Articles on: Financial Difficulty

What to do if I experience financial difficulty?

If you find yourself facing financial challenges, there are support systems in place to assist you. Financial hardships often arise from unforeseen changes in life circumstances, such as job loss or reduction in work hours, alterations in relationships, the passing of a family member, significant illnesses, natural disasters or a downturn in your business.

In the event that you struggle to meet your loan repayment obligations, please reach out as soon as possible. The right contact points will depend on your home loan and the credit provider of that loan.

For our Well Balanced and Equity Plus home loans

Credit Provider: Bendigo and Adelaide Bank, call 1800 650 258 and connect with a representative from their Mortgage Help team.

The representative you speak with will assess your individual circumstances and propose the most appropriate solution tailored to your needs. They will take into account factors such as your income and expenses, assets and liabilities, as well as any potential future developments. In many instances help can be provided quickly and efficiently over the phone.

Depending on your unique situation, they may suggest assistance options such as:

Temporarily pausing or decreasing your payments for a specified duration.
Extending the term of your loan to reduce your monthly payments and spread the repayment over a longer period.

It is important to remember that reaching out to the bank's Mortgage Help team as early as possible will provide them with more opportunities to assist you.

The Mortgage Help team may also need to do a more detailed assessment of your personal and financial circumstances to identify how we might be able to help.

Financial difficulty assistance is available to you, whether you are an individual, joint account holder, guarantor or small business customer. If you have a joint account and are experiencing financial difficulty, we can assist you individually if you request it.

Always remember - the sooner you reach out, the sooner you can get help.

Updated on: 03/05/2023

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