Financial Assistance Hub
Looking for support with mortgage repayments, financial hardship, credit card debt, business lending or other banking matters? The ABA’s Financial Assistance Hub provides practical information to help customers understand their options and access support from their bank.
Financial Difficulty & Hardship Support
Whatever the cause, there are practical ways your bank can help. If you’re worried about money, don’t tough it out on your own.
Support is a free service mandated by the Banking Code.
The sooner you call, the more options your bank has to help.
ABA member banks offer a range of services to help
Loan & Mortgage Relief
- Deferral of scheduled loan repayments.
- Restructuring existing loans free of the usual establishment fees.
- Deferring interest payments on a case-by-case basis.
Fee & Debt Support
- Waiving fees and charges, including break costs on early access to term deposits.
- Debt consolidation to help make repayments more manageable.
Credit & Cash Flow
- Deferring upcoming credit card payments.
- Increasing emergency credit card limits.
- Offering additional finance to help cover cash flow shortages.
Contact your bank
Financial hardship
How your bank can help if you’re having money troubles
Banks want to help their customers, especially if they’re experiencing financial difficulties. Depending on your circumstances, banks may be able to assist in a variety of ways.
What is financial hardship?
Financial hardship occurs when you’re unable to meet your existing financial obligations for a period of time. It may be caused by a number of factors, such as unforeseen weather events, a major change in your circumstances, such as illness or injury, or a change in employment.
What can your bank do?
If you find yourself experiencing financial difficulties, you should talk to your bank. The earlier you let them know that you’re experiencing financial difficulties, the more options that may be available to help you.
When considering the type of assistance that might be appropriate, banks will assess the situation on a case-by-case basis and consider your specific circumstances.
You can also phone the National Debt Helpline on 1800 007 007 or visit the National Debt Helpline website.
What can you do?
Follow these four steps to start your road to recovery.
Work out how much you can afford to pay toward your debts by listing your income and essential expenses. Tools like the Moneysmart Budget Planner can help.
Ask to speak with the “Hardship Team.” You don’t need to wait until you’ve missed a payment—the earlier you call, the more options they have to assist you.
Tell your bank why you are finding it difficult to make repayments (e.g., illness, job loss, or natural disaster) and how long you expect the situation to last.
Your bank will work with you to find a tailored solution. Once an arrangement is made, ensure you understand the terms and keep in touch if your situation changes again.
Your Rights & Protections
Governing Frameworks
Three key frameworks ensure banks provide fair hardship assistance:
- The National Credit Code
- The Banking Code of Practice
- Australian Government Hardship Principles
Hardship & Your Credit Report
Seeking assistance does not necessarily harm your credit report. In fact, an arrangement can help protect your credit standing by managing repayments effectively.
Learn more at CreditSmart →Independent Support Services
Free, confidential financial counselling.
1800 007 007Support for primary producers and small businesses.
1800 686 175Independent dispute resolution service.
Visit AFCA Website