Financial Difficulties
Support when you need it most
At Bank First, we understand conversations about money can feel stressful, especially during difficult periods of life. Asking for support can feel uncomfortable, but financial hardship is more common than many people realise.
Many of our Members spend their lives caring for others and sometimes asking for support themselves can feel difficult.
Whether you're recovering from illness, navigating a relationship breakdown, supporting family members or adjusting after losing work, we’re here to listen and help where we can.
Financial difficulty, sometimes called financial hardship, happens when you're unable to keep up with repayments or financial commitments because your circumstances have changed.
This can happen for many reasons, including:
Unemployment or reduced income.
Serious illness or injury.
Family or domestic violence the loss of a loved one.
Natural disasters.
Relationship breakdowns
unexpected life events or emergencies.
Financial hardship can affect anyone, regardless of their circumstances or financial background.
If repayments are becoming difficult, there may be ways we can help ease some of the pressure while you get back on your feet.
Depending on your situation, support options may include:
Reducing your repayments for a period of time.
Pausing repayments temporarily.
Restructuring your loan over a longer term.
Changing repayments to interest-only for a period of time.
Reducing repayments to the minimum monthly amount.
Accessing available redraw funds.
Using funds available in an offset account, where applicable.
When you contact us, you'll speak with people who are here to listen without judgement and help you understand what support options may be available.
If you think you may need support, we encourage you to contact us as early as possible.
You don't need to wait until things feel unmanageable before reaching out.
Starting the conversation early may help give you more options and reduce financial stress.
Financial hardship arrangements may impact your Comprehensive Credit Report.
We encourage you to learn more about Comprehensive Credit Reporting so you can make informed decisions about your financial situation and available options.
Useful tools and resources
Managing your finances during tough times can get overwhelming, support and assistance is out there, and it's free. Following are some organisations that can help you.
Who | What they provide |
|---|---|
For tips and tools on managing money. | |
For free, independent financial counselling. | |
A mental health and wellbeing support organisation. | |
Provides free, 24-hour telephone crisis support services in Australia. | |
An external dispute resolution body who provide a fair and independent complaint resolution service. | |
For information in relation to financial hardship arrangements that impact your credit report. |
We're here to help
If you'd like to speak with us about financial difficulty support, our Customer Care team is here to help.
We'll listen respectfully, handle your information with care and work with you to understand what support options may be available.
Financial abuse support
If something about your financial situation feels unsafe or controlling, support is available.
Learn more about financial abuse support and available services.
Further reading: Australian Securities and Investments Commission (ASIC) MoneySmart financial hardship guidance. ASIC MoneySmart financial hardship guidance
Get in touch
Thank you for getting in touch.
Please check your email for next steps and our current timeframes.