A Simple Guide to Financial Assistance

Here are some examples of information you may need to share:

• Your loan number (if you know it)
• Reason for the assistance request – what has changed for you, if your circumstances are expected to change or improve in the future
• Can you afford to make any repayments now? (no matter how small)
• When you think you may be able to resume making repayments
• A summary of your current income, expenses, assets and liabilities
• Evidence of employment (e.g. payslips, employment contract, tax return)
• Evidence of income (e.g. account statements, Centrelink statement, social security payment details)
• Evidence of medical circumstances if relevant (e.g. medical certificate from a qualified medical practitioner, proof of assistance via the disability support pension)
• Any other relevant information required (e.g. separation statement, contract of sale, or consent from joint borrower).

When speaking with your lender make sure to take the opportunity to ask plenty of questions. It’s your chance to understand all your options and decide on the best course of action for you. You may find yourself overwhelmed with information at the time so consider any potential questions you may have prior to your conversation.

Some questions you may want to ask include:

• What extra information do I need to provide during this assistance application process?
• When will this repayment holiday start?
• Can you tell me what my repayments will be after the repayment holiday?
• What are the next steps if my assistance application is declined?
• What will happen if I am still not able to make my repayments at the end of the repayment holiday?
• Will your team check in with me on a regular basis? Or do I need to call you to inform you if my circumstances change?
• If my circumstances change during my repayment holiday, can I make voluntary payments? If so, how do I this?

Get back on track

If you’re on a repayment break with your lender, it’s a good idea to have a plan to get back on track with your repayments after the break. This could mean fast-tracking your road to recovery and achieving your financial goals.

If you are able to, you may want to consider:

Make some regular repayments: You may be able to make your post-break repayments more manageable by making some regular voluntary contributions while in a repayment break. Even a small amount each week or month can help reduce your repayments and the total interest paid over the loan term.

Cutting short your repayment holiday: Financial circumstances can change rapidly, and you may be able to start making repayments on your loan earlier than expected. If things do change and you can make your regular full repayments before the end of the repayment break, just get in touch with your lender.