27 March 2020
What Should I Do If I Experience Financial Hardship?
Not sure what to do if you are being impacted by COVID-19 financially? Martin from Buyer's Choice has some advice for you. If you find yourself in financial distress please seek help, if you would like to speak to Martin, he would be happy to take your call.
In these unprecedented times, I wanted to reach out to let you know how we can support our customers, and our community to get through the uncertainties we all face.
In order to contain the spread of the highly contagious COVID-19, governments around the world are taking extraordinary measures to limit person-to-person contact within their populations, which in turn is taking a great toll on economic activity.
The impact of these measures will be felt across all sections of our community, incomes are at risk and we expect there to be a rise in financial hardship.
I want you to know that we are here and available to support you and your network with your finance needs and questions.
Contact me for a conversation if you would like to discuss your Home, Business or Personal Finance requirements.
What should I do if I experience financial hardship?
The Federal Government and banks want to help customers keep their homes.
The RBA and Government are providing strong underlying support for the banking system to ensure they are able to assist home loan and business customers.
We expect all lenders will provide customers in financial stress with a range of solutions to help achieve this.
These support packages will vary from lender to lender and we are staying informed of the options as they are being made available. What we know to be available so far:
A deferral of scheduled loan repayments for 3 months and an extension of another 3 months if required
If you lose more than 20% of your income you will also be able to withdraw $10000 form your Superannuation before 30 Jun 2020 and another $10000 after Jul 2020 if required.
In the event you experience a change to your financial circumstances and feel you may find it difficult to meet your mortgage payments, please contact me DO NOT contact the bank, they might place you on hardship in the confusion and this is different to the COVID-19 Emergency Assistance.
0427 485 400
Martin Ferreira is a Credit Representative No 493646 of Buyers Choice Licencing Pty Ltd ACN 626 172 281 (Australian Credit Licence No.509484)