Living in a COVID world
By Mike Ansett
With interest rates almost non-existent and global sharemarkets fluctuating with the pandemic, financial decisions can be hard to make in this new COVID world.
If there has been a recent change in your work or living circumstances, and you need to review your finances, it is worth talking to your bank or mortgage broker to see what can be done. There may be an option to refinance or restructure. Other things to consider may include mortgage/interest holiday options, reviewing interest rates and other ways to ease financial pressure points.
Businesses should aim to have their 2020 annual accounts completed early, have their latest management accounts available and prepare a cashflow forecast for the next 12 months. This will give your bank an accurate picture of your finances, so that it can decide what facilities it can make available for the short and long term. Businesses should of course take advantage of the government’s wage subsidy and cash flow loan scheme, if they meet the eligibility criteria.
For investors with diminishing income from investments, it is a good time to talk to your bank and financial advisors about short and long term investments, portfolios, shares, desired rates of return, and your overall investment mix.
If we can be of any assistance please let me know.