What if I am struggling to meet my loan repayments?
La Trobe Financial understands that there are many reasons you might find yourself unable to, or you are worried that you might be unable to, meet your loan repayments. Mortgage Help’s Financial Assistance Hub can assist you through your financial difficulty.
Common causes of financial difficulty include:
- changes to employment;
- changes in individual or family circumstances;
- reductions in income;
- injury, illness or the loss of a loved one;
- relationship breakdown or family violence;
- natural disaster, drought or pandemic;
- unexpected events or unforeseen changes; or
- anything else that is making it difficult to manage your repayments.
It is important that you contact us early so that we can discuss your situation and provide the best options available to you.
How can Mortgage Help’s Financial Assistance Hub help?
Our Financial Assistance Hub may be able to provide you with an alternative payment arrangement for a period of time, so you don’t get too far behind with your loan repayments. Our team will work with you to find the right solution for your situation. This may include:
- a period of reduced loan repayments, including interest-only payments;
- a deferral of loan repayments;
- an interest rate reduction on eligible loans;
- a loan term extension to reduce your monthly repayment amount; or
- making use of money in redraw to help manage your expenses or budget.
Whether your circumstances have temporarily changed, or you think your situation may be ongoing, please complete the Hardship Enquiry Form below as soon as you can. You can also email or call us using the contact details below. We can work with you to find the best possible solution.
What happens after I apply for assistance?
Once we receive your application for financial assistance, we may contact you for further information to help us determine how we can best support you, we may ask you for information regarding your current income, expenses, assets and liabilities, as well as request documentation in support of your current situation. Everything you tell us is assessed on a case-by-case basis and is confidential.
When will I know the outcome of my application?
Our dedicated team will assess your application based on the information you have provided. Sometimes we can assess an application without calling you. In other cases, we may need to speak with you to discuss the application before we can make our decision.
We may also need additional information from you, which may mean we are not able to fully assess your application until we have received the required information.
Once a decision has been made on your application, you (and any joint account holders) will receive a written notice to your nominated email address of the outcome (unless you have requested that we do not contact a joint account holder).
What if I need other external support services?
If you’re experiencing financial hardship, there are other external support services which you may find helpful. You can access these services directly, or speak to us about some our expert independent external partners. A list of key external support services is provided below:
- National Debt Helpline (1800 007 007);
- Beyond Blue (1300 224 636);
- Agent Select (1300 040 463);
- 1800RESPECT (1800 737 732 or text 0458 737 732); or
- 1800 ELDERHelp (1800 353 374)
Contact Mortgage Help’s Financial Assistance Hub:
Telephone: 1800 HELP FH (1800 435 734)
Email: [email protected]
8.30 am to 5.30 pm Monday to Friday (AEST)
Home Loan Payment Deferral Calculator
Find out the estimated changes to your home loan repayments after a pause in your home loan repayments*. To get started, you will need the following:
- Your current outstanding loan balance
- The interest rate you pay on your loan
- How many months/years remaining on your loan
*Important Information
This calculator is to be used as a guide only and should not be relied on. It is based on the limited information you have put into the calculator only. The result of this calculator does not take into account any fees and charges payable, is subject to assumptions which are subject to change and is prepared without reference to your loan or knowing your personal financial circumstances.
Before you take any action based on the results of this calculator, we recommend that you consult your financial adviser or counsellor. Please contact us if you need more information.