Support for Financial Difficulties

It’s okay to need a little help sometimes. If you're facing financial difficulties, contacting your lender early can make a real difference.

AFIA members are committed to providing financial hardship assistance. Many have specialist teams in place to tailor assistance to your circumstances and assist you get financially back on track. In most cases, the support required is only temporary, so the earlier you get in touch with your lender, the sooner suitable options can be put in place.

How To Get Help
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How to get help from AFIA members

Some situations that might cause financial stress include losing your job or being retrenched, a downturn in your business, unexpected events, loss of a loved one, a major change in your circumstances, juggling expenses or not being able to deal with the increasing costs of living.  If you are experiencing financial difficulty, reach out early to your bank or lender. To help prepare you, here are some points to consider:

Assess your financial position

Review your income and expenses to understand how much you can repay, what expenses are a priority and where you may be able to cut some of your expenses.

There are many tools available to help you track your expenses (see Tools & Support section below).

Talk to your lender

Call your lender and let them know you are in financial hardship. Be prepared to discuss your current situation and what’s contributing to your circumstances. Have information on your income ready (eg payslips, social security payments) and details on your expenses including any changes you have made before contacting the lender.

Be open and honest with your lender so they can provide you with the most suitable options. Continue to communicate and exchange information with your lender to ensure any plans put in place are right for you.

AFIA members who are signatories to AFIA Codes of Practice are committed to providing you with financial hardship assistance.

Where to get help

In addition to reaching out to your lender or service provider, other organisations and services that may be able to help you get back on track include:

AFCA

We provide consumers and small businesses with fair, free and independent dispute resolution for financial complaints.

Consumer Action Law Centre

Free legal advice and litigation on behalf of vulnerable and disadvantaged consumers across Victoria.

Financial Counselling Australia

Peak body for financial counsellors in Australia.

Financial Rights Legal Centre

Free independent community legal centre providing legal advice and financial counselling for people in financial stress.

First Nations Foundation

Indigenous financial wellbeing foundation working throughout Australia with Indigenous communities and the finance industry to provide customer centric financial education, training and information.

Good Shepherd Australia

Support for women and girls experiencing abuse and disadvantage.

Mob Strong Debt Help

Free nationwide legal advice and financial counselling service for Aboriginal and Torres Strait Islander people.

Moneycare - Financial Counselling Services

The Salvation Army’s free and confidential financial counselling service is available to support anyone who would like to improve their financial situation or is looking for help with budgeting their money.

Moneysmart

Free calculators and tips to help you take control of your money and build a better life.

National Debt Helpline

Useful comprehensive and clear step-by-step guides to solve common debt problems.

Services Australia

Government payments and services.

Way Forward

Free assistance to people in financial hardship but who still have income, by helping them to get out of debt faster.

If you are a small business owner

In addition to reaching out to your lender or service provider, other organisations and services that may be able to assist you include: