Dominic Alafaci’s financial advice for Australians who have lost their jobs

With thousands across the country losing their jobs as a result of the coronavirus crisis, and more expected to be laid off in coming weeks, financial adviser Dominic Alafaci has shared some valuable advice for those struggling to remain afloat.

CENTRELINK

“You really don’t need to queue outside Centrelink offices,” Mr Alafaci said.

“Call 132 850 and provide 100 points of ID, like your drivers licence and your Medicare card number over the phone and get your reference number.

“Once you have your reference number go online to my.gov.au and arrange to collect your immediate job seeker payment of up to $565 depending on your personal circumstances.”

STIMULUS PAYMENTS

Those eligible for government stimulus payments will receive the first $750 on March 31.

In mid-April, eligible Australians can apply for an additional $550 coronavirus supplement via the myGov website.

WITHDRAWING FROM SUPERANNUATION

If you’ve lost your job and need access to your super you can access up to $10,000 from your super fund by mid-April via the myGov website,” Mr Alafaci said.

“myGov will instruct the ATO to get in contact with your super fund fatter mid-April and process your withdrawal.

“You can repeat the process and withdraw up to another $10,000 after the first of July.

“Be prudent though, only withdraw what you absolutely need to from your super fund because it will cause pain down the track.”

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Image: William West / Getty