Covid19 Updates

31/03/2020 update

I just wanted to give you a quick update of what's evolving with the lending institutions and the latest:

a. We saw that almost all of the lenders did not pass the rate cut, after the most recent emergency cut that was passed by the RBA, except for ANZ, who further reduced their variable rate by 0.15%.
b. Lenders counteracted the above by decreasing their fixed rates across the board, by heavily discounting them between 1 to 5 years (fixed).
c. As mentioned earlier, if your employment is impacted by the outbreak, please refer to the earlier email with the links for the banks so they are aware of your situation and can work with you if your next repayments are doubtful. This does not affect your credit standing or report in the current environment.

If you are currently finding managing your home loan strained due to work limitations and income, and need peace of mind that your repayment won't change for the short to medium term, you could consider a fixed rate option, as the rates are all under 3% with your current bank at the moment.
However, if you are using your redraw, making extra repayments, or an Offset account, on top of it, then the above is not likely to be suitable for you. 
This option potentially for those that are unfortunately struggling with repayments, say on a higher variable rate, are making the minimum repayments due to changed circumstances, and may benefit with lower rate of interest for 1 or 2 years, till we can see this pandemic through.

Please get in contact with me if you need me to review your home loan, and we can check that you are on the best option today. Happy to discuss, anytime.
Take care, and until the next moment, Stay Safe, Stay Zen.
Kind regards, Ian
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24/03/2020 update:

Hello Everyone, I trust this email finds you well and strong-spirited, amidst the present times.

Just wanted to send you handy links below for those banks that have released Support Pages and latest information releases by the government for those that need support (if you find the call volumes too long of a wait, may I suggest using your in-app Secure Message or desktop SecureMail to communicate directly with the relevant bank):

a. Bank of Melbourne / St George / Bank of SA: click here
b. Westpac: here
c. Macquarie / Connective Home Loans: here
d. ANZ: here
e. CBA: here
f. NAB: here
g. Heritage Bank: here
h. resimac: here
i. peppermoney: here
j. AMP: here
k. ING Direct: here
l. Emoney Home Loans: here
m. firstmac: here
n, Bankwest: here
o. Gateway Bank: here

Below are the Federal Government's second stimulus package which may be of interest to you as well:
1. Cash flow assistance for businesses up to $100k (minimum of $20k)
2. Temporary relief for directors of distressed businesses
3. Early access to superannuation (up to $20,000 over 2 years)
Further information
Below are the links to Treasury fact sheets with details on the eligibility requirements for the above measures (subject to the enactment of legislation):

I. Cash Flow assistance for businesses
II. Providing Temporary Relief for financially distressed businesses
III. Early Access to Superannuation

Wishing each one of you well. Onwards and upwards.
Kind Regards, Ian
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22/03/2020 update:

This is a courtesy information newsletter to reach out and mention that if you are impacted or feel that you are going to be impacted with work and making repayments to your home and property loans, or credit cards and other facilities, that you can contact your financial institution as soon as possible to let them know your situation, so they are aware and will work with you to assist.
Lending institutions have communicated that they will be doing all they can to offer help and support during these times of uncertainty. Many banks have already put information pages on their main banking websites.
Some of the examples on how the bank are looking to help are:
a. Deferral of payments for home loan, cards and vehicle finance products
b. Reduction in credit card interest rates for an agreed period; waiving of fees and charges
c. Specialist and tailored assistance for business clients experiencing flow on impacts from coronavirus, including loan restructuring and reassessment of loan terms.
If you need a hand navigating with the bank and support, please do not hesitate to contact me, anytime.
Wishing you and your families safe weeks ahead. And this too shall pass.