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Financial assistance support, tools and resources
BankVic provides information, tools, resources and extra care support to help you when you need it most.
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Use our online interactive calculators to make informed decisions for your financial journey.
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Supporting members with extra care
We’re here when you need extra support. Discover services, guidance and resources designed to help through life’s challenges.
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Apply for hardship assistance
You can request assistance by completing the financial hardship assistance request form.
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Signs you may be experiencing financial hardship
There are many changes in circumstances that may impact your ability to meet your repayments. Some of these examples are listed below, however this is not an exhaustive list:
- unemployment, or reduction in income
- family separations
- serious illness or injury
- the loss of a loved one
- family and domestic violence
- financial abuse
- natural disasters (for example: floods, bushfires)
How we can help
You should get in touch with us as soon as your circumstances change, before you miss payments or make late payments, as these can lead to additional charges and may affect your credit report. We can work with you to reach a solution tailored to your individual circumstances. These are examples of what we may be able to offer:
Temporarily reduced repayments
Temporarily paused repayments
A waiver or temporary pause on fees and charges
Debt consolidation
Discuss your situation with us
Our team will ask a few questions to get an understanding of your situation. If financial hardship assistance is determined as the most suitable solution for you, our team will guide you through the next steps.
Request assistance
Once you request hardship assistance, we will acknowledge we have received it and let you know if we require any further documents as part of our assessment. Within 21 days of receiving your request, we’ll let you know the outcome.
Assessing your request
When assessing your request, we'll carefully consider your current circumstances. For us to do this accurately, you'll need to provide us with evidence of your financial position.
Determining an arrangement
We'll take a realistic approach when determining proposed repayment arrangements, considering your income, reasonable household expenses, and other debts and repayment obligations.
If your request is declined
If we decline your request for hardship assistance, you can request we re-assess it or lodge a complaint with us. If you're not satisfied with our response to your complaint, you can contact the Australian Financial Complaints Authority (AFCA). AFCA is an independent body that resolves disputes between consumers and financial services organisations.
Frequently asked questions
We appreciate that waiting for an outcome can be stressful. That's why we work to assess every request as quickly as we can. While some applications may be reviewed sooner, please allow up to 21 days for a response.
Every situation is different and the documents required may vary. To help us complete our assessment as quickly as possible, we will usually ask for your most recent pay advice and statements for accounts you hold with other financial institutions. Having these documents ready when you submit your request can help avoid delays and support a timely review.
In some cases, additional information may be required, and our hardship team will contact you if anything further is needed.
It is important to continue making your repayments while we assess your request. Our hardship team will be in contact with you during the review process.
Applying or being approved for financial hardship assistance will not affect your credit history, so it won't impact your ability to borrow in the future. Speaking to us early can help reduce your financial strain and stop you from missing payments.
Our hardship team will work with you to try and find a suitable outcome for your circumstances. However, in some cases, financial hardship may not be the right option. In these cases, we will explain why the request has been declined and share external organisations that may be able to support, such as financial counselling.
You also have the right to request that we reassess your request or alternatively, you may lodge a complaint with us. To find out more about our complaints process, click here.
External support
If you need more support, there are a range of government and community organisations that can help you.
National Debt Helpline
National Debt Helpline offers independent, free and confidential services from professional financial counsellors to help you tackle your debt problems.
Visit website
MoneySmart
MoneySmart provides tools to help you manage your money, plan, invest, or pay off debt and protect yourself from scams and fraud.
Visit website
Beyond Blue
Beyond Blue offers free mental health and wellbeing support.
Visit website
CreditSmart
CreditSmart provides access to information about how hardship arrangements may impact your credit report.
Visit website
Services Australia
Services Australia provide a range of service and payment support to Australians who need assistance through different life stages and changing circumstances.
Visit website
Mob Strong Debt Help
Mob Strong Debt Help are a free nationwide legal advice and financial counselling service for Aboriginal and Torres Strait Islander people.
Visit website