Financial hardship

Use our Credit Assistance service to discuss financial difficulties you are experiencing or that you may anticipate.

Facing financial difficulty? We’re here to help

At Teachers Mutual Bank, we understand that life doesn’t always go to plan. Unexpected events or changes to your personal situation can quickly impact your finances, making it challenging to keep up with your commitments and manage your debts.

There are a wide range of factors that can lead to financial stress, such as

Cost of living pressures
Changes in employment or income
Changes to your physical or mental health
Changes in personal relationships, such as separation or loss of a loved one
Family and domestic violence

When Members are faced with challenges like these, we’re here to help and committed to finding financial solutions and assistance that can work for you.

Learn more about financial stress

Experiencing challenging health?

A serious illness, health condition, or injury can have an immediate or potentially life-long impact on your financial wellbeing and your quality of life. In Australia, the most common serious illnesses and health conditions in 2022 included:

Mental health and behavioural conditions
Back problems
Arthritis
Asthma
Diabetes
Heart, stroke, and vascular disease
Osteoporosis
Chronic obstructive pulmonary disease
Cancer
Kidney disease

The diagnosis of a serious illness or a sudden injury can leave people feeling overwhelmed and worried about the future. We understand that every person’s experience is unique, and so are their financial situations. If health issues are impacting your finances, please ask how we can help.

Has your relationship status changed?

When relationships change, the impact on your financial situation can feel overwhelming.

If you need support or guidance to keep your finances on track (or get them on a new path) please reach out. Recommended options for you could include scheduling an appointment with a financial planner or accountant, applying for Financial Hardship, or guidance on creating a budget for yourself.

Have you lost your loved one?

Recovering after the loss of a partner takes time. And often a very long time. Through this emotional and challenging part of life, we’re here to provide the support you may need. We can assist you in managing the accounts they held with us and help you take practical steps to achieving your own financial security, if you want that guidance.

For additional support around both the practical and emotional aspects of losing your partner, visit our Deceased Estate FAQs or check out our support resources.

Impacted by family and domestic violence?

If you are impacted by domestic and family violence, your safety and well-being are our top priority. We understand that your privacy is essential and any inquiries will be handled with confidentiality and respect.

We offer a range of resources and assistance for Members to help you through this challenging time including:

Confidential support services and hotlines.
Financial assistance options to help with immediate needs.
Customised payment arrangements and flexibility on loans.
Safe access to accounts and information.
Resources for legal and counselling services.

How we can help you

Please note Financial Hardship assistance is only available to Members who hold a credit product with the Bank.

If you are facing financial difficulty, the sooner you speak with us, the more options for support and assistance may be available to you. We’re here to help members as best we can, and may also help you connect to other organisations who may be able to provide assistance.

Depending on your situation, you may qualify for a range of practical options that could include:

Waiving or pausing fees and charges
Tailored loan payment arrangements, including options to pause or reduce repayments
Early access to Term Deposits (min 31 days notice)
Switching to interest only on your home loans for a period of time
Government grants and support if you are impacted by a declared natural disaster

How to apply for financial assistance

Apply online

Email or post

Fill out the Financial Hardship application form and return via email or post.

Download the form

Call us 1800 862 265

Call us and ask to speak to someone about ‘financial difficulty’

Missed or late payments may affect your credit score

When your personal circumstances change, it’s important to reach out before it impacts your financial situation, even if it’s only temporary.

Missed or late payments not only lead to additional charges, such as late fees, they may also affect your credit score, or put assets like your property or car at risk. If you qualify for Financial Hardship assistance your credit score will not be affected.

To understand your credit score and how we report to credit reporting bodies, visit the Comprehensive Credit Reporting page for more information.

Pausing your home loan repayments

We can show you how you may be able to pause your home loan repayments for up to three months if you are adopting, taking maternity, paternity or carer’s leave or impacted by a natural disaster. This is called a Repayment Pause. During the pause period, interest will continue to be added to your loan, but you will have the time to make a plan and get your finances back on track. Please note your mortgage account must not be in arrears.

Learn more

Struggling with credit card debt? You’re not alone.

Here are some steps that you could take to help start reducing your credit card debt.

What info do you need to provide?

What has happened to cause you financial difficulty?

What is your income (the amount you earn or are paid) and your expenses (the amount you spend)?

What are your assets (the things you own) and your liabilities (what you owe)?

What is your plan, including the timeframe, to manage your financial position?

How you think we may be able to assist you with your plan?

Everyone’s situation is different, but once we understand your circumstances and how we may help, we will be able to give you our decision within 21 days, if not sooner.

External Support

The effects of financial difficulty can have a lasting impact on your life. If you are struggling, please contact one of the relevant government and community services listed here. Just one conversation could make a world of difference for you.

Mental Health

Lifeline 13 11 14

Beyond Blue 1800 512 348

MensLine Australia 1300 789 978

Grief Australia 03 9265 2100

Domestic and family violence

1800 RESPECT 1800 737 732

No to violence (Men's Referral Service)
1300 766 491

Serious illness

Cancer Council Australia 13 11 20

Health Direct 1800 022 222

Capacity Australia 0400 319 089