Checking your eligibility for Home Loan Switch

Home Loan Switch is our home loan refinancing solution with no legal fees. If you contact us directly about moving your home loan to BNZ, a home loan expert will consider these eligibility criteria.

Eligibility criteria

You may be eligible if:

• you’re borrowing at least $50,000
• you’re an individual or joint borrower (no trust, company, or other legal entity borrowers)
• you apply directly to BNZ yourself
• you have 20% equity in the properties being used as security
• your home loan is secured by a maximum of two properties, which aren’t already mortgaged to BNZ
• BNZ will be the first ranking mortgagee over the properties
• there aren’t any guarantors on your home loan
• the ownership of the properties isn’t changing (including ownership percentage, if the properties are held in tenants-in-common) 
• all owners of the properties are borrowers on the home loan 
• all documentation is signed by the borrowers (not under a power of attorney)
• the refinance doesn’t form part of a series of same day transactions.

Not eligible for Home Loan Switch 

• Loans where the properties for security are:
  • Māori freehold or customary land
  • unit titles under the Unit Titles Act 2010  
  • leasehold land (excluding cross-lease)
  • company share apartments. 
• Borrowers who:
  • want to use their own lawyer or want legal advice
  • are unable to meet in person with a home loan expert or an alternative accredited witness.^
• Broker applications. 

If you’re not eligible for Home Loan Switch, or you’d prefer to use your own lawyer, you can still apply to refinance and move your home loan to BNZ. If you receive conditional approval, you’ll need to engage your own lawyer and pay for the legal fees.