Financial services and support

Last Updated: 13 Nov 2020 2:07pm

If your finances have been impacted by COVID-19 and you are experiencing financial difficulty it is important to get help as early as possible.

Each person’s circumstances are different, and the choices you make today may have long-term implications for your financial future.

For individuals and households

Free, confidential support and advice is available:

For businesses and industries

Make a budget

Making a budget will help you understand where your money is being spent. It will also be helpful for when you speak with a financial counsellor, your bank or lender, or when you need to apply for financial assistance.

The Moneysmart website has an online budget planner to help you get started.

What support is available?

For individuals and households:

For businesses and industries:

Water, electricity and gas service providers have a number of ways that you can keep on top of your bills, including automatic debit and weekly, fortnightly or monthly payment plans. They also have financial hardship policies. If you are having financial difficulties, call your service provider and talk through what is best for you in your circumstance. Having a plan in place will help you manage your bills now and reduce the likelihood of a growing bill that makes you anxious.

Banking and loan lenders are lowering home loan rates or allowing payments to be deferred. To understand how this will impact your loan repayments in the long term, speak to your bank or lender. If you fall behind on your repayments, contact the bank as early as possible and ask if it is possible to reduce repayments for a period of time.

Insurance companies are best placed to help with any questions about your policy or claims. The Australian Securities and Investments Commission (ASIC) has written to insurance companies advising them of ASIC's expectation about general insurers' responses to the COVID-19 pandemic. Visit the Insurance Council of Australia website for general information about how insurance companies are responding.