What happens if I experience financial hardship?

Be assured there are options available to help, but what exactly is financial hardship? It’s when you’re finding it difficult to make your loan repayments.

Financial hardship is often associated with an unexpected change in individual circumstances. These changes may be job loss or reduced hours, a relationship change, a family death or major illness, or a natural disaster. These major life events can affect your finances.

If you have trouble maintaining your loan repayments, you can call our funder, Bendigo and Adelaide Bank, on 1800 652 146 and talk to a member of their Mortgage Help team.

The member of the team you speak with will consider your personal circumstances and suggest the most suitable option for your situation. They’ll consider your income and expenses, assets and debts, and what’s likely to happen in the future.

Depending on your situation, the following may be options:

• Pausing or reducing your payments for a set period of time
• Extending your loan period so that you can lower your repayments and pay your loan off over a longer period.

The sooner you contact the bank’s Mortgage Help team, the more options they are likely to have to help you.

These useful resources are also available:

• Money Smart – A federal government initiative with free tools, tips and guidance to help Australians take control of their money. It also includes information on government support and other support organisations. Visit moneysmart.gov.au.
• National Debt Helpline – Financial counsellors are available on 1800 007 007 and the website has easy to use, step-by-step guides on how to tackle debt. Visit ndh.org.au