Financial counsellors and banking leaders want residents who may be feeling stressed to know support is available and it is best to seek help early.

Stephen Falconer, director of community investment at Buninyong District Community Bank, shared financial information and advice during a Compassionate Ballarat webinar on Wednesday.

The presentation was part of a weekly webinar series launched earlier this month to provide practical advice and support to residents during the coronavirus pandemic.

"The biggest message I can give to anyone who is worried about their finances is call your bank manager, say you have got these issues and ask what can we do," Mr Falconer said.

"In community bank networks there are established hardship teams, so those team members are well-versed on potential issues around individual or business hardship and being able to respond to them.

"We want to get the message out to people to say we really are here to help and please contact us if you have issues."

Mr Falconer also encouraged residents to visit the Australian Taxation Office or Australian Banking Association websites to learn about the financial support available for businesses and individuals.

He said there were a number of personal assistance, business assistance and landlord assistance measures in place.

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Many banks may also offer deferral of loan and insurance payments, fee waivers, debt consolidation and reduced new business loan rates to eligible customers.

"There are a whole range of financial plans available for people who are suffering financial hardship at this time," Mr Falconer said.

Mr Falconer said overall, it was important for people not to panic about their own situation or the ability of their bank to support them.

"People need to recognise the banking sector - although the royal commission pointed out many very bad areas of behaviour in the big four banks in particular - has become much stronger financially since the global financial crisis," he said.

"Common equity ratios are very much stronger, sometimes double, what they were during the global financial crisis.

"There should be no concern for banks ability to support individuals and businesses through this activity. Banks liquidity positions are very strong.

"Furthermore the government package is widespread and generous and will provide an enormous amount of support to community members, which will mean less pressure on banks to provide that support."

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Mr Falconer said record low interest rates meant it had never been cheaper to borrow money.

"We have record interest rates at the moment and that is likely to be the new normal for many years to come," he said.

"Of course it is difficult to repay loans if you don't have a job, but for those who are in a position to borrow money there has never been a better time to do it than now."

Mr Falconer said Buninyong District Community Bank would continue to make donations to community groups, schools and enterprises around the district during COVID-19.

Compassionate Ballarat's webinar series will continue next week on Wednesday at 11.30am.

Dr Evita March from Federation University will present on the good and bad of social media in times of separation.

Visit compassionateballarat.com.au/whats-on to join.

CAFS Ballarat offers a free financial counselling service: call 5337 3333 or email intake@cafs.org.au.

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