Way Forward

𝐒𝐭𝐫𝐮𝐠𝐠𝐥𝐢𝐧𝐠 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮𝐫 𝐦𝐨𝐫𝐭𝐠𝐚𝐠𝐞? 𝐇𝐞𝐫𝐞’𝐬 𝐰𝐡𝐚𝐭 𝐭𝐨 𝐤𝐧𝐨𝐰.

If you’re having trouble meeting your home loan repayments, you can ask your lender for a financial hardship arrangement.
If an arrangement is agreed and you keep up with the revised repayments:
• Your repayment history will show as up to date during that period.
• A note that you were in hardship will appear on your credit report, but the reason is not included.
• This hardship information stays on your report for 12 months after the arrangement ends.

Importantly, a hardship arrangement cannot be used in calculating your credit score, but lenders may take it into account when assessing future applications.
Lenders are required under the credit laws to consider requests for hardship assistance.

Need help?
The National Debt Helpline offers free, independent advice from qualified financial counsellors: 📞 1800 007 007

If you are struggling with household or personal debt, Way Forward may be able to help. Way Forward is a free not-for-profit service.

Find out more here: www.wayforward.org.au or watch our helpful short videos here: www.wayforward.org.au/video-explainers

Nearly half of Australians with debt are struggling to keep up with repayments, yet many still aren’t asking for help.

A 2024 report from ASIC’s Moneysmart found that 47% of adults with debt (around 5.8 million people) faced repayment difficulties over the past year, driven by cost-of-living pressures, reduced income and unexpected expenses.

Lenders are legally required to consider requests for support from people experiencing financial hardship.

More than half of Australians don’t realise they’re entitled to assistance, while others are unsure where to go or whom to trust.

Stress, shame, and feelings of failure further deter people from seeking help, with many experiencing anxiety and loss of sleep.

Misconceptions also persist, including fears about higher costs, credit score impacts or limited support.

Key points about asking for help:
• You have a legal right to request financial hardship assistance from your lender
• Contact your bank or lender early if you’re struggling with repayments
• If you’re unhappy with the response, make a complaint to the lender
• Escalate unresolved issues to the Australian Financial Complaints Authority

If you would like to know more or are seeking support:
National Debt Helpline: 1800 007 007
Way Forward Debt Solutions: www.wayforward.org.au