Support for financial hardship
If you’re feeling under pressure and worried about keeping up with repayments, reach out early. The sooner you get in touch, the more options we’ll have to help.
What is Financial Hardship?
Life doesn’t always go to plan. Unexpected events or changes to your income, health or personal circumstances can make it hard to keep up with repayments on things like your home loan, credit card or everyday bills – anyone can be impacted.
Common causes include:
- Cost of living pressures.
- Changes in employment or income.
- Illness, injury or serious health conditions.
- Relationship changes or bereavement.
- Family or domestic violence.
- Natural disasters.
- Scams or financial fraud.
If you’re concerned, please contact us as early as possible – even before a payment is missed. Early contact often prevents extra fees and credit impacts and gives us more ways to support you.
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- Financial Hardship assistance is available to Members who hold a credit product with us. Your request is assessed case-by-case and is free and confidential. Enquiring about financial assistance won’t affect your credit score.
How we can help
We’ll look at your situation and explore practical options that fit your needs. Depending on your circumstances (and product eligibility), support may include:
- Waiving or pausing fees and charges
- Tailored loan payment arrangements, such as temporarily pausing or reducing repayments
- Switching to interest-only home loan repayments temporarily (subject to approval)
- Early access to Term Deposits (minimum 31 days’ notice)
- Government grants and support if you are affected by a declared natural disaster
We can also help you reduce your credit card debt by:
- Consolidating your existing credit card into other loan products
- Converting your credit card to fixed-term personal loan with predictable repayments
- Reducing your approved credit limit as your balance falls
If you’re experiencing a temporary setback, we may consider pausing or reducing repayments, moving to interest only for a time, or adjusting due dates to help you stabilise.
If your situation is unlikely to improve quickly, we can consider options like extending your loan term or restructuring your repayments to better suit your budget.
Repayment options
Suspend repayments
We can temporarily pause your loan or credit repayments for three to six months, giving you time to get back on track. During this time, you won’t need to make repayments, but interest will continue to accrue and be added to your balance. You can still choose to pay what you can to help reduce interest.
Short-term financial assistance arrangement
If approved, we can set up a tailored arrangement for three to six months, giving you time to stabilise your finances. This may mean reduced or no repayments for a period, giving you space to regain control while keeping your account in good standing. The arrangement may impact your loan balance, interest payable and future repayment amounts.
Interest only repayments
If full repayments aren’t possible right now but you can manage interest only, we can discuss a temporary switch (subject to approval). This may help ease your cash flow while you get back on track. Note that total interest payable over the life of the loan will be higher if you switch to interest only, even temporarily.
Debt consolidation
We can help simplify things by combining your credit card balance into another loan product you already hold with us. This can make repayments easier to manage and reduce the interest you pay.
Switch to fixed repayments
If you’d prefer more structure, we can convert your credit card to a fixed term personal loan with regular monthly repayments – making it easier to plan ahead.
Reduced credit limit
We can help you lower your approved credit limit as your balance decreases. This can support long term repayment progress and help you avoid unnecessary debt.
Higher regular repayments
We can help you set a higher fixed repayment amount if you want to pay off your balance faster and reduce interest.
Important to know
Understand the long-term impacts
If your account is up to date when you start a repayment pause, your credit score won’t be negatively impacted by the pause.
If your account is in arrears, we may support you under our Financial Hardship program. If a hardship arrangement is in place and you keep to it, your credit report shows payments uptodate and a hardship note that does not affect your credit score and drops off your report after 12 months.
Your credit report will show a note that you have agreed to an arrangement to manage your repayments to us. The note is also known as ‘financial hardship information’ or ‘FHI’.
The note:
- does not show why you are having trouble paying or the details of your arrangement
- will not affect your credit score
- comes off your credit report after 12 months.
Interest continues to accrue during a repayment pause or while you’re on interestonly. That means your balance may increase, and you may pay more interest over the life of your loan.
How a repayment pause can affect future payments – an example:
Janice’s home loan balance is $241,841 with a remaining term of 25 years and three months. Her interest rate in 5.50% and her weekly repayments are $340.86.
Janice requests a repayment pause for three months. The pause is granted and Janice makes no repayments for 13 weeks. During this time, the interest on her loan continues to accrue and gets charged to her home loan account each month. At the end of the pause period, Janice’s home loan balance has increased to $245,187.50 – this reflects the interest charged during the pause.
After three months, the remaining term of the loan is 25 years and Janice resumes her repayments. To ensure the loan is repaid within the remaining contracted term, her weekly repayments increase from $340.86 to approximately $347.18.
Apply for Financial Hardship Assistance
Everyone’s situation is different. Once we understand your circumstances and how we can help, you can expect a decision within 21 days.
What you'll need to provide:
Prefer someone to act for you?
You can nominate a representative to apply on your behalf; translation services are available.
Accessibility
If you need an interpreter or relay service, we can arrange help (including the National Relay Service).
What happens next?
We’ll work with you to set up the arrangement and agree on next steps. Near the end of any suspended or reduced‑repayment period, we’ll check in and discuss options such as:
Resuming principal & interest loan repayments
Your repayments will increase to catch up for any missed payments within the remaining term of your loan.
Requesting reduced principal & interest loan repayments
If you can make some repayments, we can discuss reducing the amount and extending the loan term.
Requesting interest only repayments for a period
If you can’t manage your contractual repayments but can afford interest-only repayments, we can discuss a temporary switch (subject to approval and eligibility).
A financial counsellor can apply on your behalf
If your situation is unlikely to improve, selling or renting out your property may be in your best interests. We recommend independent financial counselling or legal advice before making this decision.
You can contact a financial counsellor or the National Debt Helpline on 1800 007 007 to discuss your current financial situation.
Support beyond the Bank
If you’re experiencing family or domestic violence
Your safety and wellbeing are our priority. We can provide confidential account support and tailored financial assistance. You can also contact 1800 RESPECT (1800 737 732) for confidential counselling and support.
Further support and resources
Mental health
Lifeline 13 11 14
Beyond Blue 1800 512 348
MensLine Australia 1300 789 978
Grief Australia 03 9265 2100
Domestic and family violence
1800 RESPECT 1800 737 732
No to Violence (Men's Referral Service) 1800 512 348
Natural disaster
Australian State Emergency Services (SES) 13 25 00
Australian Government Emergency Information Line 180 22 66
Australian Government Disaster Assist
Managing credit card debt
Practical steps that can help you get back on track:
- Set and stick to a monthly budget and pause new card spending.
- Prioritise paying off the highest balance or highest interest card first.
- Reduce or cancel unused credit limits to avoid unnecessary debt.
- Pay more than the minimum where you can, or set a higher fixed repayment amount.
- Consider converting your card to a personal loan with fixed repayments, or consolidating eligible balances into another loan product you hold with us (subject to approval and your circumstances).
If you’re struggling, we’re here to help. The sooner you get in contact, the sooner we can discuss how we can help. Call us on 1800 862 502 for assistance.
Frequently Asked Questions
We're here to help
The sooner you reach out, the sooner we can help. As soon as you feel yourself struggling to make a repayment, reach out and see how we can assist you.
Call us on 1800 862 502 for assistance.
Tools and resources
Budget planner
Work out your incomings and outgoings and get on top of your spending with our budget planner.
Complaints and feedback
If you’re unhappy with how your situation has been handled, please let us know so we can make it right. If we can’t resolve it, you can contact AFCA (1800 931 678).