Continuing low interest rates are great for borrowers, but for those who locked in at higher rates for a long period of time and have seen prevailing rates drop away, it can be frustrating.

The very fair question to ask is “should I break my old fixed rate and take a new, cheaper one?”. It certainly makes sense on the surface - simply looking at moving from a higher rate to a lower rate but, like most things where the banks are concerned, the reality is a bit more complicated.

The most important thing to know is back when you got that great rate you signed a contract to say that you would see it through to completion. That contract guaranteed you would never pay any more than the rate agreed at the time, but it also guaranteed the bank you wouldn’t pay any less. If you break this contract there may well be a price to pay if the bank cannot lend out the same amount of money to someone else at the same rate (or better). The equation the bank uses for working break-fees out is complicated – like “Theory of Relativity” complicated. National Bank used to publish the formula for how they calculated them but, when they realised that Albert Einstein was the only one who could work it out – and he was dead – they stopped.

On behalf of our clients we now simply get the bank to tell us what the figure will be, which varies daily. Once we know this we can work out if it is worth breaking the loan and refixing. Further to this, it may be worth breaking the loan and moving to another bank as there are cash-backs we can arrange to help offset any break costs.

To add to the growing number of decisions that need to be made before you break a loan, there is also to option to split the resultant lending to further enhance savings and take advantage of your specific situation.

As you may have gathered, there is no easy answer to the question of breaking loans. It varies between banks, borrowers and what the rates are doing at any point in time. The good news is that we can help guide borrowers through the process and offer advice on what option would give the best outcome.

A better question than “should I refinance?” is, “should I find out if it makes sense to refinance?”. The answer to this question, every time, is “yes”.

Home loans and other forms of finance seem to be getting harder to access, with lenders pointing towards a responsible lending code based on increased documentation and minimised risk. According to non-prime lenders and finance brokers who specialise in debt consolidation, loan applications are often rejected if the borrower has a history of payday loans, which are often seen as a sign of financial problems.

The New Zealand housing market is feeling the blues, with house sales falling and prices dropping in Auckland and other key markets. After years of unrestrained growth fuelled by demand, the number of homes being sold around the country is on a steep decline. Wider economic conditions and difficulty getting finance are both affecting the numbers, with Auckland sales down almost 20 percent over the year and national figures down by more than 10 percent.

Whether we like it or not, ritualised activities are an important part of our lives, from our morning cup of coffee through to our daily commute and favourite television show. Depending on who you ask, the routine activities which help to define our lives are either an important psychological safety net or an overbearing source of confinement. The truth, like most things in life, is that routine can either be healthy or unhealthy depending on frequency and context.

Whether it's more access to processed food or an increasingly sedentary lifestyle, many countries around the world have seen a rise in obesity levels over the last few decades. While diet is often promoted as the best way to lose weight, a new study from the University of Colorado Anschutz Health and Wellness Center (AHWC) suggests exercise is a more critical factor for healthy weight maintenance.

Having a midlife crisis used to mean buying a red sports car or making rash and impulsive decisions. While you can still see lots of 50 year old men with dyed hair on the back of brand new Harley Davidsons, the 21st century midlife crisis is just as likely to be defined by renewed athleticism and an extreme approach to personal fitness. From the rise of Ironman events and extreme marathons through to the growth of the personal fitness industry, let's take a look at what it means to be middle aged in 2019.