Finance News

From the monthly archives: August 2021

We are pleased to present below all posts archived in 'August 2021'. If you still can't find what you are looking for, try using the search box.

Will deferring loan repayments impact your credit rating?

Posted on Wednesday, August 25, 2021
Business Analysis Report One question I’ve been asked a lot recently is whether deferring business or personal loan repayments due to COVID-related hardship, will affect your credit rating.   As we know, as the world plunged into the COVID abyss last year, there was a lot of uncertainty about how the pandemic would play out, and how the finances of businesses and individuals would be impacted.   Fortunately, amid the uncertainty, the banks came to the party. In fact, one of the few shining lights from last year was that understanding from the big banks that the 3 million Australian households with mortgages, would need help.   As of July 2021, the ABA announced banks will be providing support to those affected by COVID-19 lockdowns, allowing mortgage repayments to be deferred for up to three months. This would also extend the life of your loan by the same duration at the end.   Under normal circumstances, deferring your loan repayments could affect your credit rating. Things ... Read the rest of entry »

As lockdowns drag on, businesses are pushed to the brink

Posted on Wednesday, August 11, 2021
With the positive distraction of the Olympics now gone, a lot of people I’ve spoken to are finding it really tough to stay upbeat, with yet another lockdown extension announced today in Victoria, and no end in sight to the crisis in Sydney. The major issue most businesses are facing is the lack of government support. Of course, there are some government grants available to businesses in certain sectors, but that doesn’t help the vast majority of businesses, who struggle more and more with every day in lockdown. Some business owners I’ve spoken with have been left with no choice but to ask employees to take whatever leave they have available to them so they can stay in touch while they ride out the COVID wave. Others I’ve heard of are offering their employees leave without pay, given they have no work for them now, but they know they’ll need them back once the lockdown lifts. Some staff are so lacking in motivation and struggling with mental health they’re taking all the ... Read the rest of entry »

Everything you need to know about COVID grants

Posted on Wednesday, August 4, 2021
Let’s be honest, the Olympics could not have come at a better time. With half the nation in lockdown and kids being home-schooled it really has provided great inspiration to many. Unfortunately though, no matter how much we might try to escape reality, the pandemic continues to rage. Last week the government announced a variety of pandemic packages to support businesses in lockdown, and you’d be forgiven for missing the details. Below we have all the links you need to check to see if you are eligible for financial support this time around.  Generally speaking, to be eligible your business needs to show a fall in turnover for a specified period in 2021, compared to an earlier corresponding period. It’s also important to note that some of the grants are time critical. To see if your business is eligible for support and what periods you need to compare, check the government website for your state or territory: New South Wales Victoria Queensland W ... Read the rest of entry »

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