Financial hardship

The information that we'll need from you will vary depending on your circumstances, but usually include:

• your last two pay slips or a letter from your employer verifying your employment and income (if self-employed, your last two tax returns)
• recent bank statements or transaction history if accounts not held with us
• confirmation from Centrelink of any current benefits paid, and
• any other documentary evidence of income or as required.

We may also require additional information such as:

• medical certificate or any relevant medical documents
• notice of employment termination
• any relevant legal documentation, and
• any other documents that may support your application or as required.

Please call 1300 591 276 Monday to Friday between 8.30am to 5.00pm AEST in the first instance to discuss your situation.

The financial hardship assistance we can provide you will depend on your circumstances, and what type of difficulty you're experiencing. 

Assistance may be offered in the follow ways:

• assistance to sell,
• payment test,
• defer payments,
• reduced repayments – which may include an interest-only period,
• interest-only repayments,
• capitalising arrears – with repayments recalculated over the remaining loan term, after the period of assistance has ended,
• loan restructure – via discussions with a lender, and
• fee waivers.

We’ll assess each application on its merits and offer the type of help that is most appropriate to your situation.

We’ll acknowledge your request for financial assistance within two business days of receiving your request.

We’ll then review your application and may be able to offer you assistance if you're suffering genuine financial hardship and can demonstrate that you're still able to meet your loan and credit contract obligations if provided with assistance.

We'll advise whether we are able to offer you financial hardship assistance, or any other appropriate arrangement within 21 days of receiving your application along with all supporting information.

In line with legislation introduced 1 July 2022, if you receive help for financial hardship, BCU Bank is required to indicate that you are under 'Financial Hardship Assistance' and a record will be placed on your repayment history indicator. This will be in place for a period of 12 months from the date assistance was provided. We will not advise any credit provider of the reason for assistance.

However, if you default on that arrangement or otherwise break the terms of the help offered, we do reserve our rights under the loan contract.

Australian legislation outlines your rights to financial hardship assistance and how banks and financial institutions must manage applications. There are three key frameworks that govern how banks can provide hardship assistance to their 
customers:

• National Consumer Credit Protection Act 2009 (NCCP Act) which includes the National Credit Code as a schedule to the Act
• Customer Owned Banking Code of Practice
• Australian Government’s hardship principles  “A common approach for assisting borrowers facing financial hardship”

If you have concerns or are unsure about your legal rights should always seek independent legal advice.

Whilst we will always attempt to provide assistance to those that are experiencing genuine financial difficulty, we may not always be able to provide this assistance, for a variety of reasons.

Should you disagree with a decision made by BCU, or wish to make a complaint in relation to your request for hardship, you can utilise BCU's internal dispute resolution (IDR) process by calling our Contact Centre on 1300 228 228 and requesting to speak with the Member Advocate, or:

Phone: 1300 228 228
Email: Member Advocate 
Mail: Attn: Member Advocate, BCU, PO Box 1563, Coffs Harbour, NSW 2450.

We also subscribe to an external dispute resolution scheme (EDR) provided by the Australian Financial Complaints Authority (AFCA). AFCA can be contacted as follows:
Website: www.afca.org.au
Phone: 1800 931 678 (free call)
Email: info@afca.org.au
Mail: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001.

AFCA is an independent complaints scheme that is free to customers of financial institutions. Please note that it is important to attempt to resolve your dispute with BCU Bank prior to contacting or lodging a dispute or complaint with AFCA.

You may find the following tools and information helpful.

• Your Financial Wellness- a online website designed to help you improve your financial literacy, build confidence and make sound financial decisions.
• mymo by BCU Bank
• Five steps to creating a budget
• Easy online calculators 
• MoneySmart, an online resource provided by ASIC 
• Financial Counsellors Association for links to financial counsellors within NSW
  Financial Counsellors Association for links to financial counsellors within QLD
• National Debt Hotline