Financial hardship support programs
Banks recognise that sometimes people, often through no fault of their own, get into financial difficulty. This can be caused by many things, like illness, unemployment, natural disaster or domestic violence. If this happens, banks are there to help customers get back on their feet through tailored financial assistance packages.
While the assistance offered to customers will depend on individual circumstances and needs, support options from banks could include:
- A deferral of home loan repayments
- An emergency credit limit increase for credit card holders
- A waiving of interest rate penalties if term deposits are drawn early
- A waiving of fees to restructure business loans
More information about banks’ financial hardship support programs is available on the Doing It Tough website. Details on how to contact your banks’ dedicated financial hardship team can be found here.
Debt repayment and management service
As part of a commitment to help customers in financial difficulty, banks are working with financial counsellors to establish a new debt repayment service for people struggling with multiple debts. This page will be updated with more details as they become available.