Our assessment process
In assessing requests for financial hardship assistance, we genuinely and carefully consider all the information you have provided about your financial circumstances and why you are experiencing hardship. On the basis of this information and your willingness to repay the debt, we determine whether you will have the capacity to meet your financial obligations at the end of the assistance period.
We do not provide assistance where to do so would merely delay inevitable foreclosure and/or enforcement action.
Assuming there is a basis for providing assistance, we look to tailor the form of our assistance to your circumstances and needs. We will work with you and where we can offer you options for consideration that we believe are appropriate to your circumstances.
The types of financial hardship assistance that we will consider depend on the particular financial circumstances, reasons for experiencing financial hardship and future prospects. Depending on those circumstances, the following types of assistance may be available:
- Reduced or no repayments for a period, where the member is ahead in their repayments. The member is allowed to use the “buffer” of the additional repayments previously made (no change to loan term).
- Reduced repayments for a period, followed by increased “catch up” repayments over a subsequent period (no change to loan term).
- A moratorium on repayments for a period, followed by increased “catch up” payments over a subsequent period (no change to loan term).
- Reduced repayments for a period, with reduced repayments’ arrangement then made permanent following a review (loan term extended).
- Immediate capitalisation of arrears, with repayments remaining the same (loan term extended).
- Immediate capitalisation of arrears, with repayments also being reduced (loan term extended).
- Debt consolidation, where member has multiple loans with us.
- Waiver of fees and charges.
- Reduced repayments while member undertakes voluntary sale of property (arrears capitalised).
We may also consider other forms of assistance that are consistent with the objective of discharging the financial obligations to us. Other forms of assistance may include exploring the ability to reduce their living expenses or increase their income (that is, taking on additional hours or employment).
Learn more about the assistance we may be able to provide, and what to expect.
We recognise that particular types of assistance may or may not be appropriate to particular members, depending on why they are experiencing financial hardship, the nature and extent of their difficulties, and their future prospects. Where the hardship is due to longer-term issues, we will seek to develop a longer term solution with you.
We are careful about using short-term payment moratoriums as a form of assistance. While these may assist members who are about to enter a defined period of reduced financial capacity, they are unlikely to help someone who has just come through such a period, or someone whose circumstances are unlikely to improve.
We take a realistic approach when determining proposed repayment arrangements, having regard to your income, reasonable household expenses, and other debts and repayment obligations. We will not enter into arrangements that, as a committed and self-disciplined member, you are unlikely to be able to keep given your circumstances. Before we finalise a financial hardship arrangement, we discuss the arrangement with you to ensure you understand its implications, and your obligations and to ensure that you are prepared to enter into the arrangement.
We also note that approved hardships will create no adverse impact upon your credit history.
How to apply
So we can best help you, we will need:
- A completed financial hardship application form.
- Any appropriate supporting documentation regarding your situation.
Please submit your request together with the above documents either by email to email@example.com
Or post them to:
GPO Box 2074, MELBOURNE VIC 3001
We recommend that you read the following documents: