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;
- making use of money in redraw to help manage your expenses or budget; or
- a combination of the above
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 we have all of the information we need, we’ll assess your hardship application promptly, typically within 21 days. 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).
Our aim is to support you with clarity and care throughout the process.
Will hardship assistance impact my credit score?
We understand how important your credit profile is. As we don’t currently participate in positive credit reporting, any hardship arrangement you enter into with us won’t impact your credit score. Our focus is on supporting you through tailored solutions without adding further stress to your financial journey.
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 or https://ndh.org.au
Free and independent financial counselling services across Australia. - AskIzzy – https://askizzy.org.au/
A website that connects people in need with housing, a meal, money help, family violence support, counselling and much more. - Foodbank – https://www.foodbank.org.au/vic/
Foodbank is the pantry to the charity sector, linking surplus food and groceries to people in need. - CreditSmart – https://www.creditsmart.org.au/financial-hardship
More information about financial hardship assistance if you are struggling to make repayments.
- 1800RESPECT – 1800 737 732 or text 0458 737 732 or https://1800respect.org.au/
Confidential telephone and online counselling for people impacted by domestic, family or sexual violence. - QLife (LGBTIQ+) – 1800 184 527 or https://qlife.org.au/
Telephone and online counselling service for LGBTIQ+ individuals impacted by domestic and family violence.
- Beyond Blue – 1300 224 636 or https://www.beyondblue.org.au/
24 hour telephone crisis support, mental health support and suicide prevention services.
- Lifeline – 13 11 14 or https://www.lifeline.org.au/
Crisis support and suicide prevention
- 1800 ELDERHelp – 1800 353 374
Free call phone number that automatically redirects callers seeking information and advice on elder abuse with local phone line services.
- Grief Australia – 1800 642 066 or https://www.grief.org.au/
Links to customers to counselling services nationwide.
- ASIC – Money Smart – https://moneysmart.gov.au/
Information and tools to help you manage your money, plan, invest or pay off debt. - Services Australia – https://www.servicesaustralia.gov.au/
Information on Government initiatives and payments such as Centrelink, Medicare, Child Care.
- Agent Select – 1300 040 463 or https://www.agentselect.com.au/
Independent and unbiased support for property sellers assisting them with finding top local real estate agents to sell your property anywhere in Australia.
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
If you have an interest only loan, you will also need details of the remaining months and years on your interest only term. If you’re unsure please contact one of our customer service representatives on 13 80 10 or email us at [email protected].
NOTE: For interest only home loans, select the interest-only period remaining not the original interest only period. Otherwise select Principal and Interest as the repayment type.
*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.