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What happens if I experience financial hardship?

Be assured there are options available to help, but what exactly is financial hardship? It’s when you’re finding it hard to make your loan repayments.

When financial hardship comes up it’s often associated with an unexpected change in your circumstances. These changes could include job loss or reduced hours, a relationship change, a family death or major illness, or a natural disaster. These are major life events and can affect your finances.

If you have trouble keeping up with your loan repayments, you can call our funder, Bendigo and Adelaide Bank, on 1800 652 146 and talk to a member of their Mortgage Help team. The sooner you contact them, the sooner they can try to help you.

The team member you speak with will consider your personal circumstances and suggest the most suitable option for your situation. The kinds of things that they’ll consider are your income and expenses, your assets and debts, and what’s likely to happen in the future. They may offer any of the following options depending on your situation:

  • Pausing or reducing your payments for a set time period
  • Extending your loan period so that you can lower your repayments and pay off your loan over a longer period.

The sooner you contact the bank’s Mortgage Help team, the more options they are likely to have to help you.

These useful resources are also available:

  • Money Smart – a federal government initiative with free tools, tips and guidance to help Australians take control of their money. It also includes information on government support and other support organisations. Visit
  • National Debt Helpline – you can call them on 1800 007 007 to speak to a financial counsellor and their website ( has easy to use, step-by-step guides on how to tackle debts.

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Legal things about our rates
Our home loans are subject to credit criteria and eligibility requirements. Home loan interest rates are for new customers only and can change. Our comparison rates are based on a $150,000 loan amount over a 25 year term. They factor in fees associated with applying for the loan; ongoing fees and fees associated with leaving the loan. Our fixed loans roll to a variable principal and interest rate at the end of the fixed term. If the interest only period is not specified, the comparison rate is calculated on a one year period.

WARNING: The comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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^Our turnaround times are up to 2x faster than the industry, based on a comparison of our average platform submit to approval time compared to industry submit to approval time, published here  (June 2023). Customer turnaround times are dependent on individual circumstances and may require an assessor to obtain more information.

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