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What can I do if I'm struggling financially?

If your bills and financial commitments are getting out of control there are various steps you can take. Taking action early can help stop a small problem becoming a big problem.

It is important to note that there is help available and our team of solicitors, accountants and mortgage brokers are here to point you in the right direction.

Consolidating debts into a more manageable repayment amount may be an option for you which we can help you explore. You can also discuss with your broker any options of interest rate savings that can be obtained by re-negotiating with your lender or choosing a lower rate product.

Regardless of your loan type (mortgage, credit card, personal loan) you are able to contact your lender or service provider. These lenders will have a financial hardship team that can guide you through your options and work out what help might work for you.

The options might include setting up a payment plan or altering your loan repayments. This is called a ‘financial hardship arrangement’. Your arrangement may be temporary, like deferring a payment, or permanent, like varying a loan.

You can ask for financial hardship assistance if you're struggling to pay:

  • rent or utility bills

  • mortgage repayments

  • credit cards or loans

  • home or car insurance premiums (or an excess, when making a claim)

  • life or health insurance premiums

There are some helpful free resources at

You can also call the National Debt Hotline for a free Financial Counselling consultation on 1800 007 007

Experiencing financial stress can impact your mental health.

If you're concerned about your mental wellbeing, help is available. Contact Beyond Blue on 1300 22 46 36 (24 hours a day). Or use Beyond Blue's web chat (24 hours a day).


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