Help! I can’t make my repayments

Life can take unexpected turns that push us beyond our means. We understand, and we want to help. If something has happened recently, and you now feel like you can’t make the repayments on your Westpac home loan, personal loan or credit card, talk to us about Financial Hardship.

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Real stories from Westpac customers

Tom was fighting cancer, Emma had recently separated, Pete’s wife had passed away, and Stu was recovering from a serious accident. They all didn’t know how they would be able to make their repayments, so they talked to Westpac.

See how we helped

What is Financial Hardship support?

Sometimes things happen that can knock you flat, like losing your job, a medical condition, a relationship break-up, a death in the family or a natural disaster. At these times, you might find you simply can’t make your repayments, no matter how much you want to. Talk to us about applying for Financial Hardship, it’s there to give you some breathing room, while you get back on your feet.

Before you consider Financial Hardship, there are some options to consider. If you have insurance (e.g. crisis cover, redundancy cover, etc), you should consider making a claim first. If that’s not an option, then talk to us about applying for Financial Hardship.

If you’re struggling to repay your loan because your partner has passed away and was a joint borrower, first you’ll need to notify the Deceased Estate Team on 0800 756 872 (8am-5.30pm Monday-Thursday, 8am-5pm Friday). Then talk to us about applying for Financial Hardship. We’ll do everything we can to help you during this tough time, as well as talk to you about options for getting out of debt.

After you've explored the above options and Financial Hardship Assistance, we can also talk to you about using your KiwiSaver to manage unexpected expenses if appropriate.

How might Financial Hardship help me?

Every situation is different, so we work together to create a solution for you. If you qualify for Financial Hardship, we may be able to help relieve the financial pressure you're feeling on your home loan, personal loan or credit card in a number of ways, including:

  • Reducing loan repayment amounts
  • Restructuring your loan
  • Taking a payment holiday

How to apply for Financial Hardship

1. Talk to us first

Get in touch early, because we’re here to help. We’ll take the time to listen and discuss all the different options and whether Financial Hardship is right for you.

  • Call 0800 772 771 between 8am to 5pm, Monday to Friday - Our Financial Solutions team are specialists who will listen and advise you about Financial Hardship or other options that may be suitable for you.
  • Request a call back - Choose a time and day that works for you, and we’ll call you back, from Monday to Friday 8am to 5pm.
  • Make an appointment with your local branch - Call 0800 400 600 or visit your branch to make a time to discuss Financial Hardship and find out if it is right for you.

You can also choose to start an application online. However, we do recommend talking to us first. That way we can tell you if you might qualify, and chat about any other options that may be available to you.

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How might Financial Hardship help me?

Every situation is different, so we work together to create a solution for you. If you qualify for Financial Hard-ship, we may be able to help relieve the financial pressure your feeling on your home loan, personal loan or credit card in a number of ways, including:

  • Reducing loan repayment amounts
  • Restructuring your loan
  • Taking a payment holiday
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It’s important to contact us sooner, rather than later. If you fall too far behind on your repayments, our Financial Hardship solutions may not be able to help.

2. Apply online

To complete an application you will need to provide your financial information including details about your income, expenses, assets and debt repayments.

Apply now

We do recommend you apply online so we can respond faster. However, you can also print an application form, or pick one up from your nearest Branch then return it by email, drop it off at your nearest branch or post.

What happens next?

Every situation is different, so we work together with you to create a solution. One of our Financial Solutions team will review your application, and contact you to discuss your options and next steps. This will happen within 5 business days.
If you do qualify, the Financial Hardship solution agreed may be able to start when your next payment falls due.

Impacts of Receiving Financial Hardship Assistance

As part of this process, it's important to know that we may need to ask for your credit report from a credit bureau, and report back to them that you've received Hardship assistance from us. This means that:

  • Your Hardship assistance will be considered during any future credit applications from us or other lenders and may affect your ability to get credit
  • However, while you’re in Hardship we don’t report to credit bureaus on how many days that your payments may be overdue.
  • Your credit report will only show that you have been receiving Hardship assistance instead.

We understand that this can be a difficult decision. If you’d like to talk to us further about these impacts in order to find the best option for you, just give our helpful Financial Solutions team a call on 0800 772 771 between 8am to 5pm, Monday to Friday.