As the situation surrounding the coronavirus continues to develop, Governments and lenders have outlined unprecedented measures to support those impacted.
While our focus is, and will remain, the health of all of our families and the general community, it would be remiss not to address what has been a rapidly changing landscape over the past 48 hours.
Amongst these implementations are measures designed to significantly ease the financial burden associated with loss of employment and/or rental income, an inevitable consequence of this pandemic.
Effective immediately, the arrangements can include pausing of repayments for up to 6 months, and are available to both individuals and small businesses who have been impacted.
While these policies vary between lenders, we implore anyone anticipating loss of work or income to contact their bank ahead of any financial or emotional stress. These measures are in place for good reason and it is highly preferential to make the necessary arrangements as soon as is practical in order to maintain stability – as much as we can – over the coming weeks or months.
Given the high number of inbound calls, there may be delays in reaching your respective hardship team over the phone, and most banks have in place dedicated networks via their online platforms to ensure a smoother process.
If your bank isn’t listed, it is likely they are yet to finalise their arrangements, however their existing hardship procedures will still be adhered to. A member of our team can certainly assist if you had any queries on the policies.
There are a litany of payments available to those who have found themselves out of work and I encourage those who think they may be eligible to review resources available on the Services Australia (Centrelink) website.
We are contactable as usual however will be avoiding face-to-face meetings which are not imperative to core business operations.
In the meantime, please take the advice of medical authorities seriously by maintaining good hygiene, adhering to social distancing guidelines, and isolating whenever possible. As a collective, we are able to slow the spread of this disease and prevent this pandemic from worsening which will keep more of us healthy and employed.
Lastly, please consider the likely impact that financial stress and isolation can take on your mental health by checking in with your loved ones via telephone/Skype or reaching out for help if you are feeling overwhelmed or anxious.
|National Australia Bank||1300683106|
|Teachers Mutual/Uni Bank||1800862265|
|Liberty Financial Services||131133|