Financial Hardship

If you're facing financial difficulty, we may be able to help.

Financial Hardship Assistance

We are here to help. 

We understand that members may experience financial hardship arising from many causes including COVID-19.  If you are concerned about your financial position we can assist you.  
There are a number of things we can do;

For members with Home and Personal Loans;

  • Pause your home loan or personal loan repayments for up to 6 months. You can re-start payments if circumstances change during that time
  • Reduce loan repayments to an amount more manageable, for example, interest only repayments 
  • If Re-draw is available you will be able to Re-draw on any accelerated payments you have made online. Please refer to your loan contract for terms and conditions related to accessing Re-draw from your loan 
  • If you are currently paying above the minimum required repayment amount, we can reduce your repayment amount

For members with 3rd party Credit Cards, Personal Loans and Pay later facilities

  • Payout all your outstanding Personal loans, credit card balances and Pay later facilities onto a low rate personal loan.
  • Transfer 3rd party credit and store card balances onto a new Low Rate Visa Credit Card.

For members seeking to protect Savings

  • Australian Military Bank term deposits are protected by The Australian Government Guarantee for amounts up to $250,000. 

We encourage members who may be facing difficulties to contact us on 1800 855 810, sooner rather than later.  Our call centre operates between 8am-6pm Monday to Friday and between 9am and noon on Saturdays. 

If payments fall into arrears without prior notice your credit history may be impacted.  If you notify us in advance your credit history will not be effected. Making suitable adjustments now may reduce the impact of hardship later.

Please note that adjustments to your home loan, personal loan, credit card and savings are subject to terms and conditions and lending criteria. 

Other help available 

The financial contribution made to the household expenses made by you or a family member may be changing due to reduced hours of work, being stood down or business closures.

For some the impact may only be temporary but others may have no idea when there will be a return to stable income.  

While the Australian Government has put some protections in place like no forced evictions and stimulus payments to eligible individuals, you may need to make more substantial plans to accommodate changed circumstances.   
Here’s some actions you can take; 

Jobseeker Support:  If your income has fallen or ceased our may be eligible for immediate income support from The Australian Government.  Payments have been increased in line with the COVID 19 stimulus package.  Apply here

Rent:  The Australian Government offers rent assistance to eligible individuals.  You can learn more here.

MYGOV: If your family income has changed you may be eligible for the family tax benefit, concession cards and concession travel.  You can explore your eligibility for schemes on the MYGOV website.

Utility Relief: Providers of utilities like electricity, gas, telephone and internet have relief assistance in place.  Make contact with each of your providers and explore what they are offering. 

Superannuation Access:  The Australian Government is also allowing individuals in financial stress due to COVID-19 to access up to $10,000 of their superannuation in 2019-2020 and a further $10,000 in 2020-2021.  You can learn more about this option here.

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