Six options for financial support during COVID-19
These are unprecedented times and we understand that many of our members are concerned about their finances especially where their employment has and is still being affected by the COVID-19 (Coronavirus) global pandemic.
In response to COVID-19, the Government and the financial services sector have come together to support individuals, families and businesses throughout this period of uncertainty.
1. Government income support
The Government has increased its financial assistance to a range of people receiving income support via Centrelink as a response to the COVID-19 pandemic. This support includes the JobSeeker Payment, along with a range of other payments, supplements, allowances and benefits.
2. Temporary mortgage relief
The banking sector has taken several steps to assist consumers during this crisis, including mortgage repayment ‘holidays’ to provide immediate relief for those finding it tough to keep up with their mortgage payments. Please speak to your bank or lender about the options available for you or visit the Australian Banking Association website.
3. Rental assistance
You might be eligible for rental assistance through the Federal Government's COVID-19 response packages. Head to Australian Government Services Australia for more information. You can also reach out to your landlord or property manager to discuss the available options if you are experiencing financial hardship or having difficulty making rental payments.
4. JobKeeper Payment
The JobKeeper Payment is intended to provide wage subsidies to businesses that are significantly affected by COVID-19, so that more Australians can retain their jobs and continue to earn an income.
If your job has been impacted, talk to your employer about whether they intend to claim the fortnightly payment of $1,500 on your behalf.
5. Temporary Early Release of Super
Between 1 July and 31 December 2020 (FY2020-21), eligible individuals can apply online through ATO online services in myGov to access up to $10,000 of their superannuation.
Important note: You should carefully consider eligibility criteria as penalties of up to $12,000 apply for making false and misleading statements.
6. Managing debt
If your income has been disrupted due to job loss or reduced hours, managing debt can become increasingly hard and stressful. The National Debt Helpline provides a number of resources to help you look after yourself and your family financially during this time.
What to remember when accessing financial support
- Consider any long-term impacts before making any short-term financial decisions.
- Consider your individual circumstances, including your personal financial situation, objectives and needs.
- Consider getting financial advice before making any changes to your super or other financial arrangements.
Do you have questions about accessing financial support?
You can speak to one of our experienced financial advisers at no extra cost.Request a callback