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ARTICLE · 10 APRIL 2020

COVID-19: Banking and personal finance

Norton Rose Fulbright Australia
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These FAQs explain financial assistance available for individuals and small businesses who require economic support.

AustraliaFinance and Banking
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What if I cannot meet my credit card or loan repayments?

There is a regulatory framework which might provide options if you are experiencing 'financial difficulty/financial hardship' which, according to the Banking Code of Practice, means you are unable to repay what you owe and are experiencing difficulty meeting your repayment obligations.

What options do I have if I can't repay my loan?

  1. Determine what changes you need to make to your debt contract.
  2. Contact the National Debt Helpline on 1800 007 007 for free financial counselling.
  3. If re-organising your financial arrangements to meet your loan repayments is not possible, a number of Australia's banks and mortgage lenders are offering support packages, which can include putting your home loan repayments on hold for six months, with interest capitalised.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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