Switching Banks for Home Loans NZ
Switching banks for home loans is the process of refinancing, or moving, your home loans from one bank to another.
There are many things to consider when changing banks, which is explained in more detail in our related guide linked below.
Once you've decided to make the switch, what happens in practice is that after the new bank draws down the money for your home loans, they will send the money to the existing bank to repay all your home loans with them. Your solicitor will manage the process between the two banks and transfer the security (ie, the 'mortgage') from the old bank to the new bank.