Financial Difficulty & Hardship Support Hub
Experiencing financial difficulty can be stressful, overwhelming, and isolating — particularly when home loan repayments increase or your income changes unexpectedly.
If you are finding it difficult to meet your loan repayments, it’s important to know that support options and independent resources are available.
This page is designed to provide general information and guidance only, and to help you understand what steps are commonly available when financial hardship occurs.
Take Action Early
If you believe you may have trouble meeting your repayments, reaching out early can make a meaningful difference.
Your lender is often the first and most important point of contact when experiencing hardship. Lenders are required to consider hardship requests and may be able to discuss temporary support options depending on your circumstances.
These options can include:
- Temporary repayment pauses or reductions
- Short-term payment arrangements
- Changes to repayment timing
Each request is assessed individually, and outcomes will vary.
Understanding Hardship Support
Financial difficulty can be short-term or ongoing. Understanding the difference — and what options may exist — can help you make informed decisions.
This hub provides general information to help you:
- Understand what hardship assistance means
- Learn what questions to ask your lender
- Identify when professional or independent support may be appropriate
No credit advice or loan recommendations are provided on this page.
Important Note About Advice
Logan Home Loans does not provide credit advice, assist with hardship applications, or recommend loan products.
If you need personalised advice, you should speak directly with:
- Your lender, or
- An appropriately licensed and accredited mortgage broker, or
- A qualified financial counsellor
Free & Independent Support Services
If you are experiencing financial hardship, the following organisations provide free, confidential, and independent support:
Financial Guidance
MoneySmart (ASIC) – Tools and guidance to help manage money
Australian Banking Association – Financial Assistance Hub
Financial Counselling
National Debt Helpline – 1800 007 007
Way Forward – 1300 045 502
Community & Wellbeing Support
Salvation Army Doorways Program
Beyond Blue – Mental health support
1800 RESPECT – Family and domestic violence support
Government Services
Common Questions (General Information Only)
The following topics are provided for general education purposes:
What’s a payment deferral?
A payment deferral is a temporary arrangement where scheduled loan repayments are paused or reduced for a short period of time. This type of support is typically designed to assist borrowers who are experiencing temporary financial difficulty. Payment deferrals are assessed by lenders on a case-by-case basis and may involve specific conditions depending on the lender and the circumstances.
What happens to loan balances if repayments are paused?
When repayments are paused, the loan balance generally does not reduce during that time. In most cases, interest continues to be charged and is added to the loan balance. This means repayments may increase slightly once normal payments resume, or the loan term may be extended.
How does hardship assistance usually work?
First things first, while it’s important to understand what your options are in these difficult times, I urge you not to panic and spend hours on hold to your lender. Let’s look into your options first, I can help you navigate and understand what your options are during this time of financial hardship that many Australians are facing.
What is the difference between short-term relief and longer-term solutions?
There are a number of reasons you might consider refinancing. These may include:
Lower rates
Interest rates regularly change, as is the case in the current market, so if you have a variable rate or your fixed rate is due to expire, you may be able to negotiate a lower rate with your lender - or find one that will.
More bells, better whistles
Not all home loans are packaged equal. It can be worth looking at features and functionalities to see what could be useful for you. If you aren’t using features with your existing loan, switching to a more basic loan could potentially save you in fees.
Debt consolidation
If you have multiple debts, such as a personal loan, credit card or car loan, you may be able to roll them into your home loan. This consolidates your debt to one repayment and could save you in interest. We will consider the whole picture to determining if debt consolidation is right for you.
Free up money
Whether you need to free up money for a renovation, a new car or have another project in mind, if you have grown equity in your home, you may be able to refinance to access more money to fund it.
What options may landlords consider during hardship?
A common question I get asked is whether to refinance or if a payment deferral is the way to go. There are a few different options which all depend on your current situation and financial needs. I can help answer any questions you may have around this to see what the right option is for you.