Switching Banks

Checklist: Refinancing

Refinancing is essentially applying for a new home loan with another bank. It's like a fresh start of your home loan, but it can seem like a daunting task. We've prepared a checklist to help make the refinancing process easier:

Lending Facilities

Understanding your lending facilities is a crucial step on your path to refinancing your mortgage.

☐ Do you understand the products on offer with your new bank?

☐ Is there a cash contribution that was offered by your current bank? Are you refinancing within the clawback period, and therefore need to repay your cash contribution?

☐ Have you read the terms and conditions for your new home loan offer and understood all applicable fees (fees could relate to the home loans, ongoing account maintenance and service fees for your new home loan product and bank accounts)?

☐ Have you engaged with your existing bank to understand how much it will cost to repay all facilities including any accrued interest and fees?

☐ Will your new bank offer you a cash contribution moving your banking to them? Do you understand the terms and conditions of accepting the cash contribution offer?

Transactional and other banking needs

Outside of your home lending needs, you may have transactional banking needs to match.

☐ Do you need to open new transactional accounts with your new bank?

☐ Have you updated your employer/payroll team on the new account number where income will be credited?

☐ Will you keep any facilities with your old bank or move everything to the new bank?

☐ Have you updated recurring payments, automatic payments, bill payments and any other regular services with your new account number (most banks have a dedicated switching team who can help with this process)?

☐ Does your new bank offer the other banking facilities you need such as credit cards and savings accounts and do you understand the terms and conditions, including fees relating to services offered?

Required documents

The following documents are some of the most asked for. Your new bank may ask for these including further information or documents when making a switch.

☐ Certified copies of your ID (NZ driver’s license or valid passport) and address confirmation (utility bill dated within the last 3 months showing your full name and physical address)

☐ Last 3 months bank statements (showing income, expenses, and day to day payments)

☐ Last 6 months home loan statements, credit card statements or any other loan statements you may have for existing loans and store cards

☐ 3 most recent pays lips or last 2 years IRD summary of earnings/full and signed business financials for income confirmation

☐ Copies of trust deeds and all deeds of variation related to the trust (if purchasing under trust)

☐ The lender may also request for registered valuation for one or several of the properties you own

General review

Refinancing is a great opportunity to do a general review of other important policies and documents. Your circumstances may have changed since you last reviewed them:

☐ Insurance policies, including but not limited to life, contents, and home insurance.

☐ Similarly, now’s also a good time to have a think about if anything’s changed since you last reviewed your will. Your solicitor will be able to assist while they’re managing the refinance process.

☐ Do you need to review your budgeting plan or seek assistance from a financial adviser to set your financial goals?


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