Need some Covid pandemic financing tips? At Key Choice Group, we will support you. Continue reading this article if you are struggling how to be financially wise during this time of crisis.
Are you in any of these groups?
Group 1 COVID Pandemic Financing Status: Immediately Financially Impacted
- Contact your bank and request a repayment holiday.
- When calling ask to speak to the hardship department. Most lenders have a specific policy around COVID-19 or-else it is handled as a part of their current hardship policy. Please note your loan interest will capitalise during this period but you may be able to receive repayment holiday period. There is not a uniform policy across the banks so you need to communicate directly with your bank.
- You may be eligible to access some of your Superannuation and also benefit from the Government stimulus package. For more information on both of these options refer to this link – Economic Response to the Coronavirus https://buff.ly/38M2jy2
- If you are unclear about what you are being told by your lender please contact us for clarification.
Group 2 COVID Pandemic Financing Status: Not Immediately Financially Impacted and Employed in a Secure Industry
- Debt consolidation to improve your cash flow. Anything you can do to build a cash reserve or buffer in uncertain times is important.
- Fixed rates are exceptionally low. With many lenders not passing on the last full Reserve Bank interest rate reduction, it may be a time to consider if a Fixed Rate loan is right for your circumstances. Many lenders have fixed rates between 1 and 5 years at lower than their current variable rate.
It is important you contact us for personalised advice on these options.
Final Thoughts on Covid Pandemic Financing
This too shall pass, focus on your breath and reach out for help if needed. Key Choice Group is here to support you. Contact us now.
