Mortgage Refinance, Debt Restructuring or Consolidation

Quay Law NZ | Auckland Lawyers – Mortgage Lawyer

Quay Law in Remuera for conveyancing, mortgage refinance and debt consolidation services

Getting a new mortgage to replace the original or to support your debt consolidation is called refinancing. Mortgage Refinancing is done to allow a borrower (you)  to possibly obtain a better interest term or rate and possibly meet your current needs. The first or initial loan is paid off, allowing the second loan to be created.

A loan (debt) might be refinanced for various reasons

  • To take advantage of a better interest rate (a reduced monthly payment or a reduced term).
  • To consolidate other debt(s) into one loan (a potentially longer/shorter term contingent on interest rate differential and fees).
  • To reduce the monthly repayment amount (often for a longer term, contingent on interest rate differential and fees).
  • To reduce or alter risk (e.g. switching from a variable-rate to a fixed-rate loan).
  • To free up cash (often for a longer term, contingent on interest rate differential and fees).

A Mortgage Lawyer

A mortgage lawyer is required for the financial transaction. Most people appoint their chosen mortgage lawyers or solicitors to represent then in this and any future stages of the transaction. Sometimes this process can also be referred to as mortgage conveyancing. Our conveyancing lawyers can help you arrange mortgage finance (residential and commercial) at no cost to you apart from any application fee possibly payable to the lender. We have developed good working relationships with many  lending specialists.  People that we know provide an excellent refinance or mortgage service to New Zealanders.

Whether it is your mortgage refinance, a loan repayment or debt consolation, our Auckland mortgage lawyers understand that refinancing transactions are diverse.

Mortgage refinance

Mortgage refinancing or refinancing your mortgage means paying off an existing mortgage or loan and replacing it with a new mortgage. There are many common reasons why New Zealand property owners refinance a loan.

What are the common reasons why New Zealand property owners refinance a loan?

  • The opportunity to obtain a lower interest rate;
  • The chance to shorten the term of their mortgage;
  • The desire to convert from a floating interest rate mortgage to a fixed interest rate mortgage, or vice versa;
  • The opportunity to tap a home’s equity in order to finance a large purchase;
  • The desire to consolidate debt.

Some of these reasons may have positive and / or negative implications so professional financial advice is always recommended.

Debt restructuring or debt consolidation.

If the replacement of debt occurs under financial distress, refinancing might be referred to as debt restructuring or debt consolidation.

How does the refinance process work?

Once you have selected a lender and agreed on terms with this new lender, the refinance or mortgage conveyancing process simply needs the  new lender to provide instructions to your property lawyers on preparing the loan and security documents.  A conveyancing lawyer at Quay Law will then:

  1. Meet with you to complete the required mortgage related documents.
  2. Liaise with your existing borrower or bank for a discharge of your existing mortgage.
  3. Obtain a repayment statement from your existing borrower.
  4. Attend to the draw-down of the new loan facility.
  5. Repay the existing mortgage to your existing borrower.
  6. Register the discharge of the existing mortgage and the new mortgage.

For more information on your loan or mortgage refinance transaction please contact one of our Auckland Mortgage lawyers at Quay Law NZ.

Why Refinance your Mortgage?

Mortgage Refinancing is done to allow a borrower (you), to potentially obtain a better interest rate or term, settle the debt (debt restructuring)  and possibly move lending institutions for specific reasons.

A mortgage refinance means paying off your existing mortgage and then replacing it with a new mortgage. You might ask yourself do I need a lawyer for refinancing a mortgage? A mortgage lawyer is required to arrange the release of your existing mortgage and the process to facilitate the drawdown of the new mortgage.

Mortgage lawyers also have access to a vast range of mortgage brokers giving you ample opportunity to obtain the best mortgage to suit your needs. You will also be required to sit down with your mortgage lawyer and sign all of the required refinancing paperwork. At Quay Law, our Mortgage Lawyers (conveyancing lawyers) will help you refinance your mortgage,  and can connect you with a few mortgage advisors that could support you in finding a mortgage that suits your needs and requirements.

As you look towards buying a home or refinancing your mortgage, there are some terms that you will hear during this conveyance process. What do these terms really mean?

Mortgage brokers

To use a mortgage broker or to approach a banking institution directly?  There is usually no additional fee payable when you choose to use an independent mortgage broker.  The benefit is that often a mortgage broker or mortgage advisor can source the best interest rates for you from a variety of banks. They are specialists in mortgage advice.

Mortgage Repayments

How much will you need to pay?  There are many online mortgage calculator options available.  Be sure to include your break costs, any additional debts you may want to consolidate before calculating your weekly, bi-weekly, or monthly mortgage repayment.  A mortgage broker will be able to help you with this calculation and the accuracy of what your expected payments will be. This can support you and allow you to evaluate the different mortgage terms and resulting repayment options.  Most banks and good loan advisors have a mortgage calculator on their website.

Mortgage Break Costs or Break Cost Fees

What are the break costs? As a sort description, break costs are the fees possibly charged by your bank or lending institution if you pay off a loan earlier than the term that the loan was it fixed for. There are many factors that influence whether break costs apply.   If your current mortgage is on a fixed-term interest rate (as opposed to a floating interest rate and interest rates have decreased since you took out the loan), it is likely you will incur a break fee. Your current bank or loan provider should provide you with an estimate of the break costs or breach charges. When changing lenders, you should always consider your break costs as part of the loan or mortgage refinance calculation.

Notify your lawyer

As soon as you make a decision to refinance an existing loan or mortgage, you should notify your lawyer and naturally let your mortgage broker or your bank know.  The mortgage broker or bank will require the name of your chosen lawyer, the name of the law firm, and the necessary contact details such as email and phone number for the legal practice.  You will find our relevant Quay law contact details here.

What does a mortgage / refinancing lawyer do?

If you are changing loan institutions or switching banks, then a refinancing lawyer arranges for a discharge of your current mortgage. Your new bank or lending institution will provide your chosen lawyer with the loan and mortgage instructions. As settlement day comes around, you will need to meet with your lawyer. During this meeting, they will explain all the loan documents to you.  You will need to sign all the loan documents to complete the refinancing.

Refinance lawyer fee

You might be wondering how much will a refinancing cost? These refinancing legal fees differ from case to case, depending on the time and complexity of your refinancing. To receive an indication of what your refinancing would cost feel free to contact one of our refinancing lawyers today.

Recent News

Our legal tips are provided by the Auckland  refinancing /  mortgage lawyers and conveyancing specialists at Quay Law (New Zealand). These articles cover a range of legal topics and news worthy articles.

  • The Hidden Dangers of Unconsented Works When Buying or Selling a House in NZ

    Introduction: Picture this: You’ve found the perfect house, the one that ticks all the boxes – the dream home you’ve been searching for. But wait! Before you get carried away with visions of cozy nights by the fireplace, there’s something you need to know. Unconsented works can turn your […]

  • Tony Alexander: FOMO’s back – why Auckland is primed to lead the next house price surge

    Original Source – ONEROOF.CO.NZ     –   19 July 2023 Article repurposed for our blog. ANALYSIS: Each month, I / Tony Alexander conduct five surveys among my 31,000 subscribers of ONEROOF to gain firsthand insights into the economy, particularly the housing market. This week, I ran a survey […]

  • Property Reports: The Lowdown

    Knowledge is essential when it comes to investing in real estate. Making an informed purchasing decision requires knowledge of the potential home’s condition, history, and risks. Property reports come into play in this situation. A property report is a compilation of various documents that […]

We are conveyancing and mortgage lawyers in Auckland, who provide practical legal services and conveyancing (including mortgage refinance and debt consolidation support) to a diverse range of New Zealand and overseas client needs. Centrally located in Remuera, Auckland, we look forward to working with you.

Our Legal Services

Our Auckland lawyers provide practical legal services for a diverse range of client needs.


Our property lawyers understand that property refinancing and property transfer or conveyancing transactions are diverse and can range from the sale or purchase of a residential house or apartment to something more complex. Transactions may focus on any property market be it retail, office, industrial, retirement villages, residential or rural.

Call us now for our conveyancing


Loan Refinancing may refer to the replacement of an existing debt obligation with a debt obligation under different terms.

If the replacement of debt occurs under financial distress, refinancing might be referred to as debt restructuring or debt consolidation.

Call us now for our Refinance


Everyone over the age of 18 years should have a will.  This will ensure that your assets will be bequeathed to those persons or entities whom you wish to benefit from your estate. We are able to manage the administration of your assets on death and provide advice to estate executors on any legalities that may arise.

We also provide the following ancillary services

  • Enduring Powers of Attorney
  • Powers of Attorney and Deed of Delegation
  • Matrimonial and De Facto Claims against your estate

Call us now for wills and estate administration


We specialize in the establishment of the Trust and thereafter are able to support the ongoing management of your Trust along with your Trustees.  It is essential that your most important assets are protected during your lifetime and on your death.

Please contact us for family trusts


Types of taxation related services include but are not limited to

  • Investment Properties
  • Income structuring
  • Income Splitting for Family
  • Pre immigration planning.

Please contact us for Tax Lawyers


The drafting of a relationship property agreement requires skill, diplomacy and a good understanding of your requirements to ensure that the desired outcomes are achieved should a separation occur. We are able to assist with setting up Relationship Property Agreements and Separation Agreements.

 Please contact us for Relationship Property Agreement

Types of products and services we provide:

  • Leasing
  • Business Sales and Purchases
  • Business Refinancing
  • Company Formation
  • General Security Agreements
  • Debt Collection
  • Partnerships
  • Shareholders Agreements
  • Small Business Advice
  • Business and Marketing Plans
  • Strategic and Marketing Advice
  • Guarantees
  • Terms of trade
  • Financing
  • Franchising
  • Joint Ventures
  • Consumer protection

Please contact us for Commercial lawyers


Whether you are a franchisee or franchiser, large and small, we are able to assist you in setting up franchises, entering/buying a franchise, writing and reviewing franchise documentation and expanding franchises, in a personalised, professional and efficient manner.

Please contact us for Franchise agreements


Our lawyers in Auckland can assist you with:

  • Providing general immigration advice.
  • Attending to you visitor, work or residency visa / permit applications.

Please contact us for NZ Immigration

 We can help you with:Rules of the Body Corporate
Management of the Common Property
Establishment of the Board of Trustees (the committee)
Regulations governing the Board of Trustees
Provide insight and objective advice on Body Corporate matters
Please contact us for Auckland Body Corporate Lawyer

Social media includes web-based and mobile technologies used to turn communication into interactive dialogue. Social media is media for social interaction as a super-set beyond social communication. Enabled by ubiquitously accessible and scalable communication techniques, social media has substantially changed the way organizations, communities, and individuals communicate. This has in turn had an impact on the law.

Please contact us at Quay Law Remuera for Social Media Law


Our lawyers based in Remuera are also able to provide advice on general New Zealand legal matters.

If you require expertise beyond our practice, we are able to arrange this necessary expertise for you.

Referrals to Barristers are also provided.

Our Auckland solicitors also practice in Social Media Law.

For more information, please contact a lawyer at Quay Law Barrister and Solicitors.

Please contact us for General legal requirements

“Compromise is the best and cheapest lawyer”
-robert louis stevenson
Anonymous • Quote of the Day