The COVID-19 pandemic has caused considerable economic disruption globally and here in New Zealand, both for individuals and business. If you’re feeling stressed about your finances, there is help available. We’ve compiled some useful information and links below. Our team are on hand to provide guidance and answer any questions you may have.
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Government assistance
The New Zealand Government has released $12.1 billion scheme to support employees, employers, and individuals through the COVID-19 pandemic.
Government support package for individuals
If you’re an employee, self-employed worker, a contractor, or a sole trader, you may be eligible for the COVID-19 Wage Subsidy Scheme. There is also support available for individuals and households who are struggling due to COVID-19.
The government package includes:
- Wage subsidies for eligible employers
- Leave and self-isolation support
- Boosts to government benefit payments
- A double Winter Energy Payment for eligible New Zealanders
If you’re employed, your employer will facilitate your wage subsidy application. It is illegal for your employer to receive the wage subsidy and not pass it on to their employers. You can search online to see if your employer has applied for the wage subsidy.
Government support package for businesses
The New Zealand Government has released a package to help cushion the effect of COVID-19 on businesses.
The package includes:
- A wage subsidy scheme to help you pay wages and retain your employees
- Sick leave and self-isolation support
- Business cash flow and tax measures
Business Finance Guarantee Scheme
In conjunction with participating banks, The Government has released a $6.25 billion finance scheme for small and medium-sized businesses to protect jobs and support the economy. Targeted new loans (including increases to existing limits) are available for eligible businesses who have experienced hardship caused by COVID-19.
Home loan repayment relief
If you’re having difficulty making repayments on your loan, there are options available to you. We encourage you to do plenty of research before making any changes. We’re available to answer any of your home loan questions.
Interest-only
You have the option of temporarily altering your repayments to interest-only which will reduce your repayments in the short term until we return to a new normal. If you are experiencing hardship, this should be your first port of call as the mortgage holiday option below will see you paying more in the long run.
Please note, if you don’t have any obvious reason to go to interest-only and if you haven’t been financially impacted by COVID-19, then the bank is unlikely to support your application.
Mortgage holiday
You also have the option of taking a holiday from your mortgage repayments for up to six months. It’s important to note this isn’t really a holiday: throughout the break in repayments, interest will still accumulate. Any principal you have diligently paid down will revert to the bank, and you will have to repay that money again. For this reason, we view a mortgage holiday as a last resort.
For your convenience, please find below links to the main bank online repayment relief application forms.
Consolidation
It may be a good idea to look at your loan structure, especially if you have multiple loans. We see a lot of people with a number of loans secured against their property: some floating, some fixed, a loan for the car, and one for the recent renovation etc. Consolidating these loans into one and fixing the interest rate at the current low rate may free up vital funds to bridge the gap.
While there is some resistance from the general public around fixing, some banks charge no penalty if you can make regular extra payments on top of a fixed interest loan. This way, you can have the benefit of a floating mortgage by being able to pay extra, but also enjoy the benefits of a lower fixed interest rate. Only float what you can afford to pay back; otherwise, your bank is earning more money from you than they should.
If you require loan consolidation advice, please speak with a certified home loan specialist.
IRD tax relief
With the outbreak of COVID-19 being declared a public health emergency, IRD has provided a tax relief guideline.
If you are unable to pay outstanding tax due to hardship, then you may be able to set up an instalment arrangement in your myIR. In cases of serious hardship, you may also be eligible for a write-off when you don’t expect that you’ll be able to pay the full amount owing.
Extensions for late filing and late payment have also been made available for certain income tax returns. If a payment has been made late due to the coronavirus, then the normal penalties for late payments may be remitted.
If you have a tax agent, they should also be able to help.
Tips for business owners
We’ve put together a list of tips to help business owners in times of uncertainty:
Cash flow
Monitoring and tracking cash flow is a good business practice in the best of times, but now is the time to create a few different cash flow projections, so your business is prepared for the worst. If you need some extra assistance, speak to your bank.
Expenses
Give your expenses a thorough overhaul and think about which costs can be reduced or eliminated. If you’re renting commercial premises, speak to your landlord about rent relief.
Customers and clients
Maintaining communication with your customers and clients is vital during times of uncertainty. Keep your contact open and honest.
Sales and marketing
Stay connected with your customer base and prospects, and rather than focusing on the hard sell, consider how you can offer value and support during this unusual time.
Your team
Now’s the time to streamline your work processes to help your team work well remotely. Responsibilities, tasks, and work hours may change over this time; be prepared to be flexible, and offer extra support to help your staff adjust to a new way of working.
Share reliable information on COVID-19, and keep everyone updated regularly. Keep the morale up with regular communication, and show your team that they are valued during this difficult time.
Assess your supply chain
The world is in various stages of disruption, so it’s a good idea to make plans to safeguard your supply chain. Could you order larger quantities or contact alternative suppliers?
KiwiSaver
The stock market isn’t immune to the coronavirus outbreak, but it’s key to avoid making any rash decisions.
Over the last few years, investors have seen their shares go mainly one way: up. Investors, media and the public have become used to seeing the value of shares grow very strongly, with minimal downward movement.
But in the short term, markets go up, and markets go down – sometimes both on the same day. Back in 2018, the markets reacted to a trade war threat with China, which was hyped up by the media. This time, it’s a similar situation with the media reports of the coronavirus outbreak.
Choosing the right fund
We cannot stress this enough: don’t panic and suddenly change your investment fund just because the value has dropped a little.
It may be a good time to check out an online risk profile questionnaire to ensure the fund you are in is still the right fit for you based on your time horizon and appetite to risk. Make sure you have chosen your fund based on this, as opposed to a fund with the best historical returns.
If you’re still unsure, you could have a chat with a financial adviser. They can help you with the risk profile results and talk through anything else that might be on your mind.
Sorting your budget
Everyone can benefit from a budget, not just people who are having trouble making ends meet. Budgeting will give you a sense of control over your finances, and will allow you to plan ahead,ticking off goals like eliminating debt and creating savings along the way.
It’s an excellent time to complete a full assessment of your outgoings. Check out the budgeting tool from Sorted. It’s an excellent starting point for anyone wanting to get a handle on their finances.
How can we help?
Contact us
Call us on 0800 346 765
8.30am – 6pm Monday to Friday
Paul has been amazing to deal with regarding our new insurance policy. He was polite, gave us good information, we didn't feel pressured throughout the whole process. Paul has even put us in touch with a business insurance expert as well!I highly recommend Paul and the Finsol team to anyone I know.read more
Craig Holder
08:04 07 Jul 20
Paul arranged a mortgage for us, much better than our own bank was offering. He was an excellent communicator, keeping us in the loop at all times, always returning calls or emails, and explained matters so we understood each step. We highly recommend Paul as a mortgage broker. Karen & Dave.read more
Karen Clarkin
23:19 06 Jul 20
I cannot recommend Paul at Finsol highly enough, we have used him twice now for very tricky lends and both times he has gotten it over the line for us. His communication is excellent and I also really value the way he manages expectations throughout the process. He works with a level of integrity and efficacy that I admire and appreciate. Finsol have been a great company all round to deal with, we wouldn't go anywhere else.read more
Milly Grant
09:24 06 Jul 20
Gareth is a great is a great guys very easy to deal with, everyone in his team is friendly and very professional, highly recommended!!!! I m very happy everything. Thank youread more
Andre Garcia
19:40 01 Jul 20
The service here was outstanding! My meeting with Gareth was so positive I felt really comfortable, he explained everything clearly and we discussed several options based on my personal circumstances. The polices I chose were tailored to meet my needs and are really affordable. Gareth wasn't pushy or hard sell. I would fully recommend Finsol to anyone looking for Insurance!!read more
Aania Anderson
08:59 01 Jul 20
Finsol have been my insurance advisors for a number of years now and every time there has been any kind of issue I’ve contacted Finsol straight awaythey have always had a immediate response, action to the response, and structures to get the best result for me. I get contacted daily by insurers and the response is simple “I’m very happy where I am”read more
Colab Group Accounts
04:26 01 Jul 20
We knew that reaching out to Gareth was the best thing when it came to protecting our insurance needs. Not only did Gareth fully understand our individual needs but most importantly he knew exactly what we were trying to achieve for our family. I have never experienced insurance to be so straight forward! Highly recommend Gareth and the entire team at Finsol.read more
Hannah Sellars
22:20 17 Jun 20
I found it a very easy process. Very daunting going through insurances and Gareth was very patient at explaining and made it all quite easy. I would definitely recommend him to friends and family.read more
Leisa Patrick
08:40 09 Jun 20
Paul is great to deal with and always has time to provide detailed information. He is friendly and professional and is always very efficient.read more
Melanie Taiaroa
00:39 27 May 20
Highly recommend Finsol - for me as someone quite young I haven't worried about life insurance and preparing for a mortgage before because it's always been in the "too hard" basket. Gareth and his team have provided me with an exceptionally seamless and easy experience and I'd use them again in a heartbeat.read more
Iven Roil
19:32 20 May 20
We dediced to complete our Health&Life insurance with Paul because his advice was detailed and honest and we felt that he tailored a package for us that suits our current situation and circumstances. I also appreciate his professionalism, customer service and swift handling of our request. Thank you!read more
Alina Effner
20:46 17 May 20
A wonderful experience due to Gareth and the team. Definitely recommend.
AWAmusic NZ
08:27 15 May 20
Gareth was awesome to deal with, and helped deal with all of my various many questions. This was a difficult time, as everyone was having to deal with the fallout of Covid and Gareth was great to deal with throughout. He helped through the complex process, and I'm really happy with the insurances that I've go out of this! Cheersread more
Nick Horton
19:58 14 May 20
I experienced exceptional customer service from Gareth and the rest of the team at Finsol. They were able to facilitate an easy transition from my existing policies to a much better option providing me with more cover and less premiums. A win win for me and another very happy customer for them!read more
Cameron Mace
22:31 08 Apr 20
For a first home buyer like us, we came to see Paul having no knowledge in the procedures of buying a house or what insurances we require. Paul has provided us a first class service in guiding us through this whole process. As Paul always says: " no stress", they are always there for you if you need help.read more
Colette Khoo
02:23 07 Apr 20
Paul has been nothing short of exemplary to deal with in helping us buy our first home. Always present to assist and just a phone call away. Highly recommended!read more
Brian Soon Keat Ng
00:07 07 Apr 20
Paul was excellent to deal with. Approachable and very proactive with excellent guidance for us to buy our first home. Can't recommend enough!read more
Ng Soon Keat
01:34 27 Mar 20
Gareth was great to deal with and would definitely highly recommend their services to others.
Roger Bailey
05:08 18 Mar 20
Very easy to deal with and during the interim period between first approach and sign up Gareth had found a more fit for purpose solution at a better rate.Looking forward to sorting out my ACC later this year.read more
Mark Blair
00:58 06 Mar 20
Thank you Paul for making our lives so much easier when starting a small business. Such a professional and friendly service provided. We will definitely be seeking Paul's advice for any future financial endeavors.read more
Ella O'Dowd
06:39 20 Feb 20
Gareth from Finsol was very helpful and thorough, enabling us to cut through all the confusion to choose the best insurance package for our family. Would definitely recommendread more
Emma Davidson
07:21 03 Feb 20
Gareth I recently had the pleasure of working with Gareth and his team at Finsol discussing investments options to help me build a diversified portfolio. We discussed multiple options to helpme grow my money and I felt confident leaving Finsol that I had made the right choice. At no point did I feel pressured in to do something that wasn’t quite right for me. I highly recommend anybody building a portfolio or looking to diversify, to get in touch with Gareth and his team. Your money is in safe hands. Cheersread more
Stephen Boylan
07:21 11 Jan 20
Gareth was brilliant to work with, making everything super easy and hassle free for me to get the best insurance for my needs. Highly recommendread more
Brooke Rae
19:32 23 Dec 19
Gareth and the Finsol team are fantastic! Really personable, friendly, and genuinely want to help and support people. I highly recommend them and look forward to working with them in the future. Thanks guysread more
Jessica Turner
03:12 12 Dec 19
I had a really positive experience with Paul. He was helpful in terms of giving his suggestions and advice, but also completely OK with us choosing some options that we'd researched ourselves.read more
Jamie Twigg
20:57 10 Nov 19
Gareth was super helpful and really took the time to shape the policy to fit Sam and I. Will definitely recommend!read more
Holly Prideaux
01:49 08 Nov 19
Gareth is a genuine finance professional that cares about educating and getting the best for his clients. Highly recommend Finsol !read more
Nick Manarangi
21:30 07 Nov 19
Gareth and Finsol have been great to deal with. From working through our current plan and advising on options to suit our changed circumstances, the whole process was easy. Would recommend Finsol.read more
Robert Elstone
08:27 04 Nov 19
Gareth and Finsol have been great to deal with. From working through our current plan and advising on options to suit our changed circumstances, the whole process was easy. Would recommend Finsol.read more
Robert Elstone
08:27 04 Nov 19
Gareth and the Team are Awesome!!!! Made everything with our family and personal insurance so easy and stress free and go the extra mile to help with anything needed.THANKS GUYS!!read more
Taurus Taurima
07:27 21 Oct 19
This firm stands out from the rest.Where soo many try to sell you something & forget about you this firm listens, it hears what you need, what you are trying to achieve & builds a set of recommendations based on that.In our drive for quick solutions sometimes things get lost. Tangible things like sharing information, giving proper advice & following up your understanding of that advice (these are not common place anymore).If you want to talk to someone that believes in what they are doing, if you want to be heard, if you want to feel certain that someone is going to go in & bat for you & work to get you the outcome you desire give these people a call.You wont be disappointed. Thanks team.Thanks for listening & helping me get what I was after.read more
Sergio Vasquez
22:35 20 Oct 19
I thoroughly recommend Gareth’s expertise, knowledge and service. He helped us select and purchase health insurance and we valued his knowledge of the industry and the insights he could provide that we had not previously factored in. We have recommended him to friends and wouldn’t hesitate to use Finsol again in the future.read more
Eleanor Jack
07:16 01 Oct 19
Paul made our whole experience of insuring our business and ourselves personally very easy. Paul has great knowledge of insurance and made recommendations that suited our needs and he always kept budget and value in mind. We look forward to working with Paul again soon.read more
Nicole Speakman
22:33 26 Sep 19
Paul made our whole experience of insuring our business and ourselves personally very easy. Paul has great knowledge of insurance and made recommendations that suited our needs and he always kept budget and value in mind. We look forward to working with Paul again soon.read more
Nicole Speakman
22:33 26 Sep 19
We worked with Gareth Dobson from Finsol Insurance and Mortgage Brokers for a recent review of our insurance cover. He did a fantastic job reviewing all the current policies and recommending options that will suit our financial situation and goals. Highly recommend Gareth and Anne to others. Really liked the ease of communication and 'friendly reminders' to make sure we reviewed and signed things off in the time lines discussed. Thanks team Finsol.read more
Glenn Fulcher
23:42 08 Sep 19
I highly recommend doing business with Gareth Dobson. What a great help he was is unbelievable. Thank you Gareth.read more
David Moller
10:19 22 Aug 19
I highly recommend doing business with Gareth Dobson. What a great help he was is unbelievable. Thank you Gareth.read more
David Moller
10:19 22 Aug 19
I recommend Paul to any one looking for a financial adviser. Always giving his clients 100% and making savings where ever he can. He has already saved me money with my ACC , he continues to advice and help me understand, I can not thank him enough.read more
Renee Dever
22:29 05 Aug 19
Gareth from finsol was great to deal with totally stress free. If you had any question or concerns he was able answer them and put u at ease. Would totally recommend him to deal with.read more
Chris Hinde
07:22 19 Jul 19
Paul is great he made the whole process very easy and simple to follow he explains things very meticulously and thoroughly so I really understood what it was all about. He does everything through electronic signing emails which makes the whole process extremely easy no need to travel to sign documents or print off any papers whole process is very straight forward and Paul's the guy to go to if you want to get it done without the brain damage.read more
Jesse Smith
01:30 15 Jul 19
I was very fortunate to have Gareth work through a restructure of my insurances and work related cover. To say I was happy with the outcome would be an understatement. He is knowledgable and efficient and had a particularly good grasp of the cover I required specific to my trade. I couldn't recommend Gareth and his team more.read more
john roberts
07:48 02 Jul 19
I cannot recommend Gareth and the rest of the Finsol team enough. If you are looking for ethical insurance advice then look no further. Gareth was thorough in his initial review and his recommendations and advice was exactly what we needed. I look forward to working with Gareth and having him look after our family for years to come.read more
Stuart Hartley
08:05 26 Jun 19
Paul was amazing to deal with. Made getting a mortgage effortless and stress free. Highly recommend Paul and will be using him again for my next venture!read more
Julie Jones
20:33 18 Apr 19
Could not recommend Finsol and especially Gareth any more strongly. In just one phone call Gareth managed to halve our annual ACC bill resulting in a 5 figure cost saving. Absolutely stoked! Thanks again team.read more
David Nakhle
23:50 02 Apr 19
The advice I get from Gareth really helps as the world of insurances is foreign to me. He regularly checks in to make sure I understand what I am getting out of my cover, putting it into words that are easy to comprehend! I really trust Gareth to make sure my family and I are looked after. He is passionate about looking after his clientsread more
Caitlin Fox
04:56 31 Mar 19
Thanks to Paul and his team at Finsol for the superb work they’ve done in getting our first home and best deal of insurance. Having both house and insurance is an investment. Paul’s professionalism was very helpful in making our decision every step of the way. He answered and explained simply and direct to the point every concerns to help us achieve our financial goals. At the end of it all, we borrowed money conscientiously , spent wisely, saved happily, and invested smartly. Highly recommended! God speed Paul and Finsol.read more
Legend of the Falls
02:03 26 Mar 19
Paul provided my wife & I will excellent advice & from that comprehensive cover at a competitive price. We found him to be professional & open, & communicated what can be complex into context we easily understood. Just as importantly Paul & Gareth his business partner radiate through their words & deeds a sense that your dealing with a person who strives to be a positive influence in all their actions. This level of social & environmental consciousness combined with their first rate business acumen means we plan on being long time clients of Finsolread more
Adam Lee McHardy
03:38 11 Mar 19
Very friendly and professional crew, and boy they are efficient! I really enjoyed that every documents they sent I could sign on my mobile and saved the hustle of printing and scanning papers...#sustainableasitcanget. Thank you!read more
Anahita Hun
01:40 04 Feb 19
Paul ejamme is an amazing advisor. Highly highly recommend. He went above and beyond to help us with our debt consolidation and our insurance cover. He has even helped us set in motion plans to purchase a home. Thank you paulread more
Ashley Hannah
04:03 29 Oct 18
Gareth was fantastic to deal with, I was looking for a business insurance policy and before long I was more than happy for him to review all other policies and discovered many changes could be made to better our needs hence he is now our go to guy for all our financial-insurance needsI couldn't speak more highly of Gareth and the team at Finsol Thanks for everything you've done G Matt Zachanread more
Matthew Zachan
08:15 14 Oct 18
Gareth and his team from Finsol are fantastic to work with. I can't say enough about how much they have helped me. Insurance, kiwi saver and financial support They make the whole process easy and they take into account your personal circumstances and offer products that work for you. I highly recommend the Finsol team.read more
logan vaney
06:31 28 Sep 18
Paul was outstanding! Professional and knowledgeable, he helped answer any questions we had and made our well-being his priority at all times. A lot of people get life insurance without the knowledge of what they’re getting. Not with Paul! He patiently listens and helps you comprehend what you’re signing up for! Have been through a few mortgage and insurance brokers and they can not complete!! A friendly and hard working guy who always puts his customers first. Highly recommended!!!!read more
Sarah Mullen
04:54 27 Aug 18
Paul was extremely helpful, professional and friendly. Not only did he help us with our insurance but he was comfortably speaking to us on a personal level too. Paul was dedicated to making sure he got us the right cover for our needs and personal situation. Highly recommend Paul. As Nike Say - Just Do It!read more
Paul Mullen
09:25 23 Aug 18
Finsol were very helpful in setting up my health insurance - they made everything super easy to understand, and I was able to sign and complete everything over the phone and online. I was impressed with how professional and friendly they were. Highly recommend to anyone needed help with their insurance.read more
Steph Viatos
05:46 15 May 16
