We understand that financial circumstances can change, sometimes unexpectedly. Changes in employment, business conditions, personal circumstances, or unplanned expenses can make it more difficult to meet your financial commitments.
What does ‘financial difficulty’ mean?
Financial difficulty may occur when you are unable to meet repayment obligations, or you realise you may be unable to make upcoming repayments, or are having trouble managing your finances.
This can be due to unexpected events or changes outside your control, such as illness or injury, loss of employment, separation or bereavement. Even broader economic impacts, or natural events such as drought, fire or flood can cause financial difficulty.
Financial hardship is not always the result of a single event. It can also develop over time due to ongoing pressures or unexpected costs.
For general information about managing debt, you can visit the governement's MoneySmart website.
Let us know
If you are experiencing financial difficulty, or think you may experience financial hardship soon, please contact us as soon as possible. We know it can be difficult to talk about, so you can also ask a representative to contact us on your behalf. The sooner you contact us, the sooner we can try to help.
If you are a guarantor and have been asked to make a payment under a guarantee but are experiencing financial hardship, we encourage you to contact us.
We will listen and work with you
When you contact us, it is important you provide a clear, honest and accurate picture of your financial situation. This helps us understand your circumstances and discuss the support options that may be available to you.
Contacting us early can help us work with you on arrangements that reflect your current circumstances. We will work with you to find a practical and sustainable way forward. Any support we can offer will depend on your individual circumstances and will be considered on a case-by-case basis.
With your consent, we can work directly with your financial counsellor or authorised representative. You will need to provide their details in writing. In some situations, we may still need to contact you directly.
If you have a joint account, we can speak with you about your situation and consider how best to support you, including discussing your options with you separately if requested.
What does financial hardship mean for my credit report?
Before 1 July 2022, financial hardship arrangements were not consistently reflected in credit reporting. This meant a credit report could show missed repayments, even where reduced or deferred payments had been agreed with a lender. In some cases, repayment history was not reported during a hardship arrangement.
From 1 July 2022, changes to credit reporting introduced financial hardship information. If you enter into a financial hardship arrangement and meet the agreed terms, your credit report will show that your repayments were made as required during that period.
Your credit report will also indicate that you were in a financial hardship arrangement. This information remains on your credit report for a period of time and does not include the reason for the arrangement.
Additional support
You are not alone. There are many support services available, either online or just a phone call away. Here are a few...
Free and confidential financial counselling
You may wish to contact a financial counsellor for free and independent support. The National Debt Helpline provides information and resources to help you manage your financial situation. You can visit their website or call 1800 007 007 to speak with a financial counsellor.
If you are managing business finances, the Small Business Debt Helpline offers free support and guidance. You can visit their website or call 1800 413 828.
Tip: If we are working with you to manage your situation, you can choose to have us communicate with your financial counsellor or authorised representative on your behalf. To do this, you will need to provide their details in writing or complete a Letter of Authority.
Australian Banking Association (ABA) Financial Assistance Hub
The Australian Banking Association has an online Financial Assistance Hub that provides information to help customers understand their options when experiencing financial stress. This includes guidance on what to expect and steps you can take to manage your situation. The Hub even has specific information regarding home loans, personal loans, credit cards, business loans and agribusiness.
Tip: This information is a guide only. We encourage you to contact us as soon as possible to discuss your individual circumstances and the support options that may be available.
Disclaimer: This information has been prepared without taking into account your personal circumstances, objectives, financial situation or needs. All information is subject to change. Download and read the Elders Financial Services Guide.