Last week's announcement that New Zealand GDP shrunk for two consecutive quarters causing the country to enter a technical recession shocked many Kiwis. Those with mortgages already experiencing the heat with rising interest rates would have thought, what does this mean for my mortgage repayments? Will we see more hikes made by RBNZ?

With all this doom and gloom, you may have also asked when would be the next time I could go on a holiday, or should I waste my savings on a holiday if the repayments go even higher?If you are asking yourself these questions, you are not alone, and there are many Kiwis on the same boat; let's face it, we all love a good holiday, especially with the rain and cold weather we have been getting recently.

Now would be a perfect time to get a mortgage 'health check' to see how your mortgage is and if you can free up cash flow or your options in saving interest, don't let your mortgage take control of your lifestyle. There are always options available to you; all you have to do is talk to an expert.

Speak to your local banker or broker and discuss your mortgage; get a full review done if you haven't in the past 6 to 12 months, or if you do not have a broker, please feel free to call me; I am more than happy to have a casual chat or do a formal review.

There are many options to free up cash flow if it suits your particular needs, one being moving from principle and interest payments to interest only. In doing this there are pros and cons this is something which I discuss with my customers in detail and give them detailed numbers so they make an informed decision.

Don't let the doom and gloom stop you from having your next holiday!

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DISCLAIMER: The information contained in this blog is general in nature. We cannot assess anything about your personal circumstances, your finances, or your goals and objectives, all of which are unique to you. Before making financial decisions, we highly recommend you seek professional advice from someone who is authorized to provide financial advice.