We have compiled information, lender policy and contact details, and support services available in response to the Coronavirus(COVID-19) for mortgage brokers.
Summary of Australian Government Stimulus Packages (Source: St George Bank, 31 Mar 2020)
In response to the rapid escalation of the Coronavirus (COVID-19) pandemic, lenders have revised their policies about a mortgage broker’s requirements when conducting non-face to face meetings and verifying customers’ identification.
Summary – Resource Page
Lenders honouring Trail Commisions – List
Email Templates – more info here
Social Media Templates – more info here
Virtual Business Tools – click here
Most lenders have offered a repayment holiday/suspension for up to 6 months for borrowers. Be aware that borrowers will continue to be charged interest during the repayment holiday/suspension period.
Spreadsheet – Lender Financial Hardship List (XLS worsheet)
Australian Banking Association – Fact Sheet
Connective List – https://support.connective.com.au/hc/en-us/articles/360045310633
Australia.gov.au is regularly updated to give you the latest news, updates, and advice from government agencies across Australia.
Business.gov.au provides information on financial assistance, eligibility, and timing for the new government support for Australian businesses.
The Treasury provides information on the Australian Government’s economic response to COVID-19 in Australia.
The Department of Health provides information on how the Australian Government is monitoring and responding to the outbreak, how you can help slow the spread of COIVID-19 in Australia and what do if you have symptoms.
Services Australia provides information on how to apply for government payments and services.
The Australian Tax Office provides information on assistance measures available, including, but not limited to, early release of superannuation, boosting cash flow for employers and increasing instant asset write-off.
Overview of Australian Government’s Economic Response – Download
Treasury Resources Page: https://treasury.gov.au/coronavirus/resources
Fact Sheet – JobKeeper Payment – Information for Employers
Fact Sheet – Income Support for Sole Traders
Fact Sheet – Cash-flow assistance for business
Fact Sheet – Income Support For Individuals
Fact Sheet – Assistance for households
Fact Sheet – Support for business investment
Fact Sheet – Assistance for severely affected regions
Fact Sheet – Temporary Early Access to Superannuation
Fact Sheet – Summary of Federal Government Stimulus Package (24 Mar 2020)
Fact Sheet – VIC Economic Survival Package
The Victorian Government has established a $500M hardship fund to assist Victorian businesses that were most severely impacted by the Coronavirus crisis. This fund has been called the Business Support Fund.
The State Government have now announced that this support will take the form of funding of $10,000 per business to small businesses that employ staff, have a turnover of more than $75,000, a payroll of less than $650,000 and have been subject to closure or are highly impacted by Victoria’s shutdown restrictions. Businesses will need to provide a copy of their most recent Business Activity Statement (BAS). Applications can be made through the link below:
VIC Tax Relief for Eligible Businesses: https://www.sro.vic.gov.au/coronavirus
The NSW Government has announced a stimulus package that includes a number of initiatives for small business. These can be viewed at this link:
There is a Business Concierge service that can help you if your business has been impacted by the NSW bushfires and/or COVID-19 (coronavirus).
The Business Concierge can:
You can access the Business Concierge via this link: https://mybusiness.service.nsw.gov.au/concierge