Due to the spike of COVID-19 cases, NSW had extended its lockdown for two weeks until 11:59 pm on 30 July 2021. The lockdown has been extended by another four weeks until 28 August 2021. To keep updated about the latest lockdown restrictions, please visit NSW’s government website.
Victoria lifted its current State of Emergency, which had been extended through to 11:59 pm on 29 July 2021. To keep updated about the latest lockdown restrictions, please visit Victoria’s government website.
In-person auctions and open inspections are not permitted in NSW and Victoria. One-person open inspection is permitted in Greater Sydney. Fortunately, there are ways to attend virtual house tours and online auctions if you’re looking to buy a home.
What government financial support is available?
In NSW, the following is available:
- A lump sum COVID-19 disaster payment for those unable to earn an income
- A business grant of between $7500 to $15000 depending on the decline in turnover
- Fortnightly JobSaver payments to retain employees
- $1500 micro-business grants if turnover is between $30,000 and $75,000 and there was a 30% decline in revenue
For more information on financial support available in NSW for households and individuals, please visit: https://www.nsw.gov.au/covid-19/financial-support
For more information on financial support available in NSW for businesses, please visit https://www.nsw.gov.au/covid-19/businesses-and-employment/financial-assistance
In Victoria, the following is available:
- A one-off $1500 Pandemic Leave Disaster Payment to help workers affected by the lockdown
- Relief packages which contain basic essential goods and personal care items
- Extension of the Extreme Hardship Support Program to October 2021, applicable for temporary or provisional visa holders with limited income. This is also available for international students
- $600 for Victorians who lose 20 hours or more and $375 for those who lose work hours between 8 to 20 hours
- Cash grants of up to $3000 for businesses affected by the short lockdown
- $85 million Small Business COVID Hardship Fund and a $156 million Business Continuity Fund
For more information on the financial assistance available for businesses in Victoria: https://www.coronavirus.vic.gov.au/financial-support-for-businesses-and-workers
For more information on the financial support available for individuals: https://www.coronavirus.vic.gov.au/financial-and-other-support-coronavirus-covid-19
What mortgage relief options are available?
The big four banks in Australia have mortgage relief options for individuals and business owners ranging from:
- Moving to interest-only repayments for a short period
- Restructuring the loan
- Lowering repayments
- Deferring payments
Besides, the big four, there are other banks that are offering assistance to individuals and businesses. Visit Australian Banking Association’s (ABA) website for more information.
If you are going through financial hardship and cannot make repayments on time, please immediately contact your bank or mortgage broker.
At Home Loan Experts, we can help you:
- Refinance to a lower interest rate or an interest-only repayment
- Release equity to boost your cashflow
- Arrange for debt consolidation
Call us on 1300 889 743 or enquire online today.