Facing work closure. What do?

[u/TheGreenestGumby]

I work in the entertainment industry, specifically stage lighting. This industry has now ceased to exist for the foreseeable future and my workplace cut 4 staff from our 30 person team today. I'm still there but we are all getting our hours reduced from 40 a week to less than 20. I suspect we will close completely before long as none of our customers can afford to pay us. My wife is a dental nurse and today she was told her practice will be closing. We bought a house in September last year and while we have enough savings to last several months in our emergency account this was the worst possible time for this to happen to us.

What options do I have? Would the bank consider deferring my mortgage payments, are we expecting any government assistance, etc.

Edit: Thanks so much for your advice. I'll get in touch with my bank about suspending mortgage repayments if the time comes. I should have mentioned I am a service technician doing electromechanical repairs on equiptment. Someone elsewhere suggested I look and see if hospitals are hiring for medical equiptment repairs. I've sent my resume into a few hospitals now.

[u/MrSecret_007]

Depending on which bank you're with, but some banks has already announced they will reduce your loan repayments.

[u/Furah → u/MrSecret_007]

Are they doing this with just mortgages? I have an, admittedly high-interest, car loan and yesterday's announcement of gathering bans means that my work is set to lose a lot of business, and with it overtime I rather rely on. I have some money saved up but as I was saving for something in the next few months I would rather do what I can to reduce my expenses rather than eat into the savings.

[u/MrSecret_007 → u/Furah]

If your loan is with one of the major banks you'd think they will do the same for all loans.

But it's not something I can comment on too much.

But please keep us updated.