How to pay your home loan without JobKeeper

With JobKeeper ending in March 2021, some Australians will face a challenge with their home loan repayments. Here we explore some potential options.

Article published 08 April 2021

Set to end on the 28th of March 2021, the JobKeeper program is a wage subsidy that was established to support businesses affected by coronavirus by helping employers cover the cost of wages they had already paid to employees. 

The JobKeeper program was introduced by the federal government at the beginning of the COVID-19 pandemic in March 2020, and as of February 2021, approximately one in 25 Australians (4%) are still receiving JobKeeper payments1. Despite the economic improvements in the last few months, many Australians are still utilizing the JobKeeper scheme, with approximately 29% of JobKeeper payments reportedly being used to pay mortgage or rent repayments2, and will therefore be questioning what happens once it ends. 

Here are some potential options available if you are currently receiving JobKeeper payments and are unsure of how to pay your loan without it:  

Ask for a lower rate or get a free home loan health check

If you’re coming off the JobKeeper payments and are worried you may not be able to meet your home loan repayments, now may be a good time to review your home loan to make sure you're on the best deal. If you haven’t reviewed your home loan options in a while, you always have the option to ask your existing lender directly for a lower rate. 

Alternatively, with our free home loan health check, your Mortgage Choice broker can evaluate and compare your loan with thousands of others by taking into account interest rates, fees, and features to make sure you’re on the right product. By reviewing your home loan regularly you may have the potential to reduce your repayments. 

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The process of refinancing involves paying out your current home loan by taking out a new home loan, whether that be with your current lender or a new one. Similarly to the outcome of your home loan health check, refinancing your loan can be beneficial to you through receiving additional features that may impact your loan repayments or even getting a lower interest rate which will directly affect your loan repayments. 

Some lenders may even provide cashback offers as incentives to refinance your loan with them, however, it is important to know that while a cashback offer may seem beneficial in the short term you may not end up saving long term due to costs associated with refinancing and depending on the interest rate and loan types offered by the new lender. 

Speak to a Mortgage Choice broker to make sure you’re getting the best deal for your situation and find out if refinancing or cashback offers are right for you. 


Refinancing guide

Considering refinancing? Our guide explains the reasons, costs and steps involved in refinancing your home loan.

Download now

Speak to your lender

If your financial circumstances prevent you from refinancing your home loan and you are experiencing difficulties in making repayments, your best options would be to speak to your lender to discuss your options. 

Your lender may be able to offer you short term changes in your loan conditions.

Access equity

If you’ve owned your home for a few years now, there is a good chance that you have built up some equity on your property. 

In a limited number of circumstances, you may be able to consolidate your higher interest debt within your home loan.  You will have to discuss this option with your lender.

We are here to help

With JobKeeper ending, it's understandable to be worried about your home loan repayments during a time of uncertainty. Our Mortgage Choice Brokers can help you with your situation to find the right solution for you in managing your home loan repayments during a challenging time. If one or more of these options appear to work with your financial situation, speak to your local broker today to find out more! 

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Posted in: Home loans