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Everything you need to know about Coronavirus and your finances

Olivia Gee

Friday 05 June 2020

Coronavirus and your finances

Around Australia and across the globe, coronavirus (COVID-19) has permeated every aspect of daily life. It’s changed the way we work, socialise and how our country will be economically governed for the foreseeable future. The situation is constantly evolving, so Mozo is keeping track of the latest news about the virus and how it will affect individuals and businesses. Here are answers to the big coronavirus questions. 

COVID-19 financial relief options

Support for businesses

Government and banks are providing numerous financial support options. These include government wage assistance, cashflow boosts, business loan guarantees and instant asset write-off expansion, plus fee waivers, loan deferrals and other support from banks. We've also broken down some steps business can take to get through this difficult period.
Big Aussie insurers are supporting small businesses. Suncorp Insurance, QBE and Allianz have introduced measures including six-month payment deferrals and refunds upon cancellation of unused premiums.

Government support for individuals 

The coronavirus support supplement and payments. Find out who is eligible for the government’s new support payments and how to receive them.
The JobKeeper payment. This $1,500 fortnightly payment will flow through struggling businesses to employees so they can retain their jobs during the crisis.
The HomeBuilder scheme. In an effort avoid an expected slump in the construction industry, the government is offering $25,000 grants to eligible Aussies building new homes or making substantial renovations.
Rental relief. The states and territories have different rental stimulus packages which aim to support tenants and landlords.

Mortgage relief

Banks are offering relief options to home loan customers. This could come in the form of fee waivers, mortgage deferrals, interest rate freezes and payment reductions.

Insurance relief

Some car insurers are offering discounts. These rely on an assessment of how insurance holders have been financially affected by COVID-19.

Loan and credit card relief

Some credit card providers have lowered rates. Lenders are also offering relief by reducing or pausing minimum repayments and refunding late fees on credit cards. This could be behind some increases in credit and debit card spending.
Some lenders have cut personal loan rates recently. They've opted to reduce interest rates, waive fees, provide flexible repayment options or even freeze loan repayments. Follow Mozo's guide to get the most out of loan relief.

Financial counselling

There are many free financial counselling service availableFind out who to contact and how they might help you during COVID-19.How to manage your finances during COVID-19
Ways to cope during lockdown
How will COVID-19 affect IMT?
Traveling during COVIDS-19

Right now, you cannot travel overseas.

A travel ban for Australians came into effect on March 25, meaning citizens can’t leave the country unless it’s on humanitarian or compassionate grounds, or in the national interest. Some state borders also closed at the height of the pandemic spread in Australia, but others like NSW, Victoria and ACT remained open with quarantine measures in place. 

Travel within state boarders also differs. From June 1, regional travel within most states and territories has been permitted, with many national parks, campgrounds and other facilities opening back up. However, there are some restrictions around travelling to remote communities.

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