Financial difficulty assistance

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You are not alone

We understand how hard it can be when life changes, or unexpected challenges come your way.

If you’re worried about keeping up with your financial commitments, we are here to help. The earlier we talk, the sooner we can work together to find a solution – often quickly, right over the phone.

Life is full of twists and turns. Sometimes things go well, and other times, they don’t.

There are many factors that can make it hard to meet our financial obligations, and if you’re facing financial strain, it can feel isolating, like everyone else you know is doing fine.

But everyone has unique circumstances, and right now, many people are finding it tough to meet their financial obligations.

It’s crucial to understand that you’re not alone, and importantly, you don’t have to go it alone.

At Bendigo Bank, we’re here for our customers in the good times and the difficult times.

Contacting us for help is not a sign of failure; it’s a proactive step forward, and the earlier, the better.

So, if you’re feeling concerns about your repayments, get in touch today. We’re here for you, and ready to help.

Life is full of twists and turns. Sometimes things go well, and other times, they don’t.

There are many factors that can make it hard to meet our financial obligations, and if you’re facing financial strain, it can feel isolating, like everyone else you know is doing fine.

But everyone has unique circumstances, and right now, many people are finding it tough to meet their financial obligations.

It’s crucial to understand that you’re not alone, and importantly, you don’t have to go it alone.

At Bendigo Bank, we’re here for our customers in the good times and the difficult times.

Contacting us for help is not a sign of failure; it’s a proactive step forward, and the earlier, the better.

So, if you’re feeling concerns about your repayments, get in touch today. We’re here for you, and ready to help.

Financial stress can be sudden, obvious and hard to ignore. But it can also build up over time, and the signs can be easy to overlook.

Maybe you’re choosing which bills can wait, or leaning on your credit card for everyday costs. Or it might simply be a feeling you get when you check the mail.

Ignoring those feelings or keeping them to yourself can come at a cost. And one of the most damaging myths is that you can only ask for help after you’ve fallen behind.

But that’s not true. In fact, the earlier you talk with us about your situation, the easier it is to help you stay on track. So if you’ve noticed these early signs, it’s worth paying attention to them, and it’s worth talking about them.

If things are mostly on-track, but you’ve noticed a few early signs, then taking a closer look might be a good idea. There are tools that can help you review your budget or your statements, and if you’re feeling financial pressure, you can address those concerns now, rather than waiting for things to get worse.

We can help you review your repayments and talk through options to make them easier to manage. So, if you’re feeling the strain – no matter how small, reach out to us. We’re here for you, and we’re ready to help.

Financial stress can be sudden, obvious and hard to ignore. But it can also build up over time, and the signs can be easy to overlook.

Maybe you’re choosing which bills can wait, or leaning on your credit card for everyday costs. Or it might simply be a feeling you get when you check the mail.

Ignoring those feelings or keeping them to yourself can come at a cost. And one of the most damaging myths is that you can only ask for help after you’ve fallen behind.

We are here for you

If you are having trouble making your payments and want to apply for help, please contact us.

A financial hardship arrangement can make it easier for you to manage your payments and help you avoid missing payments, which may affect your credit score.

Please note, this support is designed to help you manage your existing loans or credit cards. If you need to borrow money, please visit our Personal Banking page.

How to apply for help

However you choose to reach out to us, our friendly support team are ready to listen and help you get back on track.

Online

Complete our simple online form and a member of our specialist team will contact you to make a plan.  

Access the online form

Via phone

Speak with our specially trained team, Monday to Friday, 8am – 6pm AEST.

Call 1800 652 146

Via email

Send us an email and we’ll be in touch. Please include your best contact number.

Email Mortgage Help Centre

Need a hand getting started?

You don’t have to go through this alone – you can have someone you trust support you.

You are welcome to have a trusted friend, family member or support person speak with us on your behalf. We’ll just need to confirm your consent before we chat.

You can also access free and confidential advice from a financial counsellor. They are independent experts who can help you understand your options, and they can speak to us on your behalf.

Call the National Debt Helpline on 1800 007 007 or visit ndh.org.au.

Some people put off asking for financial assistance simply because they are unsure where to start or what to expect.

Will it take heaps of time? Mountains of paperwork? And what actually happens when you reach out for help?

These doubts are common, but they shouldn’t stop you from getting the help you need, when you need it.

You don’t need to wait until things have gotten to a certain point before you reach out. In fact, the earlier you do, the more options you’re likely to have, and talking things through early can help you make small adjustments before they turn into bigger worries.

When you contact us, the first thing we’ll do is listen. We’ll do our best to understand your situation and look at ways we can help.

As we guide you through your options, we’ll help you understand how they work and what you need to do. From there, we’ll work together to find a solution that works best for you.

If you have other questions about financial hardship support, you can find more information on our website.

But you don't need to have all the answers before you reach out; we're here to help you through the process. So when you’re ready, get in touch.

When you contact us, the first thing we’ll do is listen. We’ll do our best to understand your situation and look at ways we can help.

As we guide you through your options, we’ll help you understand how they work and what you need to do. From there, we’ll work together to find a solution that works best for you.

If you have other questions about financial hardship support, you can find more information on our website.

But you don't need to have all the answers before you reach out; we're here to help you through the process. So when you’re ready, get in touch.

What happens when I ask for help?

Everyone’s situation is different, so the first step is for us to listen and understand what’s happening for you. We’ll then talk through your options and together we’ll decide on a plan that best suits your circumstances.

What support should I ask for?

Some of the ways we can support you include:

Setting up a payment plan that matches what you can afford,
Pausing or lowering your payments for a set amount of time,
Temporarily switching your loan to interest only,
Extending your loan term so you have more time to pay,
Making changes to your account that may help lower your payments,
Consolidating your loans to create a single, easier to manage payment.

It is important to contact us early so we can discuss your situation and find the best way to help you.

If you’re facing money worries, it’s important to ask for help. But knowing when to ask, or what to ask for, can often be difficult.

But it doesn’t have to be.

All you need to do is tell us about your situation, in your own words, and how it’s affecting your finances. This helps us find the best way to support you.

If you’re wondering how to describe your situation, here are three things to focus on during this conversation.

Firstly, what’s causing your money worries? Has your income dropped? Has something unexpected happened? Or, have things just built up over time?

Secondly, how much have your finances been affected? Can you afford your important bills, your utilities, and your food or care costs?

And finally, how long do you think the situation might last? A few weeks or months, or something longer-term?

These questions are about understanding, not judgement. The more we know, the better we can find options that suit you.

That could mean short-term breathing space, changes to how your payments are structured, or helping you find additional support if you need it.

As for when to ask for help, the earlier you reach out, the sooner we can help you get back on track. So, when you’re ready, get in touch.

If you’re facing money worries, it’s important to ask for help. But knowing when to ask, or what to ask for, can often be difficult.

But it doesn’t have to be.

All you need to do is tell us about your situation, in your own words, and how it’s affecting your finances. This helps us find the best way to support you.

If you’re wondering how to describe your situation, here are three things to focus on during this conversation.

Firstly, what’s causing your money worries? Has your income dropped? Has something unexpected happened? Or, have things just built up over time?

Secondly, how much have your finances been affected? Can you afford your important bills, your utilities, and your food or care costs?

And finally, how long do you think the situation might last? A few weeks or months, or something longer-term?

These questions are about understanding, not judgement. The more we know, the better we can find options that suit you.

Money worries often start out small, which makes it hard to know when to ask for help.

Maybe money is tight but you’re still keeping up, or you might feel like your situation isn’t “serious enough” to reach out just yet.

No matter where you’re at, it’s never “too early to talk to us”.

Reaching out before things escalate can mean smaller, easier adjustments for you now, rather than bigger changes later on.

You don’t need to wait until you’ve missed a payment to get in touch.

We’re always here to help, and if you reach out when you first feel those worries, that’s often when the most options are on the table.

If money’s been tight for a while, reaching out early keeps more options open, and even if you’ve missed a payment, there’s still support available.

Small steps now can prevent bigger problems later, so get in touch.

We’ll take the time to understand your situation, and help you understand your options.

No matter where you’re at, it’s never “too early to talk to us”.

Reaching out before things escalate can mean smaller, easier adjustments for you now, rather than bigger changes later on.

You don’t need to wait until you’ve missed a payment to get in touch.

We’re always here to help, and if you reach out when you first feel those worries, that’s often when the most options are on the table.

If money’s been tight for a while, reaching out early keeps more options open, and even if you’ve missed a payment, there’s still support available.

Small steps now can prevent bigger problems later, so get in touch.

We’ll take the time to understand your situation, and help you understand your options.

It’s never too early

Money worries often start out small, which can make it hard to know when to ask for help. Always remember, it’s never too early to reach out.

Together, we can help you get back on track.

Apply for help

Frequently asked questions

I don't have a loan. What help is available for me?

Our support is for all of our customers, not just those with loans or credit cards. We know that difficult life events can affect your daily banking.

We have dedicated resources for a range of situations, including help for customers experiencing:

Family and Domestic Violence
Financial abuse
Scams or fraud
The loss of a loved one
Or who need extra accessibility support

Explore our Support for life's challenges page for more information.

What does the application process look like?

1. Let's talk

First, get in touch with us. We will chat about your situation and, in many cases, we can set up quick support right over the phone.

2. We'll look at your options

If your situation is a bit more complex, we might need to ask you for some more information to help us understand what you can afford. If so, we might ask you to share:

A simple summary of your finances; your current income, living costs, what you own, and what you owe.
Proof of your income, such as payslips or a work contract.
Your bank or account statements.
Government support details, like a Centrelink statement.
A medical certificate from your doctor, if health issues are affecting your budget.
An employment separation letter, if you have recently lost your job.
Proof of a property sale, if you are planning to sell an asset to help pay down what you owe.
Any other documents that help explain your situation.

3. We make a plan

Once we have the details we need, we’ll complete our assessment as quickly as possible, however it may take up to 21 days to let you know the outcome.

How will I know the outcome of my application?

Assessing your application

When assessing your request, we’ll review your situation to see how we can best support you, we will consider:

What is causing your money worries.
What you can realistically afford to pay right now.
If the arrangement will actually help you ease your stress and get back on track.

What happens next

We will write to you to let you know our decision. If we can help, we will clearly explain how the new arrangement works.
Once your arrangement starts, you will just need to make sure you keep up with the agreed payments.
We know that life can change. If you find yourself struggling to make these payments, please let us know right away so we can work together to find a solution.

Will entering into a Financial Hardship arrangement impact my credit score?

No. Entering into a financial hardship arrangement does not lower your credit score.

If we agree to enter a financial hardship arrangement with you, your credit report will include Financial Hardship Information. This simply shows that you’ve made a financial hardship arrangement, to manage repayments during a difficult time. Entering into the arrangement will not impact your credit score.

During the arrangement, your Repayment History Information will reflect whether your arrangement payments are made on time, or not. If you are unable to meet the financial hardship arrangements as agreed upon, this may impact your credit score. It does not show why you are unable to pay, or the details of the arrangement.

Once your financial hardship arrangement ends, we will go back to reporting your repayment history information against your normal loan schedule.

To learn more about financial hardship assistance visit the CreditSmart website.

When you’re experiencing financial stress, it’s not always easy to ask for help. Especially if you’re worried about your credit report, and whether a hardship arrangement will affect your credit score.

So it can help to know how a hardship arrangement appears on your credit report, and also what happens if you miss a repayment, because there’s an important difference.

To see the difference, there are two sections on your credit report to look at:

Repayment History Information, which shows the repayments that were made or overdue in the last two years, and Financial Hardship Information, which shows if you’ve had a financial hardship arrangement in the last 12 months.

So if a repayment is overdue, that stays on your credit report for two years, and it might lower your credit score.

On the other hand, a hardship arrangement stays on your report for 12 months, and it doesn’t affect your credit score. In fact, it can show that you are managing your finances and working with your lender when you need to.

If you want a copy of your credit report, you’re entitled to a free copy once every three months. You can get yours by contacting any of the credit reporting bodies listed on our website.

And remember, reaching out can help you avoid an overdue repayment appearing on your credit report. So if you’re worried about your repayments, get in touch, and let’s talk about your options.

So it can help to know how a hardship arrangement appears on your credit report, and also what happens if you miss a repayment, because there’s an important difference.

To see the difference, there are two sections on your credit report to look at:

So if a repayment is overdue, that stays on your credit report for two years, and it might lower your credit score.

If you want a copy of your credit report, you’re entitled to a free copy once every three months. You can get yours by contacting any of the credit reporting bodies listed on our website.

And remember, reaching out can help you avoid an overdue repayment appearing on your credit report. So if you’re worried about your repayments, get in touch, and let’s talk about your options.

What if we can't approve your request?

If we are unable to agree to an arrangement, we will write to you to explain why.

We will also get in touch to talk about other options and help support you with what you can do next.

If you are not satisfied with our decision, you have the right to ask for it to be reviewed. You can contact our internal Customer Resolutions team.

If we are not able to resolve your complaint you can refer to the Australian Financial Complaints Authority (AFCA), a free and independent dispute resolution service.

What happens if I pause my loan payments?

Pausing your loan payments (sometimes called a 'deferral') can give you immediate breathing space when you need it most.

It is important to know that while your payments are paused, interest will usually continue to be added to your loan balance. Because of this, when your payments restart, your regular payment amount might be slightly higher, or it may take a little longer to pay off your loan completely.

We want to make sure you have all the facts so there are no surprises. Watch this short video to see exactly how it works:

We understand there may be times when your personal circumstances change. We're committed to assisting you, our customers, and communities and providing you with as much helpful information as possible. If you are eligible for financial assistance, it's really important to understand how it will work.

If you're experiencing financial difficulties, you may be able to get home loan repayment relief. If you do, please keep in mind that interest will keep accruing to your loan and will need to be repaid. This is referred to as interest capitalisation. Your repayments will continue to accrue as well, what this means is that if you get assistance from us, you may end up paying more interest over the course of your loan.

To make this clearer, it'll be helpful to look at the example of three people. Harry, Charlotte, and Jared all have a separate principle and interest loan. They have the same loan amount of $350,000, the same variable interest rate of 3.49% per annum, have 25 years remaining on their loans, and they pay the same monthly loan repayment of $1,751. They have all considered their own circumstances carefully and chosen to access assistance and defer their repayments for six months.

At the end of the six month period, Harry chooses to extend his loan term by six months. This means his loan term is now 25 years and 6 months. He'll have more time to pay off his loan but will pay more interest over the life of the loan. Because interest is being charged on the loan for a longer period, his new repayment may be higher too. So in his situation, once repayments restart after the deferral period, the repayment amount will increase to $1,782 per month. This will mean Harry could end up paying approximately $9,230 more interest over the course of his loan compared to if he hadn't taken up the repayment relief.

Charlotte chooses a different option. At the end of the six month period, she elects to keep the same loan term of 25 years. The new repayment amount will be higher because she is now paying off a higher loan balance across the same 25 year period. In her situation, once she restarts repayments after the deferral period, the repayment amount will increase to $1,804 per month. This will mean Charlotte could end up paying approximately $5,250 more interest over the course of her loan compared to if she hadn't taken up the repayment relief.

Jared's situation is different and he decides that he can afford to start his repayments again after three months instead of six months. Like Charlotte, he chooses to keep the same loan term of 25 years. The new repayment amount will be higher because he is now paying off a higher loan balance across the same 25 year period. In his situation, once he restarts repayments after three months, the repayment amount will increase to $1,777 per month. This will mean Jared could end up paying approximately $2,620 more interest over the course of his loan compared to if he hadn't taken up the repayment relief.

These are just examples and your situation could be different but it will hopefully give you an idea of what the impact could be if applying for repayment relief. For more information on assistance, please refer to our website at bendigobank.com.au.

Other useful resources

Beyond the support we can offer, there are several free, independent Australian organisations that provide confidential advice, tools, and support.

Free and confidential financial counselling

Financial counsellors are independent professionals who can provide free advice and even speak to banks on your behalf.

National Debt Helpline: Call 1800 007 007 or visit ndh.org.au.
Small Business Debt Helpline: For sole traders and small business owners - call 1800 413 828 or visit sbdh.org.au.

Government tools and credit information

Moneysmart: A trusted government source for simple budget planners and guides to managing your money. Visit moneysmart.gov.au.

CreditSmart: A great educational resource to help you understand how financial hardship assistance interacts with your credit score. Visit creditsmart.org.au.

Wellbeing and mental health support

If money worries are impacting your mental health, you don’t have to carry the stress alone. Help is available 24/7.

Beyond Blue: For free, confidential support and advice from a trained mental health professional. Call 1300 224 636 or visit beyondblue.org.au.
Lifeline: For 24/7 crisis support and suicide prevention services. Call 13 11 14 or visit lifeline.org.au.

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