As we all wade through the job losses and economic challenges of the COVID 19 crisis nearly every Australian is seeking support and looking for tips on how to better manage their personal financial situation. We hope to lighten the load by providing various resources to assist should you wish to approach your bank or lender for relief due to hardship.
During this very difficult time all banks and lenders are providing assistance, including the ability to defer loan repayments for up to 3 to 6 months, depending on your circumstances.
While under normal circumstances any loan arrears would appear on your credit record, in the current ‘COVID 19’ crisis if YOU contact your bank or lender and hardship relief measures are granted, it is unlikely that ‘COVID 19’ related credit entries will impact negatively on your credit rating.
If YOU don’t contact your bank or lender to discuss the matter, simply burying your head in the sand – and let your mortgage repayments fall into arrears, be prepared for the fact that your credit record could be negatively impacted.
So the message is very clear! If you have been stood down or lost your job, it is wise to act early.
Bite the bullet and contact your bank or lender today and pull out all stops to preserve your cashflow in an effort to cope with the financial stress you could have to endure for the next 6 months or more.
As you would appreciate the phones lines into banks and lenders are being inundated with calls, so if you are having trouble with getting through, visit their website and lodge a hardship request and then follow up with a call if you don’t hear back within 48 hours.
Here’s the direct hardship contact and website details for some of the banks and lenders:
ANZ 1800 252 845 or this link
AMP 13 30 30 or this link
CBA 13 30 95 or this link
NAB 1800 701 599 or this link
Westpac 1800 067 497 or this link
St George 1300 303 110 or this link
HSBC 1300 308 008 or this link
Bankwest 1300 787 144 or this link
AMP 13 30 30 or this link
Suncorp 1800 225 223 or this link
ING 1300 349 166 or this link
Macquarie 1300 363 330 or this link
CUA 133 282 or this link
ME Bank 13 15 63 or this link
Heritage Bank 13 14 22 or this link
Liberty Financial 13 11 33 or this link
Here’s some of the asset finance and personal loan lenders financial hardship contact details:
ANZ 13 23 73
Macquarie 1300 368 908 or this link
Westpac 1800 067 497 (press option 2) or 1300 650 110
Metro Finance 1300 362 627
Capital Finance 1800 642 626 or email
BOQ 1800 079 866 or this link
Pepper Asset Finance 1800 356 383 or this link
Now Finance 1300 275 669
Liberty Financial 13 11 33 or email
WISR Personal Loans 1300 992 007
Firstmac 13 12 20 or email
RACV 13 72 28.
The Federal Government has announced a significant assistance package for households and business which includes a cashflow boost for small business, the ability to access super and an increase in income support payments.
- Follow this link to the details of the government support for individuals and households.
- Follow this link to the details of the government support for business.
- There is also further information to read here.
If you have been affected by the economic fallout from COVID 19, seek guidance, you may be eligible for more than you realise. Research your options and speak to your accountant as well as calling one of our Mortgage and Finance Brokers to have a chat. They can help you with you to reorganising your finances and current loans.
General Advice Warning: This blog is not designed to replace professional advice. It has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the advice, in light of your own objectives, financial situation or needs before making any decision as to what is appropriate for you.