FINANCIAL DIFFICULTY

What is financial difficulty?

Financial difficulty is when a change in your circumstances means you are unable or will be unable in the future, to meet your existing financial obligations for a period of time. This may arise when:

You have lost your job, or there is a reduction in your income
You have an illness or medical expense
You have experienced a relationship breakdown or domestic violence
You experience a natural disaster or
You have a life event

Anyone can experience financial difficulties and other personal challenges, so it’s okay to need a little help sometimes. The earlier you get in touch with us, the better they’ll be able to understand your situation and offer you further support.

Here is some info to help you navigate through these moments together with additional support services you can access.

We have a dedicated team who are trained to work with you while you get back on your feet.

Contact the Customer Support Team on 1300 155 426 to discuss your situation if you are experiencing financial difficultly as soon as possible.

Dealing with unemployment

Being unemployed can be difficult. See below services to help you manage your finances and or find a new job.

The Centrelink Payment and Service Finder, is a useful tool to see what government payments or services you may be eligible for.

The Australian government’s Jobactive website can direct you to many jobs available in both the public and private sector. If you’re looking to start your own business, Jobactive has information on where and how to begin,.

myfuture, is an online resource designed by Education Services Australia to help shape your future and make the right career decisions. It has information on:

Losing a loved one

Losing a loved one can be a difficult time. You can easily manage your loved one’s financial affairs with us.

If you would like to notify multiple organisations of the passing of your loved one using a single online notification, contact the Australian Death Notification Service

Alternatively, as Advantedge is a part of National Australia Bank, you can notify us via the NAB website where you can find helpful information about the process of managing a loved one’s accounts, including who we can provide access and the information we may ask for and some of the other steps you might need to take.

If you’d prefer to speak with someone, call the NAB Bereavement Services team on 1300 911 451.

Managing Illness and Injury

Illness and injury might make it harder to earn an income and pay your bills. Depending on your circumstances, you may be entitled to a variety of payments from the Government, your employer and/or your insurance.

Government payments

If you're eligible, Government Payments and support services could help:

Employer payments

In some cases, you'll need to take time off work. It can pay to know if you're entitled to any sick and/or carer's leave go from your employer.

Early super withdrawal

If you're sick or injured, you might be able to access some of your super now, in order to help pay everyday and medical expenses. Learn more about accessing your super early.

Taking care of your mental health

Learn about the signs of depression and anxiety, so you’re aware of symptoms you may experience when ill or injured.

Support from loved ones

When you're unwell or injured, not wanting to see anyone, or do anything, is very normal. But it's important to remember that talking to (and spending time with) your family and friends is essential for your mental wellbeing.

Support from your GP

You may need your doctor's one-on-one support now, or sometime in the future. It's comforting to know you can always talk openly and honestly about your physical and mental health with your GP.

Support services

Find out about counselling and support services now. You can access them any time if you're feeling down or having a hard time coping.

Financial wellbeing

Improving and maintaining good financial health can help us cope with the rising cost of living, avoid financial stress, and achieve important financial goals. Here are some helpful steps to take to improve your financial wellbeing.

Work out a budget

Work out how much money is coming in and, how much you're spending. This can help you take charge of your situation.

Set a goal

Once you have sorted out your budget, you can better visualise some realistic goals. This might be to pay your credit card, save for a washing machine, buy a better car, or work towards a house deposit.

Start now

Once you have gotten a budget, goals and mapped out a financial plan, it's time to start.

Make a habit to include a dollar here, and there. This will add up and do wonders for your morale to see your debts dropping and your assets building.

Talk to a financial counsellor

There are also government-funded counselling services available in every state and territory to help you with your financial situation and regroup. These services are free, independent and confidential, and include:

Help with budgeting
Mapping out sustainable repayment plans
Talking to your creditors
Looking into government assistance

To find your nearest financial counselling services, go to the Financial Counselling Australia (FCA) website. You can also call them for free on 1800 007 007.

Problem Gambling

Problem gambling is characterised by difficulties in limiting money and/or time spent on gambling which leads to adverse consequences for the gambler, others, or for the community.

Problem gambling is a serious addiction that impacts many Australians. There are many misconceptions and stigma around problem gambling that results in people experiencing this problem feeling guilt and shame.

To speak to someone about gambling, Gambling Help Online provides free, confidential support for anyone affected by gambling. You can chat to a counsellor on line by visiting their website. You can also speak to a counsellor by calling Gambler's Helpline on 1800 858 858.

Difficulty making your home loan repayments

We understand that financial situations can change quickly. If you're having trouble making your home loan payments, we want to work with you to find a solution.

It can feel overwhelming, but financial difficulty can be managed. It's important that you contact us to let us know what you're facing as soon as you can, so we can discuss your options. We will:

treat every single customer fairly and individually
show understanding that loan repayments are not your only bills
be open and clear about your options
work to get you to the other side in the best possible position
start with the view that selling your home is a last resort, though it may be better for you to do so.

Having a discussion with us won't affect your credit rating or credit score.

How we can help

If you are experiencing trouble with your home loan repayments or experiencing financial difficulty, contact us as soon as you can so we can help. The type of assistance we may give you will depend on your circumstances. We will work with you to determine the most appropriate course of action.

You can contact our Customer Support Team on 1300 155 426 to discuss your situation if you are experiencing financial difficulty. We're available 8am to 6pm Monday to Friday (EST time).

Options that may be available

Please get in touch with us as soon as you know you can't make a payment, or if you're experiencing financial difficulties. We might also reach out to you if you miss a payment. If the missed payment is just an oversight, you can pay the overdue amount and you'll be back on track.

Otherwise, please get in touch with us so we can discuss options that might help, including agreeing on a financial hardship arrangement with you.

A financial hardship arrangement is an agreement between you and your lender to adjust your repayment obligations when something that has affected your ability to pay them.

There are two types of financial hardship arrangements

Temporary financial hardship arrangements which reduces or defers regular repayment for a period of time, e.g reduced payments for a couple of months or a deferral
Variation financial hardship arrangements which changes the terms of the loan e.g, in some cases, we may allow any overdue amount to be paid off over the remaining term of the loan.

Any hardship request is assessed on a case-by-case basis. As part of our assessment, we may ask you to provide us with more information, but we will only ask you for information that is necessary for us to provide you with support. Everything you tell us will be treated confidentially.

You can nominate someone to discuss your request for help if you prefer (e.g., a financial counsellor, friend, or family member).

Remember, if you're having trouble making your loan repayments call us on 1300 155 426 . We're available 8am to 6 pm Monday to Friday (EST time).

What is a credit report and credit score?

A credit report has information about your credit accounts (such as credit cards, home loans and personal loans), including the type of accounts and how many you have, and whether your repayments for the accounts are up-to-date on a month-by-month basis. If you’ve missed any repayments, it will show how many months you’re overdue.

This is known as your Repayment History Information (RHI) and stays on your credit report for 24 months. We give this information to credit reporting bodies Equifax, illion and Experian every month.

The information on your credit report is summarised to reflect a number known as a credit score. This score determines your creditworthiness, financial health and history, and gives an indication of how likely you may be to pay back your debt.

To find out more about credit reports and how credit scores are calculated, visit the Credit Smart website.

Financial hardship arrangements

A financial hardship arrangement is a way to make it easier for you to manage your payments. When you agree to a financial hardship arrangement (also known as a hardship support arrangement) with a credit provider, it shows other credit providers that you’ve taken steps to take control of your financial situation and you’re working with the credit provider to get back on track.

The information on your credit report about your hardship arrangement is known as Financial Hardship Information (FHI).

Although we’re required to report any financial hardship arrangements you have with us, we’ll never report the reason you asked for hardship support. Your financial hardship information can’t be used to calculate your credit score or as the sole reason a credit provider declines a credit application. Financial Hardship Information stays on your credit report for 12 months after the arrangement ends.

What do you report on my credit report during this hardship assistance?

Provided that you make the payments required during your support arrangement (if any), your credit report will show that a financial hardship arrangement was in place and that you met the terms of that arrangement. This will help improve your credit score. If you can’t pay on time, missed payments will show on your credit report as the number of months you’re overdue and can lower your credit score.

For the period that a financial hardship arrangement is in place, we'll report FHI to the credit reporting bodies. This shows that a financial hardship arrangement was agreed with you.

If you don't have any repayment obligations during your financial hardship arrangement at all (sometimes called a “payment break”), you'll be reported as up-to-date while the financial hardship arrangement remains in place.

What do you report on my credit report after the hardship assistance period?

Before and after the hardship assistance period ends, we'll report RHI against your standard repayment obligations under your credit contract (rather than against the terms of your financial hardship arrangement) to the credit reporting bodies. When we report RHI, we'll tell the credit reporting bodies if you are up-to-date with repayments under your credit contract or if you are overdue.

We provide this information to each of the credit reporting bodies we work with (Equifax, Experian, and illion) monthly. Credit providers might access the information to assess your creditworthiness if you’re applying for more credit.

If your account is overdue at the end of your hardship assistance period, this will be reflected in your RHI within 14 days of your hardship assistance ending unless we've agreed to provide further assistance. The RHI provided to credit reporting bodies will reflect how many months overdue the account is.

RHI reporting will remain on your credit report for 24 months. RHI can impact your credit score and credit providers might access this information to assess future lending applications.

What do you need to do?

We have a dedicated team who are trained to work with you while you get back on your feet. Contact the Customer Support Team on 1300 155 426 to discuss your situation if you are experiencing financial difficulty as soon as possible.

Important information

The type of assistance we may give you will depend on your circumstances. We may be able to delay repayments for a set time without extending the term of your contract.

Alternatively, you may request that we negotiate with you to postpone any further action that we may take against you if we have served you a default notice.

There is no guarantee that we will agree to change your contract or postpone any further action.

Hardship assistance under the National Credit Code

The National Credit Code applies to individuals and to strata corporations who entered into a regulated credit contract wholly or predominantly for:

personal, domestic or household purposes, or
purchasing, renovating or improving residential property for investment purposes (or refinancing credit previously provided for this purpose).

Under the Code, if you tell us that you’re unable, or will be unable, to make your repayments, we’re required to let you know within certain time periods whether we’ll assist you by changing the terms of your credit contract. We’ll also explain, in writing, any changes we’ve agreed to or why there’s been no agreement to changes.

If we don’t agree to change your credit contract, you have the right to:

Complain to the Australian Financial Complaints Authority (AFCA) if you don’t agree with our decision or the hardship support process. Any enforcement action by us is stayed (paused) while AFCA considers the matter.
Apply to the court seeking an order to change the terms of the credit contract. The court may, if it thinks appropriate, stay (pause) any enforcement action, while your court application is heard.

When AFCA or a court is considering your matter, we’ll be asked to explain to them why we didn’t agree to any changes to your credit contract, before they make their decision.

Dispute Resolution

If you don't agree, or feel our decision is not reasonable and fair, you can lodge a complaint with Advantedge or, as outlined above, with AFCA.

Any complaint to Advantedge can be made via the following contact details:

Phone: 1300 300 989

Email: complaints@advantedge.com.au

Fax: 61 (3) 8618 4464

Mail: Complaints and Disputes Resolution Officer Advantedge Financial Services Pty Ltd 700 Bourke Street, Docklands VIC 3008.

We provide AFCA details as follows:

Australian Financial Complaints Authority (AFCA) Website: www.afca.org.au

Email: info@afca.org.au Telephone: 1800 931 678 (free call)

In writing to: Australian Financial Complaints Authority GPO Box 3, Melbourne VIC 3001

More support options available to you

While we can help you with your Advantedge home loan, we can’t help with other bills or expenses. If you need assistance with payments for your utilities like electricity, water, or mobile phone, please reach out to those service providers and ask for assistance.

At times like these, it’s important to take care of your health and wellbeing. Consider whether it would help you or a loved one to speak with Beyond Blue, or Lifeline. We also support our customers with access to free, independent, and confidential counselling for all aspects of life – physical, mental, social, professional and financial.

Advantedge Financial Services Pty Ltd (Advantedge) ACN 130 012 930 Australian Credit Licence 391202. Advantedge distributes and manages loans funded by AFSH Nominees Pty Ltd ACN 143 937 437 Australian Credit Licence 391192 under the Advantedge Residential Loan Programme. Each entity is a member of the National Australia Bank Group.

National Australia Bank Limited does not guarantee the obligations of its subsidiaries.