Paying Your Mortgage if you've lost work through Covid
To those who have had to close their businesses or cannot work during this lockdown period, my thoughts are with you.
Are you ahead on your home loan repayments? You can see this on your loan statement/internet banking at "funds available". If you have any funds available, request that those funds, or part of that balance be redrawn to your savings account. You can then use those funds to make your next loan repayment/personal loan/credit card repayments, or cover your day-to-day expenses over this time.
To access these funds, some banks have a redraw request tab on your internet banking, where you make the request and the funds are deposited into your savings account within the next 2 days. Others require you to complete a form that is processed within a week.
Once your work returns to normal, you can then re-deposit any remaining funds back into your redraw if you choose to.
If you have an offset account, you do not need to request those funds from the bank as you have full access to them.
Please feel free to share this with anyone who may need it. I'm also here to chat if anyone has any financial questions or concerns over this time.