Refinancing your mortgage in New Zealand can save you thousands of dollars in interest, but the process requires more paperwork than many homeowners expect. One document your bank will almost certainly request is a current Record of Title — and if you don't have one ready, it can delay your refinance by days or even weeks. Understanding why banks need this document and how to get it quickly can make your refinancing experience far smoother.
What Is a Record of Title?
A Record of Title (formerly called a Certificate of Title) is the official document issued by New Zealand's land registration system that proves who owns a property and records all interests, mortgages, easements, and restrictions affecting the land. It's the single most important document in any property transaction — including refinancing.
When you refinance, your new lender needs to confirm that:
- You are the registered owner of the property
- The property description matches what's on the mortgage documents
- There are no unexpected interests or restrictions on the title
- The existing mortgage can be properly discharged
A Record of Title with Diagram ($42.90) provides all this information plus the official property plan — giving your bank the complete picture they need.
Why Banks Require a Current Title for Refinancing
Banks don't accept old copies of your title. They need a current Record of Title — one that reflects the register as it stands today. Here's why:
1. Verifying Current Ownership
Your bank needs to confirm that you are still the registered proprietor. If your ownership situation has changed — for example, you've added or removed someone from the title, or ownership was transferred due to a relationship property settlement — the old title won't show this. A current title search captures any ownership changes since your original mortgage.
2. Checking for New Registered Interests
Since you took out your original mortgage, other interests may have been registered against your property:
- Second mortgages — Additional lending secured against the property
- Caveats — Claims by third parties that may affect your ownership
- New easements — Rights granted to utility companies or neighbours
- Covenants — New restrictions added to the title
These registered interests affect your property's value and the bank's security. A Guaranteed Search ($45.90) provides the most thorough view of all registered interests, giving your bank maximum confidence.
3. Discharging the Old Mortgage
When you refinance, your existing mortgage must be discharged from the title and the new mortgage registered. Your new bank's solicitor needs the current title to prepare the correct discharge and mortgage documents. If the title details don't match, the registration can be rejected — causing delays.
4. Confirming Property Details
The legal description, area, and title reference number on your title must match the mortgage documents exactly. Even small discrepancies — like a slight difference in the lot number or area measurement — can cause the bank's lawyers to request corrections, adding days to the process.
Guaranteed Search vs Standard Record of Title
For refinancing, some banks prefer or require a Guaranteed Search rather than a standard Record of Title. The key difference:
- Record of Title — Shows the current state of the register at the time of issue
- Guaranteed Search — Shows the current state and guarantees the information is accurate, providing legal protection for the lender
The Guaranteed Search is essentially an insured version of the title search. If there's an error in the register that causes your bank a loss, the guarantee provides compensation. This is why many lenders insist on it for mortgage transactions.
At $45.90, the Guaranteed Search is only a few dollars more than a standard Record of Title — and it's often worth the extra cost for the legal protection it provides during refinancing.
How to Order Your Title for Refinancing
Ordering your Record of Title through our service is straightforward:
- Choose your product — Record of Title with Diagram ($42.90) or Guaranteed Search ($45.90)
- Provide the title reference — This is usually on your existing mortgage documents or rates notice (format: WN123/456 or similar)
- Receive your document — Delivered digitally, usually within the same business day
If you don't know your title reference, a Legal Owner Search ($65.90) can find your title using your name and property address.
Other Documents Your Bank May Need
While the Record of Title is essential, your bank may also request:
- Survey Plan ($49.90) — Shows the exact boundaries and dimensions of your property, which may be needed if there are boundary questions
- Instruments/Documents ($39.90) — Specific registered documents like easement certificates or covenant documents that are referenced on your title
- Pre-Purchase Package ($189.90) — If your bank wants a comprehensive package of title and survey information
Common Refinancing Delays and How to Avoid Them
Title Mismatch
If the name on your title doesn't match your current legal name (for example, after marriage or a name change by deed poll), your bank will need additional documentation. Resolve this before starting your refinance application.
Outstanding Caveats
If someone has registered a caveat against your title, your bank won't proceed until it's resolved. Check your title for caveats early in the process.
Missing Discharge of Old Mortgage
If your title still shows a mortgage from a previous lender that should have been discharged, this creates a problem. Your solicitor will need to arrange for the old mortgage to be discharged before the new one can be registered.
Unregistered Interests
Some interests don't appear on the title but may still affect your property — like unregistered mortgages or agreements. A comprehensive title search helps identify these risks.
Timing Your Refinance: When to Order Your Title
Don't wait until your bank asks for your title — order it early. Here's why timing matters:
- Order at application time — Having your title ready when you apply shows the bank you're prepared and speeds up the process
- Titles are time-sensitive — A title issued today may not reflect changes registered tomorrow. Some banks require a title no older than 30 days
- Weekend and holiday delays — The land register doesn't update on weekends, so order by Thursday for Friday delivery
Pro tip: If you're comparing offers from multiple lenders, order one copy of your title and share the details. You only need a fresh title search when you're ready to proceed with a specific lender.
Refinancing and Your Title: The Process Step by Step
- Order your current Record of Title — Get a Guaranteed Search or Record of Title with Diagram
- Apply for refinancing — Submit your application with the title information
- Bank valuation — The bank arranges a property valuation using your title details
- Loan approval — The bank approves your new mortgage based on the title and valuation
- Mortgage documents prepared — Your solicitor prepares the new mortgage using the title reference
- Discharge and registration — The old mortgage is discharged and the new one is registered on your title
- Confirm with your title — After registration, order a new Record of Title to confirm everything is correct
Frequently Asked Questions
How long does it take to get a Record of Title for refinancing?
When you order through our service, your Record of Title is typically delivered the same business day. This is significantly faster than requesting it directly from the official registry, which can take several business days. Having your title ready before you apply for refinancing can save weeks of delay.
Do I need a new title search if I refinanced recently?
Yes — banks generally require a title that's no older than 30-90 days at the time of settlement. Even if you refinanced recently, changes may have been registered since your last title was issued. Always order a fresh title to ensure your bank has the most current information.
What if there's an error on my title that's blocking my refinance?
Title errors are uncommon but can happen. If your title contains an error (such as an incorrect name, area, or legal description), your solicitor will need to apply to the land registration authority to have it corrected. This process can take several weeks. Ordering your title early gives you time to identify and resolve any issues before they delay your refinance settlement. An Expert Advice consultation ($129.00) can help you navigate complex title issues.
