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What is financial hardship?
Financial hardship is when a change in your circumstances makes you unable to meet your existing financial obligations for a period of time.
This may arise when:
- You’ve lost your job, or there is a material reduction in your income;
- You have an unexpected illness or medical expense;
- You experience a relationship breakdown;
- You experience a natural disaster; or
- You think you might be unable to make your repayments in the future due to some event.
Life has its ups and downs which can be difficult to navigate when they’re unplanned. Here is some info to help you navigate through these unplanned moments together with additional support services you can access.
Losing a loved one
Losing a loved one can be a difficult time. You can easily manage your loved one’s financial affairs with us.
If you would like to notify multiple organisations of the passing of your loved one using a single online notification, contact the Australian Death Notification Service.
Alternatively, as ubank is a part of National Australia Bank (NAB), you can notify us via the NAB website where you can find helpful information about the process of managing a loved one’s accounts, including who we can provide access to, the information we may ask for, and some of the other steps you might need to take.
If you’d prefer to speak with someone, call the NAB Bereavement Services team on 1300 911 451.
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Managing illness and injury
Illness and injury might make it harder to earn an income and pay your bills. You could be entitled to a variety of payments from government, your employer and your insurance.
Government payments
If you’re eligible, these government payments and support services could help:
Employer payments
In some cases, you’ll need to take time off work. It can pay to know if you’re entitled to any sick and/or carer’s leave from your employer.
Early super withdrawal
If you're sick or injured, you might be able to access some of your super now, in order to help pay everyday and medical expenses. Learn more about accessing your super early.
Taking care of your mental health
When you’re unwell or injured. It is normal not to want to see anyone or do anything. But it’s important to remember that talking to (and spending time with) your family and friends is essential for your mental wellbeing.
Support from loved ones
When you’re unwell or injured, not wanting to see anyone, or do anything, is very normal. But it's important to remember that talking to (and spending time with) your family and friends is essential for your mental wellbeing.
Support from your GP
You may need your doctor’s one-on-one support now, or sometime in the future. It’s comforting to know you can always talk openly and honestly about your physical and mental health with your GP.
Mental health awareness
Learn about the signs of depression and anxiety so you’re aware of symptoms you may experience when ill or injured.
Support services
Find out about counselling and support services now. You can access them any time if you’re feeling down or having a hard time coping.
Dealing with unemployment
Losing your job can be a life-changing event, especially if you don’t have the security of a redundancy payout. Positive steps you can take include:
Applying for unemployment benefits
You might be able to apply for JobSeeker payments from the government after you’ve been unemployed for six weeks. There’s no shame in claiming benefits. It’s a financial assistance tool to help cover your expenses while you’re looking for work – and you’ve paid taxes to earn it.
Getting outstanding employer payments
If you think your employer owes you unpaid wages, unpaid leave, redundancy pay, or payment in lieu of notice, contact the https://www.fairwork.gov.au/. They can help make sure you’re not missing out on any money you may be legally entitled to.
Getting your debt under control
Paying the mortgage or rent and keeping on top of bills can become difficult, but our budgeting and saving tips can help ease the burden. There is also free financial counselling available through the https://ndh.org.au/.
If you’re struggling to pay bills, you may want to discuss financial hardship assistance with your service providers or lenders. They might be able to give you some flexibility on due dates.
Difficulty making your home loan repayments
We understand that financial situations can change quickly. If you’re having trouble making your home loan payments, we want to work with you to find a solution.
It can feel overwhelming, but financial difficulty can be managed. It’s important that you contact us to let us know what you’re facing as soon as you can, so we can discuss your options. We will:
- treat every single customer fairly and individually
- show understanding that loan repayments are not your only bills
- be open and clear about your options
- work to get you to the other side in the best possible position
- start with the view that selling your home is a last resort, though it may be better for you to do so.
Having a discussion with us won’t affect your credit rating or credit score.
How we can help
If you are having trouble with your loan repayments or having financial difficulty, contact us as soon as you can so we can help. The type of assistance we may give you will depend on your circumstances. We will work with you to determine the most appropriate course of action.
You can submit an online form and we’ll endeavour to process your application within 5 business days. Alternatively, you can contact us on 1300 144 550 (or +61 3 9322 6492 if you are calling from overseas). We’re available between 8 am and 6 pm Monday to Friday (Sydney time).
Options that may be available
Please get in touch with us as soon as you know you can’t make a payment, of if you’re having financial difficulties. We might also reach out to you – we’ll remind you by SMS or email if you miss a payment. If the missed payment is just an oversight, you can pay the overdue amount and you’ll be back on track.
Otherwise, please get in touch with so we can discuss options that might help. Everything you tell us will be treated confidentially. We can work with you to discuss whether a hardship application may be suitable. These applications are assessed on a case-by-case basis. As part of our assessment, we may ask you to provide us with more information, but we will only ask you for information that is necessary for us to provide you with support.
You can nominate someone to discuss your request for help if you prefer (e.g., a financial counsellor, friend, or family member).
Remember, if you’re having trouble making your loan repayments call us on 1300 144 550. We’re available between 8 am and 8 pm Monday to Friday and between 8 am and 6 pm on Saturday and Sunday (Sydney time).
Financial wellbeing
Improving and maintaining good financial health can help us cope with the rising cost of living, avoid financial stress, and achieve important financial goals. Here are some helpful steps to take to improve your financial wellbeing.
Work out a budget
Get ahead with our In & Out feature to work out how much money is coming in and, how much you’re spending. This can help you take charge of your situation.
Set a goal
Once you have sorted out your budget, you can better visualise some realistic goals. This might be to pay your credit card, save for a washing machine, buy a better car, or work towards a house deposit.
Start now
Once you have gotten a budget, goals and mapped out a financial plan, it’s time to start.
Make a habit to include a dollar here, and there. This will add up and do wonders for your morale to see your debts dropping and your assets building.
Talk to a financial counsellor
There are also government-funded counselling services available in every state and territory to help you with your financial situation and regroup. These services are free, independent and confidential, and include:
- Help with budgeting
- Mapping out sustainable repayment plans
- Talking to your creditors
- Looking into government assistance
To find your nearest financial counselling services, go to the https://www.financialcounsellingaustralia.org.au/. You can also call them for free on 1800 007 007.
Problem Gambling
Problem gambling is characterised by difficulties in limiting money and/or time spent on gambling which leads to adverse consequences for the gambler, others, or for the community.
Problem gambling is a serious addiction that impacts many Australians. There are many misconceptions and stigma around problem gambling that results in people experiencing this problem feeling guilt and shame.
To speak to someone about gambling, Gambling Help Online provides free, confidential support for anyone affected by gambling. You can chat to a counsellor online by visiting gamblinghelponline.org.au. You can also speak to a counsellor by calling Gambler’s Helpline on 1800 858 858.
How we can help
If you’d like to lock your Visa card, or if gambling is causing financial hardship and may be impacting your ability to meet your loan payments, you can contact us on 13 30 80 (or +612 9070 0202 if you’re overseas) for a confidential and supportive discussion. We’re available between 8 am and 8 pm Monday to Friday and between 8 am and 6 pm on Saturday and Sunday (Sydney time).
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