Making financial decisions during COVID-19

Saturday, September 26, 2020 / Finance

We've put together a guide to some of the assistance available to individuals during this time. 

Financial assistance

There are Government Assistance packages available for individuals and organisations who need help during these tough times. There’s JobKeeper, JobSeeker and early access to superannuation. For a full guide to who’s eligible and how to access payments, check out the MoneySmart financial assistance guide

Withdrawing Superannuation

The rules around withdrawing Superannuation are difficult to navigate and it can be a tough decision whether you should make a withdrawal. Some people can withdraw up to $10,000 from their super before 31 December 2020.

We recommend reading the guide from MoneySmart about Accessing your Super  for a detailed guide to whether you should withdraw super and what the implications could be.

Talk to the bank 

There are hardship programs in place that can help you manage your money and a sudden drop in income.
It may be appropriate for you to apply for temporary hardship assistance to help manage your financial commitments in the short to medium term. Under hardship assistance we can look at different options to vary and temporarily reduce your loan commitment(s) including:

  • extending your loan term and reducing your loan repayments

  • accepting interest-only repayments for a specified period

  • postponing repayments for a specified period.

Get in touch with us on 1300 368 555 to talk about hardship options and ways we can help.
For detailed financial advice, we recommend speaking with a Financial Planner or other qualified advisor who can guide you through making financial decisions.

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