A lot of people don’t know much about their options right now. This resource list provides quick links that include information on the available assistance, packages, and useful resources from government and other agencies for residents in Western Australia. 

Health-related Information and Updates

• health.gov.au – daily updates on how the Australian government monitors and responds to the outbreak, current facts and figures, travel advice, key contact and phone numbers
• WA Department of Health – information and details about COVID-19 in WA

Assistance available for Western Australians

Unemployment or Loss of Income

• Federal income support for individuals – check what you can get, register your intention to claim, and finalise your claim
• Crisis Payment for people who are in severe financial hardship – check if you’re eligible, provides details how much you can get and ways how to claim it
• Register your intent to claim Centrelink payment – register your intention to claim through online and they will contact you for the next steps
• WA Stimulus Package – State of emergency measures, travel advice, government stimulus, pandemic response plan, testing clinics, public information

For small business owners

COVID-19 Support for Perth SMEs – This is a comprehensive guide we have published which includes details on how small business owners in WA can get access to the stimulus package currently being offered by the federal and territory government. 

Quick Links

• List of banks which are freezing mortgages for COVID-19 – If your bank doesn’t appear on the list, don’t panic. Even if your bank has not yet announced it is offering repayment holidays for home loan customers, almost all banks offer financial hardship programs, intended to help customers experiencing difficulties manage their finances. Contact your bank, explain your situation, and work with one another to look for a suitable solution.
• Deduction for expenses of employees working from home
• Steps to take if you’re struggling to pay rent – steps to help you stay in your home and avoid evictio
• Information for WA Tenants 
• Financial support for energy and internet bills

Hope you found these quick links valuable. If you want any additional information on, or you have a specific circumstance which was not covered in the list, feel free to give me a ring on 0408 081 082 or send me an email kirsten@soulfinancegroup.com.au I’m here with you and I’m here for you!

Disclaimer:

Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.

This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post COVID-19 Financial Resource List for WA Residents appeared first on Soul Finance Group.

Debt consolidation allows you to combine all your debts into one.

Debt consolidation basically allows you to combine all of your debts into one. It’s not rocket science! To put it simply, you and your finance broker can put all of your debts together to come up with a single loan, a single interest rate, a single monthly mortgage payment. This enables you to minimise your monthly expenses and make your credit more manageable.

So, what’s the catch?

It might sound too good to be true because it basically eases you off the hassle. “Oh, for sure the payment will be much higher”—Not. As a finance broker, I advise my clients to consolidate their debts especially when all the debts tend to get out of hand. Depending on the kind of current loans you have, debt consolidation can help you reduce your interest and fees. Yes, it’s hard to get out of debt considering the refinancing costs and early payout fees for these existing loans. However, I analyse my clients’ current financial situation first before suggesting consolidating their debts. So yes, it might not be for everyone so it’s better to consult to your finance broker first. You might end up spending more so it’s better to have a financial consultation.

Debt consolidation is for you if:

• you have a hard time paying your monthly payments on time due to having too many commitments
• you have equity in your home
• you have a bad credit and a large amount of debt

There are actually lenders who specialise in these kinds of circumstances. While these are just some of the instances, it will always depend on the current financial situation of the client. I’m not going to bore you with any more of the jargons and technicalities. I have an idea! What if you shoot me a message via email or Facebook and that way, I can address your questions properly.

If you think about it, debt consolidation can be a good financial step, especially for people who have multiple loans and are having a difficult time keeping up with the payments. You just need to find a good balance on where can you save more.

Disclaimer: Your full financial needs and requirements need to be assessed prior to any offer or acceptance of a loan product.

Corporate Credit Representative (486927) is authorised under Australian Credit Licence 389328.

The post Why You Should Consolidate All Your Debts appeared first on Soul Finance Group.