Ways we could help
If you're experiencing difficulty in meeting your loan or credit card repayments we encourage you to reach out to us early so we can help find the right solution for your circumstance. We’re here for you, no judgement, and will treat your request with confidentiality and respect.
To discuss ways to catch up on missed or late payments contact our Customer Support team to discuss a tailored arrangement by calling 132 888 or emailing CustomerSupport@bankaust.com.au.
Some examples of financial hardship assistance options are:
- Lower repayments and extend the term of your loan
- Pause repayments until you’re able to pay them again
Reasons people ask for help
There are many reasons why you may find it difficult to meet your loan repayments, including:
- Illness (including mental health conditions, disability or impairement)
- Loss of a job
- Relationship break down
- Death in the family
- Natural disaster
- And many more
When to ask for help
If you think you need help, tell us straight away. That way we can help you make a plan to get things moving in a more manageable direction.
How to ask for help
Your first step is to apply for hardship assistance so we can better understand your situation. You can do this in person by:
- Calling us
- Emailing us
- Visiting your local branch
- Seek independent financial counselling. You may need to complete a financial counselling agency authorisation form to authorise the agency to act on your behalf.
Or, you can fill out our hardship assistance form and email or send it back – our details are on the last page. The form will ask you about:
- Employment and income
- Financial details like assets, liabilities and expenses
- Why you want to apply for support
What happens next?
Once we hear from you, we will get back to you within 21 days. We’ll either approve/decline your request or ask to see some supporting documentation.
Consider independent financial advice
Everyone deserves to feel on top of their money, and independent advice about your personal financial situation is a useful place to start.
Financial counsellors are non-judgmental, qualified professionals who provide information, support and advocacy to people in financial difficulty.
Some of the ways financial counsellors can help:
- Advocate and negotiate with creditors or other organisations on your behalf
- Help you prioritise debts
- Understand other factors affecting your situation and provide relevant support options
- Help you develop a money plan
- Explain the debt recovery process and help you take appropriate action
- Provide useful information about your rights
- Identify if you need referral for legal advice or other services
Free, independent financial counselling
National Debt Help (ndh.org.au) or by calling 1800 007 007.
Small Business Debt Helpline (sbdh.org.au) email: infor@sbdh.org.au or by calling 1800 413 828.
Hardship and your credit report
Credit reporting of financial hardship helps to protecting your credit report in times of financial hardship. If we have agreed to financial hardship assistance and you have met the terms of the arrangement, your credit report will show that you have made your repayments on time.
For more information on the reform and ways to protect your credit report visit the Credit Smart website.
Helpful fact sheets
- Financial hardship and your credit report
- Temporary financial hardship arrangement
- Financial hardship variations and credit reporting
- Debt waiver and your credit report
More links and information
- Credit smart - Helps you to understand how your credit choices affect the information that credit providers can access, and how you can view and control that information
- Australian Banking Association Financial Assistance Hub – to help you understand your options if you’re struggling financially
- Commonwealth Financial Counselling – for free and confidential counselling services
- Money Smart by the Australian government for tips and tools on managing money
- Mob Strong Debt Help (1800 808 488) – a free legal and financial advice service for Aboriginal and Torres Strait Islander peoples
- Rural Financial Counselling Service (1800 686 175) – a free financial service for farmers, producers, harvesters and related small business owners that are experiencing financial difficulty
- Insurance Law Service (1300 663 464) – advice and advocacy on insurance issues for consumers in financial stress
- Australian Financial Complaints Authority (1800 931 678) – a dispute resolution scheme that independently assists consumers and small businesses to make and resolve complaints about financial firms
- Translation and Interpreter Service (TIS National) - Phone: 131 450 (within Australia) Phone: +613 9106 3162 (outside Australia) TIS National can assist you 24/7 to access translation and interpretation services that can assist you in a language that is more familiar and comfortable to you
- National Relay Service - If you’re deaf or find it hard to hear or speak on the phone, you can contact us through the National Relay Service. Simply become a registered user of the service, then dial 133 677 and ask for 132 888
- Complaints and compliments – If you want to provide feedback on your experience with Bank Australia or dispute the outcome of an application for Financial Hardship, please see the complaints and compliments page for details on how to do so
Bank Australia subscribe to the Code of Operation that has been endorsed by the Australian Banking Association (ABA) and the Customer Owned Banking Association (COBA). The code is aimed to safeguard sufficient income of customers in receipt of Services Australia support payments or Department of Veterans Affairs’ payments in the event an account becomes overdrawn. We recognise that customers who receive such payments are entitled to retain at least 90% of their payment should their account become overdrawn. We encourage customers who may be experiencing financial hardship to contact our Customer Support Team on 132 888 or customersupport@bankaust.com.au.
