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Anyone can experience financial stress and hardship

Financial stress can feel overwhelming, but there are a number of options for support to help get you through.

Great Southern Bank customers with home loans, business loans, personal loans, and credit cards can apply for financial assistance.

We offer a range of repayment options for our products with the goal of finding solutions that best accommodate your circumstances.

Struggling to make ends meet can lead to other problems such as increasing debt, relationship stress, and health issues, but there are people and programs that can help.

Further resources are listed at the bottom of this page which may assist with problems associated with financial stress.

We recognise that financial hardship can be caused by a range of reasons, including:

Are you feeling the pinch of recent increases in interest rates and household expenses?

Financial assistance may be available to you if you’re struggling to meet your repayments.

If you’re in a position where you can meet your repayments, you might wish to explore alternative solutions which may help improve your financial situation.

Home loans: speak to a home loan specialist about your options on 133 282.

Personal loans and credit cards: managing multiple debts can be tough. Depending on your individual circumstances, a personal loan for debt consolidation may help you take control of your finances.

Independent financial advice: contact the National Debt Helpline on 1800 007 007 for free, independent and confidential advice.

How we can help

Financial assistance can vary depending on your circumstances and the product(s) you have with us. Typically, financial assistance is available for Great Southern Bank Home Loans, Personal Loans, and Credit Cards.

Information on specific Great Southern Bank products, repayment relief options, and terms and conditions are outlined below to help you find the best possible solution for your circumstances.

How to apply for Financial Assistance

Home loan assistance

You can apply to defer or temporarily reduce your home loan repayments if you are experiencing financial stress.*

If you’re ahead on your repayments, you might want to consider fee-free redrawing of your extra repayments to support you during this time.

    *Please note that if you defer or reduce your home loan repayments, interest will continue to be added to your loan balance. This means that your loan balance will progressively increase.

    You can still redraw any additional payments you’ve made while your repayments are deferred/reduced, but please be aware this will mean the total amount of interest you pay over the life of the loan will increase slightly.

    If you are considering a repayment deferral and would like to discuss your options, please contact 1800 110 440 and select option 2 for the Financial Assistance team.

    If you are calling from outside Australia, please dial +61 731 833 502 and select option 6, then option 2, and finally option 2 again.

    Personal loan assistance

    Repayment relief and other assistance options are available to customers on request and are reviewed on a case-by-case basis. As an example, we can temporarily reduce your repayment amount or defer your repayments for an agreed period of time.*

    *Please note that if you defer or reduce your personal loan repayments, interest will continue to be added to your loan balance. This means that your loan balance will progressively increase.

    Please also be aware that the total amount of interest you pay over the life of the loan will increase slightly.

    Are you ahead of your scheduled loan payments?

    Some of our customers may be ahead of their scheduled personal loan repayments. If you are ahead on your repayments and have a product that supports redraw, you might want to consider fee-free redrawing of your extra repayments to support you during this time.

    If you wish to discuss your financial assistance options further, please call us on 1800 110 440 and select option 2 for the Financial Assistance Team.

    Credit card assistance

    We can help in a number of ways, including waiving late fees on credit card repayments. Other assistance options (including repayment relief) may also be available for customers experiencing financial stress. Repayment relief is available on request and will be reviewed on a case-by-case basis.

    Business loan assistance

    Repayment relief is available for small business customers. We can also extend your loan term to ease the pressure and minimise the increase to your repayments when they resume.

    Please note that if you defer or reduce your business loan repayments, interest will continue to be added to your loan balance. This means that your loan balance will progressively increase.

    If you need to discuss your options further, please call us on 1800 110 440 and select option 2 for the Financial Assistance Team.

    FAQs for those applying for Financial Assistance

    How will it affect my credit report?

    Repayment History Information (RHI) is reported against each of your loans and shows when you fall behind on your repayments.  RHI presents on your credit report as the number of months you were behind on your repayments at a particular point in time.  It stays on your credit report for 24 months.

    Financial Hardship Information (FHI) only presents when you agree with Great Southern Bank to formally defer or change your obligations as a result of financial hardship.  Examples include pausing your repayments, extending your loan term, or capitalising arrears.  FHI takes one of two forms:

    ·        ‘A’, which shows in a month when there was a temporary arrangement or repayment deferral agreed; or

    ·        ‘V’, which shows when a permanent change to your loan contract was agreed.

    FHI stays on your credit report for 12 months. If we change your obligations as a result of financial hardship, your repayment history information will be reported against your newly-agreed obligations. This means that as long as you comply with the new obligations, your RHI will be reported as zero, indicating that you are up to date with your repayments.

    However, if there are still arrears at the end of your assistance term, these overdue repayments will be recorded in your credit report.

    Visit our comprehensive credit reporting page for more information.

    How will it affect my repayments?

    Once you are approved, you will receive a letter detailing your new repayment amount and the date your payments will recommence.

    It is important to understand that your minimum repayment amount after the repayment deferral (sometimes called a “repayment holiday”) ends will be different to before you applied. This is because during a repayment deferral, interest continues to be added to your loan balance and therefore your loan balance will progressively increase.

    Your repayments are then recalculated on the loan balance at the end of the deferral period to ensure you still repay your loan over the approved term. You may be able to apply for an extension on your loan term; however, you should be aware that this will affect the total amount of interest you will pay for the life of the loan.

    If you need more information or wish to discuss your options, please call us on 1800 110 440 and select option 2 for the Financial Assistance Team.

    What happens when my Financial Assistance is about to expire?

    You will receive a letter with the date your repayments resume and the revised repayment amount. You may also want to set up an automatic transfer to re-start your payments on the date specified.

    What if I am unable to re-start my repayments?

    If you’re unable to recommence your repayments, please call us on 1800 110 440 to discuss further support options such as making partial payments.

    We recommend restarting your loan repayments as soon as possible - even if only on reduced payments. This will help you save on interest in the long term.

    Could insurance help?

    You may have insurance cover for events of illness or involuntary unemployment. This could be through an income protection policy, a policy linked to your superannuation, or you may have purchased loan repayment insurance.

    If you purchased loan repayment insurance with your Great Southern Bank loan, contact the Credicorp claims team on (07) 3552 4289 to see whether you’re eligible to make a claim.

    How to apply for assistance
    Our Financial Assistance application is meant to give us as much information about your financial situation as possible, because the better we understand your circumstances, the better we can assist you with options.
    The process
    1. Complete the form
    If at any time you feel like you’d rather talk to somebody instead, call us on 1800 110 440 and select option 2 for the Financial Assistance Team.
    2. We’ll contact you
    Within 21 days to assess your request and provide you with an outcome or request further information, if needed.
    Eligibility
    Eligibility and application requirements
    • Your personal details, including Great Southern Bank customer number and account numbers
    • Your income details
    • Details of your monthly expenses
    • Details of what you own
    • Details of what you owe

    More support resources

    Financial Counselling

    Contact the National Debt Helpline for free, independent and confidential advice if you are experiencing financial difficulty.

    1800 007 007

    Services Australia

    Helpful information about Federal Government initiatives such as Centrelink, Medicare, Child Care, Social Work Services.

    13 28 50 (multilingual 13 12 02)

    MoneySmart

    Australian Securities and Investments Commission (ASIC) runs this free service with easy-to-use tools to help you manage your money, plan, invest, or pay off debt.

    Australian Financial Security Authority

    Useful information and statistics, as well as application forms for managing debts and insolvency in Australia.

    1300 364 785

    Ask Izzy

    Ask Izzy is a mobile website which connects people to nearby housing, meals, money help, health services and crisis support. Search over 370,000 support services across Australia. Local listings. Free & anonymous. 360,000 services. 24/7 service.

    Debt Management Firms

    Australian Securities and Investments Commission (ASIC) provides important information and warnings for consumers about the use of credit / debt management and repair firms.

    Important Information

    Conditions apply. This is general information and does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting on it.