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Financial assistance: Navigating the support you need to recover

Bank of Melbourne remains committed to supporting our customers and the wider community through COVID-19. The COVID-19 pandemic has changed our lives and many Australians are seeking financial assistance. Federal and State Governments and businesses are having to react quickly to this health and economic crisis, and this impacts us all. If you’ve been affected by these changes, we can help you navigate a path to recovery.

3 minute read

What’s in this article:

  • Home loan assistance
  • Credit card and personal loan assistance
  • Financial hardship assistance programs
  • Job loss and income reduction assistance
  • Looking after your wellbeing

Home loan assistance

For more on home loan repayment deferrals eligibility and to apply, visit our Home loans support page.

For information about other options including Redraw, Insurance, Adjusting your direct debit or reducing repayments, or switching to interest only, visit our Home loans support page for more.

Our fixed rate home loans may be something you want to explore. A fixed rate can give you the certainty of knowing exactly what your repayments will be, making it easier to budget and know what your outgoings will be. To find out more, go to the Home loans interest rate page.

Rental assistance

Financial assistance or hardship assistance for renters may also be available from the Government, see Services Australia for more on hardship assistance for renters.

Credit card, Personal and Get Set Loans

If you have lost your job or suffered a loss of income as a result of COVID-19 you may be eligible to pause your repayments and interest charges for three months on Credit cards, Personal Loans or Get Set Loans.

To find out more about these support packages, or to apply, head to our Credit CardsPersonal Loan or Get Set Loan support pages.

For business customers, where your needs may be slightly different, please refer to our Business relief page.

Financial hardship assistance programs

If you don’t qualify for COVID-19 support and need assistance, or you still need support after the COVID-19 support periods are over, financial hardship support is available.

Our Financial hardship assistance programs FAQs can help you determine whether you should apply for financial hardship.

We understand customers can sometimes require support in different ways and at different moments in life. Our Customers in need of extra care page has been set up to support you or those close to you if you need financial hardship support.

Business help

Visit our Business relief page to see how we can support you. Some financial assistance options to consider include loan and credit card repayment deferrals, temporary overdrafts, merchant terminal fee relief and more.

Term Deposit accounts

You can choose to have your interest paid monthly on all our term deposits, providing you with a regular income. The total interest you’ll earn won't change, no matter what payment frequency you choose. Visit our Term Deposit page for more information on how term deposits work, interest rates and more.

Secure your ongoing financial future with a plan

One of the important measures you can take to help manage your finances is to get a clear picture of your financial position. What does your income and spending look like?

Our Cost-cutting checklist (PDF 121KB) can help you cut unnecessary expenses for the short term. Having applied any immediate financial relief measures, such as cost cutting or any repayment deferral elements from our Customer Support Package, take a look at your budget. Our Budget planner (PDF 98KB) can help you understand and manage your cash flow, and prepare for the future.

Job loss and income reduction

Looking for a new job and finding ways to increase your income can feel daunting, especially during an economic downturn. However, being prepared can help. If you’ve been financially impacted, our Job loss support guide (PDF 91KB) details a number of measures that may help you prepare and plan for the future. You can also work through the uncertainty of unemployment with the information on our Managing job loss page and Preparing for your next job pages.

If you’re maintaining an income in retirement and the ongoing economic situation is leaving you unsure about your future, you may want to speak with a financial advisor about your options. No matter what you decide to do always get advice from a qualified professional. You can also see if you’re eligible for additional payments from the government; visit Services Australia’s Older Australians page, for more.

Financial upskilling

There are many ways you can increase your understanding of your finances and how you can plan for a more secure future. Why not have a look at our article, sleep well knowing you’ve got emergencies covered.

Your wellbeing

Looking after your overall financial wellbeing is important and our support measures are here to help you do that. When we are all unsure about what the future holds, it’s also critical to look after our mental wellbeing and physical health. If you’re feeling anxious, or have other mental health conditions, consult your regular doctor about an appropriate course of care. You may be eligible for Medicare rebates on psychological services. Many companies have employee assistance programs which include counselling services, and which may be open to family members. Check with your employer on what is available. You can also contact LifeLine on 13 11 14, Beyond Blue 1300 22 4636 and Headspace for support.


If you’re older, the risk of serious illness in the case of COVID-19 increases with age. If you do need to come into a branch, please remain aware of health and social distancing guidelines. Some of our branches may be temporarily closed. Please see up-to-date information on closures and health guidelines at our Visiting our branches and temporary branch closures page.

You may find these useful

COVID-19 Government assistance

Can you defer a mortgage repayment?

Budgeting to help recover from a financial setback

The Detail

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness for the information to your own circumstances and, if necessary, seek appropriate professional advice.

© Bank of Melbourne - A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.