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.