Financial Hardship -
We're here to help
Our members are a valued part of our community, and we are here to support you during uncertain times. If you experience financial difficulties, we encourage you to contact us quickly so we can work through your options together.
We're here to help
We're here to help you navigate life's ups and downs together. As many of our members deal with the growing health and financial challenges caused by the Coronavirus (COVID-19), our priority is clear: to support you where we can. We are open for business and will continue operating as we did through the Global Financial Crisis and any other challenges thrown our way.
You're not alone
Financial hardship is more common than you might think. Statistics from the National Financial Capability Strategy show that one in five Australians don’t have access to $2000 in an emergency. 1 If you experience financial difficulties, we encourage you to contact us quickly so we can work through your options together.
What is financial hardship?
Financial hardship refers to a situation where an individual has difficulty in maintaining their living expenses and paying their debts when they are due. Everyday events causing financial distress may include:
- injury or illness
- reduction of income due to unforeseen circumstances
- relationship breakdown
- domestic violence or financial abuse
- natural disasters such as a bushfire, flood or drought
- pandemics such as COVID-19
- depression or recession would impact employment or reduction of income due to unforeseen circumstances
How to apply
We'll need details about your account information and your situation by completing the Statement of Financial Position Form below as precisely as you can. Provide any supporting documents to assist our team assess your circumstance. Alternatively, call us or write to us and we can assist you.
Occasionally we’ll need you to provide supporting documentation. If this is the case, please provide this as quickly as possible and allow up to 21 days from the date you provide this information, for us to process your request. Generally, we can process your financial hardship assistance application over the phone.
To apply for hardship assistance, call us, email us or use our online contact form.
Other steps you can take
You may be able to claim against your loan protection, or income protection insurance policy, if you have one. For more information, contact your provider.
Chances are if you’ve made a habit of paying more than your minimum scheduled repayments, then you’ll have money available for redraw from your loan. If you have internet banking, you can view how much funds you have available to redraw. Note: You must have paid ahead by at least one full repayment to access your redraw online. Fees may apply
If you are ahead in your repayments you could consider pausing your repayments, the duration of the pause will be dependent on how many months in advance your repayments are. Contact us to find out more or request this.
Switching to interest only repayments on your home loan for a term may provide you with some cash flow relief. Your repayments will be lower as you are only repaying the interest, not the principle amount borrowed. Keep in mind that this is only a temporary measure, and you need to remember that at the end of the interest only term, your repayments could increase as you’ll need to repay the remaining loan amount over a shorter period.
Small and medium enterprises (SMEs) may be able to access a range of government support both nationally – and in your state/territory. You should also contact your accountant to enquire what tax concessions may be available to you.
This information was prepared by Easy Street for general information purposes only. Information current as at April 2020. You should not rely upon the material or information as a basis for making any business, financial or any other decisions. For the latest updates on support for small business, please refer to the Federal, state and territory government websites.