serviceability concerns—banks assess whether reduced income adequately services debt. Strategies include: demonstrating income stability despite reduction (job change with lower initial salary but growth trajectory), adding co-borrower with additional income, reducing other debts improving debt-to-income ratios, or restructuring existing mortgage rather than refinancing (current banks more understanding of temporary income fluctuations for proven customers). Be honest with lenders about circumstances—attempting to hide problems through documentation manipulation creates legal issues if discovered.

What's the process for actually refinancing—what do I need to do?

Refinancing process: Week 1-2: Research lenders comparing rates, features, and fees using comparison websites and mortgage brokers. Gather documentation including recent payslips (last 3 months), bank statements (3-6 months), identification, current mortgage statements, property details, and list of assets/liabilities. Submit applications to 2-3 lenders maximizing approval chances. Week 2-3: Lenders conduct credit checks, income verification, and property valuations. Respond promptly to information requests expediting processing. Week 3-4: Receive conditional approval outlining any final requirements. Review loan offers carefully comparing all terms, not just interest rates. Week 4-6: Engage solicitor for legal work discharging old mortgage and registering new one. Your lawyer coordinates directly with both lenders. Week 6-8: Complete final documentation, satisfy any outstanding conditions, and proceed to settlement. New lender pays out old mortgage, you begin payments on new loan. Timeline varies—straightforward refinancing completes in 4 weeks, complex situations extend to 8-10 weeks. Use mortgage broker simplifying process—they handle multiple applications, negotiate terms, and coordinate settlement, often at no cost (lender pays broker commission).

Should I fix or float my interest rate after refinancing?

Post-refinancing rate structure depends on interest rate outlook, risk tolerance, and repayment strategy. Fix rates when expecting interest rate increases—locks in current rates protecting against future rises at cost of missing potential decreases. Fix longer terms (3-5 years) for maximum certainty, shorter terms (1-2 years) for balance between protection and flexibility. Float rates when expecting decreases or planning aggressive principal reduction—floating allows unlimited extra payments without break fees, benefiting those with variable income or windfall expectations. However, floating exposes you to rate increase risk. Consider splitting mortgage for balanced approach: 50/50 split provides equal protection and flexibility, 70% fixed/30% floating prioritizes stability while maintaining some flexibility for extra payments, 30% fixed/70% floating prioritizes flexibility and aggressive reduction while protecting some portion. Ladder strategy splits mortgage into multiple fixed portions with staggered maturities (e.g., $200k fixed 1 year, $200k fixed 2 years, $200k fixed 3 years) providing regular refinancing opportunities and partial protection. Your choice reflects personal risk tolerance and financial goals—risk-averse individuals favor higher fixed proportions, while those comfortable with uncertainty favor floating enabling aggressive principal reduction without penalties.

What happens if I want to refinance again in 2-3 years—can I do that?

Yes, refinancing multiple times is common and often strategic. Review mortgage every 2-3 years ensuring rates remain competitive and loan structure suits current circumstances. Refinance again when: fixed terms expire and better rates available elsewhere (avoiding break fees), circumstances change requiring different loan structures, property value appreciation enables accessing equity at better LVRs, income increases qualifying you for premium rates unavailable previously, or better products/features become available. However, consider: cumulative refinancing costs—multiple refinancing every 12-18 months becomes expensive unless savings are substantial, each refinancing involves credit checks potentially impacting credit score temporarily, and frequent lender changes may signal instability (though most lenders don't penalize this). Strategy: refinance strategically when meaningful benefits available (0.5%+ rate improvements, significant feature advantages, major life changes), restructure with current bank for minor adjustments, time fixed-rate terms to natural expiry minimizing break fees, and maintain relationships with multiple lenders keeping refinancing options open. Many successful homeowners refinance every 2-4 years capturing best market rates while avoiding excessive transaction costs through careful timing.

Ready to explore your mortgage options? Contact Luminate Financial Group today for a personalized consultation. We'll help you determine whether refinancing or restructuring is the best path forward and guide you through the entire process.
Trent Bradley

Trent Bradley

Trent Bradley is a New Zealand financial advisor specializing in property-backed finance and investment consulting. With over 26 years of experience running his mortgage broking business, he has helped wholesale investors access high-yield property-backed loan opportunities. For the past 12 years, Trent has led Luminate Finance, a New Zealand finance company dedicated to connecting investors with secure property investment solutions.

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