Financial Assistance

You can apply to defer or temporarily reduce your home loan repayments if you are experiencing financial stress.*

If you’re ahead on your repayments, you might want to consider fee-free redrawing of your extra repayments to support you during this time.

*Please note that if you defer or reduce your home loan repayments, interest will continue to be added to your loan balance. This means that your loan balance will progressively increase.

You can still redraw any additional payments you’ve made while your repayments are deferred/reduced, but please be aware this will mean the total amount of interest you pay over the life of the loan will increase slightly.

If you are considering a repayment deferral and would like to discuss your options, please contact 1800 110 440 and select option 2 for the Financial Assistance team.

If you are calling from outside Australia, please dial +61 731 833 502 and select option 6, then option 2, and finally option 2 again.

Repayment relief and other assistance options are available to customers on request and are reviewed on a case-by-case basis. As an example, we can temporarily reduce your repayment amount or defer your repayments for an agreed period of time.*

*Please note that if you defer or reduce your personal loan repayments, interest will continue to be added to your loan balance. This means that your loan balance will progressively increase.

Please also be aware that the total amount of interest you pay over the life of the loan will increase slightly.

Are you ahead of your scheduled loan payments?

Some of our customers may be ahead of their scheduled personal loan repayments. If you are ahead on your repayments and have a product that supports redraw, you might want to consider fee-free redrawing of your extra repayments to support you during this time.

If you wish to discuss your financial assistance options further, please call us on 1800 110 440 and select option 2 for the Financial Assistance Team.

We can help in a number of ways, including waiving late fees on credit card repayments. Other assistance options (including repayment relief) may also be available for customers experiencing financial stress. Repayment relief is available on request and will be reviewed on a case-by-case basis.

Repayment relief is available for small business customers. We can also extend your loan term to ease the pressure and minimise the increase to your repayments when they resume.

Please note that if you defer or reduce your business loan repayments, interest will continue to be added to your loan balance. This means that your loan balance will progressively increase.

If you need to discuss your options further, please call us on 1800 110 440 and select option 2 for the Financial Assistance Team.

Repayment relief is available for Business+ customers.

If you’re having trouble with your repayments, please get in touch through Chat in Business+ online or the Business+ app, or by calling us on 1800 413 638 so we can work through the problem together.

Please note that if your request for relief is approved, it may increase the total amount you pay over the life of the loan. For instance, if you request to defer or reduce your Business+ loan repayments, interest will continue to be added to your loan balance. This means what you owe, will progressively increase.

Once you are approved, you will receive a letter detailing your new repayment amount and the date your payments will recommence.

It is important to understand that your minimum repayment amount after the repayment deferral (sometimes called a “repayment holiday”) ends will be different to before you applied. This is because during a repayment deferral, interest continues to be added to your loan balance and therefore your loan balance will progressively increase.

Your repayments are then recalculated on the loan balance at the end of the deferral period to ensure you still repay your loan over the approved term. You may be able to apply for an extension on your loan term; however, you should be aware that this will affect the total amount of interest you will pay for the life of the loan.

If you need more information or wish to discuss your options, please call us on 1800 110 440 and select option 2 for the Financial Assistance Team.

If you’re unable to recommence your repayments, please call us on 1800 110 440 to discuss further support options such as making partial payments.

We recommend restarting your loan repayments as soon as possible - even if only on reduced payments. This will help you save on interest in the long term.

You may have insurance cover for events of illness or involuntary unemployment. This could be through an income protection policy, a policy linked to your superannuation, or you may have purchased loan repayment insurance.

If you purchased loan repayment insurance with your Great Southern Bank loan, contact the Credicorp claims team on (07) 3552 4289 to see whether you’re eligible to make a claim.