This article was prepared by Dosh and is being published by the New Zealand Herald as advertorial.

For the 81% of homeowners rolling off fixed home loans in 2025, this year presents the opportunity to lower the cost of their home loan when refixing. With household budgets stretched and reducing interest rates, the timing to extract better value from your home loan has never been better. A small investment of time to survey the market is likely to present new opportunities to improve your financial position.

But where to start? When assessing your options, here are the considerations you can take into account.

Rates, rates and more rates

The market for home loans is hot, and the standard practice for many leading banks is to retain their existing customers by matching offers made by competitors. Over the last six months there has been little difference in the special rates offered by the major banks across the key one-year and two-year rates. For those looking for a better deal, while a reduction in current rate is likely, there is unlikely to be much difference between the main providers.

Upfront cash contribution

Banks often reward new customers with an upfront cash contribution to reflect the cost and effort to change banking provider. The amount banks pay varies, however a rough guide can be 1% of the value of the loan or below. This payment often more than covers expected legal costs of changing which can be around $1500 depending on your situation. The upfront cash payment comes with terms and conditions, including clawback of a portion of the cash should you move banks within a certain period. Still, the lure of a one-off payment is a motivating factor in moving providers.

But wait, there’s more

In an increasingly competitive market, new providers are emerging and bringing additional offers to entice change. One example is digital provider dosh, who is rewarding loyalty by offering an annual cash back payment paid every year you stick with them. This payment they call Streak, which is in addition to a great rate and any upfront cash contribution, can be material depending on the size of the loan. For example, a $600k loan refixed with dosh can earn a first-year payment of $714 and total earnings of $13,487 over a 30-year loan. The loyalty offer is exclusive to dosh and cannot be accessed via a broker.

Digital vs broker

The rise of digital home loans in Australia has greatly changed the competitive landscape in that market, with new providers such as Unloan and Macquarie quickly growing a customer base. Digital providers enable customers to apply online or in-app in minutes, removing the need to visit a broker or bank. Customers can quickly complete an application from the comfort of their home, enjoying the speed and ease of a purely digital experience.

In New Zealand, dosh offers a new home loan experience with a fully digital application process that enables an application to be completed in as little as six minutes. The application can be accessed via their website www.dosh.nz or in the dosh app.

Alternatively, brokers offer financial advice and are useful for those that require guidance on their financial situation and choices. A meeting with an adviser will enable them to assess a home loan offer that meets your individual needs.

For anyone refixing in 2025, an opportunity exists to improve their financial position by shopping around when refixing their home loan this year. For those that do not require financial advice and prefer a digital experience, new providers such as dosh offer an easy and rewarding experience. Download dosh from your favourite app store or see dosh.nz for more information.

The opinions expressed in this article should not be taken as financial advice, or a recommendation of any financial product. We recommend seeking financial advice before taking any action. This advertorial represents the personal views of the author Shane Marsh, and does not represent the views and opinions of dosh or Westpac New Zealand Limited (Westpac). The dosh Streak payment example is indicative only, assuming an interest rate of 5.19% and offer terms and conditions being met each year. The dosh Streak payment is no way linked to Westpac who hold no liability in relation to the Dosh streak example or Dosh streak payments. Dosh Home Loans are approved, issued and managed by Westpac and promoted by Dosh. The Streak cashback is subject to terms and conditions and provided exclusively by Dosh. Lending and eligibility criteria and terms and conditions apply."