Financial Hardship Assistance

If you are having trouble making your repayments or are concerned about managing your repayments in the future, please contact us as soon as possible. Financial hardship can happen to anyone, and we are here to help.

What is financial hardship?

There are many reasons why someone might experience financial hardship that impacts their ability to make loan repayments. Financial hardship can occur due to unforeseen circumstances or unexpected events, for example:

• Cost of living pressures
• Illness
• Unemployment
• Relationship breakdowns
• Family violence
• Natural disasters

To determine your eligibility for support and a financial hardship arrangement, we assess your individual circumstances, including factors such as your income, expenses, and debts.

How can I apply for financial hardship assistance?

Our goal is to gain a thorough understanding of your situation and review any supporting documentation to see how we can best help you. Please call our payments team on 1300 784 434 between 7.30am to 5.30pm AEST. You can also email us at financialassistance@firstmac.com.au with any information you would like to provide to us, and we will contact you for a further discussion. If you would like to provide us with more detailed information, you can download and fill out our Financial Hardship Form and send it to us by email or post.

Download Financial Hardship Form

Our financial hardship assistance process

Once we have received your request for assistance:

1. We will place all collection and enforcement activities on hold while we assess your request and until we have provided you with an outcome.
2. One of our team members will review your situation and contact you within 48 hours to discuss your individual circumstances.
3. If we require further information, we may ask you to complete a Hardship Application Form. We may also request supporting documents, such as:
   • A statement of financial position
   • Proof of employment or income
   • Medical certificates
4. We will only request information that is reasonably necessary to assess your Hardship Application and help us make an informed decision. You will have 21 days to provide the information and/or documents we have requested.
5. Once you provide the requested information and documents, we will assess your application and provide our decision to you in writing within 21 days.
6. If you have not provided the requested information or documents by the due date, we will assess your application based on the information we already have.

How we can help

We will look at your current financial position to work out the best options available for you. These may include:

• Temporary reductions to your repayments
• Deferred payments
• Periods of interest-only repayments
• Extension of loan term

What if my circumstances don’t change after receiving financial hardship assistance?

If you think you may require more financial hardship assistance than you originally requested, please contact us as soon as possible. We will re-assess your situation together with you. We may recommend that you seek financial advice through a free service.

What support services are available to me?

There are a range of services available that may be able to provide you with further information on how to manage your finances or provide you with some support or guidance.

Does financial hardship assistance affect my credit report?

Your credit report shows whether you have made your loan repayments on time over the past two years. If we provide you with financial hardship assistance and you meet the terms of that assistance, your credit report will show that you have made your repayments on time for the period of the arrangement. It will also include information that indicates you are in a financial hardship arrangement, which will remain on your credit report for one year after the end of your approved assistance and will then be removed. Your credit report will not include the reason for, or details of, your financial hardship assistance.

You can find more information on how financial hardship information may appear on your credit report by visiting the websites of the credit reporting bodies we use:

• Equifax: https://www.equifax.com.au/personal/financial-hardship-common-questions-answered
• Experian: https://www.experian.com.au/consumer/faqs/financial-hardship-assistance

What happens if my hardship application is declined

When you apply for financial hardship assistance, we assess information such as your income, assets, level of debt, and whether you are likely able to resume your regular repayments once the hardship period ends. In some cases, a hardship arrangement may not be suitable if we believe it will not improve your situation in a sustainable way. Where possible, we will discuss alternative options or arrangements with you.

If your application is declined and your circumstances change, you are encouraged to reapply for assistance

I am not satisfied with the outcome of my application for financial hardship assistance, what can I do?

You can make a complaint at any time to our Customer Relations Team on 13 12 20 or email customerrelations@firstmac.com.au. You can find out more about our complaints handling process here - https://www.firstmac.com.au/complaints-policy

If you are not satisfied with our response or handling of your complaint, you may seek independent help from the Australian Financial Complaints Authority (AFCA).

The contact details for AFCA are set out below.
Australian Financial Complaints Authority:
Online: www.afca.org.au
Email: info@afca.org.au
Phone: 1800 931 678 (freecall)
Mail: Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001