Financial Hardship

For over 40 years, Illawarra Credit Union has kept our members’ money secure and our people safe from harm. This will never change, and together, we’re here to help you navigate life’s challenges together.

What is financial hardship? How we can help How to apply and what happens next? Steps you can take yourself

What is financial hardship?

Financial hardship refers to a situation where an individual has difficulty in maintaining their living expenses and paying their debts when they are due. Everyday events causing financial distress may include:

injury or illness
unemployment
reduction of income due to unforeseen circumstances
relationship breakdown
domestic violence or financial abuse
natural disasters such as a bushfire, flood or drought
pandemics such as COVID-19
depression or recession would impact employment or reduction of income due to unforeseen circumstances

Financial hardship is more common than you might think. Statistics from the National Financial Capability Strategy show that one in five Australians don’t have access to $2000 in an emergency.

How we can help

Our members are a valued part of our community, and we are here to support you even during uncertain times. If you experience financial difficulties, we encourage you to contact us quickly so we can work through your options together.

We’ll need details about:

your account information
your situation, which you can provide using our Statement of Financial Position Form, which is available here

To make sure your application is processed quickly, complete the Statement of Financial Position Form as precisely as you can, and provide any supporting documents to assist our team assess your circumstance. Alternatively, visit us, call us or write to us and we can assist you.

Family Violence Support

Visit our dedicated page on the Community First website for information on how we can help.

How to apply and what happens next?

There are several ways to apply for financial hardship assistance:

Call Illawarra Credit Union directly on 1300 132 249, Mon-Fri 8am – 8pm (AEST/AEDT) or 8am-3pm on Saturdays.
Submit a request through our online form.
Send an email to online@cu.com.au
Attend any of our stores

Generally, we can process your financial hardship assistance application over the phone.

Occasionally we’ll need you to provide supporting documentation. If this is the case, please provide this as quickly as possible and allow up to 21 days from the date you provide this information, for us to process your request.

Steps you can take yourself

Chances are if you’ve made a habit of paying more than your minimum scheduled repayments, then you’ll have money available for redraw from your loan. If you have internet banking, you can view how much funds you have available to redraw.

Sometimes fixed-rate loans have restrictions. However, at Illawarra Credit Union, our fixed and variable rate home loans come with the ability to redraw.

Note: You must have paid ahead by at least one full repayment to access your redraw online. Fees may apply.

If you are ahead in your repayments you could consider pausing your repayments, the duration of the pause will be dependent on how many months in advance your repayments are.

Call Illawarra Credit Union on 1300 132 249, Mon-Fri 8am – 8pm (AEST/AEDT) or 8am-3pm on Saturdays to request a repayment pause.

Switching to interest only repayments on your home loan for a term may provide you with some cash flow relief. Your repayments will be lower as you are only repaying the interest, not the principle amount borrowed. Keep in mind that this is only a temporary measure, and you need to remember that at the end of the interest only term, your repayments could increase as you’ll need to repay the remaining loan amount over a shorter period.

Small and medium enterprises (SMEs) may be able to access a range of government support both nationally – and in your state/territory. You should also contact your accountant to enquire what tax concessions may be available to you.

get in touch

Not sure what's the best fit for your needs? No worries. Get in touch with one of our banking specialists today.