Apply Now
Financial Hardship
Policy & Support
If you're experiencing financial difficulty, you have legal rights. Fairbanks and our panel of 95+ lenders are obligated to assist you — at no cost, without judgment.
In immediate financial crisis?
Contact the National Debt Helpline on 1800 007 007 (free, Mon–Fri 9:30am–4:30pm) or visit ndh.org.au for free financial counselling.
What the law says you're entitled to
Financial hardship protections in Australia are backed by law — not just lender goodwill. Under the NCCP Act, ASIC RG 271 and the Banking Code of Practice, you have clear, enforceable rights.
Right to Request a Hardship Variation
Under the National Credit Code (Schedule 1, NCCP Act 2009), you have a statutory right to request a variation to your credit contract if you are experiencing financial hardship. Your lender must consider every request in good faith.
21-Day Resolution Requirement
ASIC RG 271 classifies hardship complaints as urgent. Once you lodge a hardship notice, your lender must acknowledge it promptly and resolve the matter within 21 calendar days — significantly faster than standard complaints.
Written Reasons if Refused
If your hardship application is declined, the lender must provide written reasons for the refusal and must inform you of your right to complain to AFCA at no cost to you.
Tailored — Not Templated — Support
ASIC's 2024 Report (REP 783) found that lenders must move beyond scripted responses. You are entitled to a solution tailored to your individual circumstances, financial situation and future ability to repay.
Vulnerable Customer Protections
The Banking Code of Practice (effective February 2025) broadens vulnerability protections to include family violence, elder abuse, mental health conditions and natural disasters. Banks must take extra care and refer you to specialist services.
Free External Dispute Resolution
If your lender does not resolve your hardship request satisfactorily within the required timeframe, you may escalate to AFCA (Australian Financial Complaints Authority) free of charge at any time during the process.
Fairbanks Financial (ACR 481272) is required to maintain an Internal Dispute Resolution procedure that treats hardship requests as urgent under ASIC RG 271. Our average hardship response time is under 3 business days.
How a hardship request works
The process is more straightforward than most people expect. You don't need a solicitor, and there are no fees at any stage. Here's exactly what happens from the moment you reach out.
Call us on 1300 187 610 or email hardship@fairbanksfinancial.com.au, or contact your lender directly. You can also complete the hardship enquiry form on this page and we will contact you within 1 business day.
Act early — you don't need to be in default. You can lodge a hardship notice as soon as you expect difficulty meeting upcoming repayments.
AFCA — Your Safety Net
The Australian Financial Complaints Authority can order a lender to grant a hardship variation even after an initial refusal. You can lodge an AFCA complaint at any stage of the process — and it is entirely free.
Hardship variation options available to you
Click any card to see detailed information, suitability guidance and the likely impact on your loan.
Repayment Deferral
Pause payments entirely
All repayments (principal and interest) are paused for a defined period. Interest accrues and is capitalised, increasing your outstanding balance. Best for short-term income disruption.
Reduced Repayments
Pay less than your minimum
Your minimum repayment is reduced — often to interest-only — for a set period. The gap between your reduced payment and normal repayment is capitalised or added to your term.
Loan Term Extension
Spread repayments over more years
Your loan term is extended, which reduces your minimum monthly repayment. This provides permanent payment relief but increases total interest paid over the loan life.
Interest-Only Period
Stop paying principal temporarily
You pay only the interest component — no principal reduction. Available to owner-occupiers experiencing hardship (previously restricted to investors). Loan balance stays flat during this period.
Capitalisation of Arrears
Roll missed payments into your loan
If you've already missed repayments, your arrears are added to your outstanding loan balance. This brings the loan current, stops default proceedings, and removes immediate repayment pressure.
Negotiated Settlement / Sale
Assisted property sale to clear debt
In cases of significant financial difficulty with no viable repayment path, lenders may agree to an assisted sale — providing more time and potentially waiving shortfall recovery. Always seek legal advice first.
Contact your lender directly
You can contact your lender's hardship team directly at any time. All major Australian lenders maintain dedicated hardship support lines, separate from general customer service.
Not your lender? Fairbanks works with 95+ lenders. Complete the hardship form below and we\'ll contact your specific lender on your behalf.
We're here to help — tell us what's happening
Complete this form and a Fairbanks hardship specialist will contact you within 1 business day. We'll review your situation and contact your lender on your behalf if required.
Strictly Confidential
Your information is handled under our Privacy Policy and the Privacy Act 1988 (Cth). It will not be shared without your consent.
No Cost to You
Hardship support through Fairbanks is completely free. There are no fees or charges at any stage of the process.
No Judgment
Financial difficulty can happen to anyone. Our team is trained to assist with empathy, patience and without judgment.
ASIC RG 271 Compliant
Our process meets all obligations under ASIC RG 271 and the Banking Code of Practice (February 2025 edition).
Need urgent support?
ASIC RG 271
Consolidated Funding Group Pty Ltd trading as Fairbanks Financial Group (ACR 481272) operates an Internal Dispute Resolution system that classifies hardship requests as urgent matters. All hardship complaints are handled within the 21-day maximum resolution period prescribed by ASIC Regulatory Guide 271.
Banking Code of Practice
The Banking Code of Practice (ABA, February 2025 edition) requires subscribing lenders to provide proactive, tailored hardship assistance. Fairbanks advocates on your behalf with subscribing lenders to ensure their obligations are met.
NCCP Act 2009
Under the National Consumer Credit Protection Act 2009, Section 72, you have a statutory right to request a hardship variation to your credit contract. This right exists regardless of whether you are currently in arrears.
The information on this page is general in nature and does not constitute legal or financial advice. For personalised advice regarding your specific hardship situation, please contact us directly or seek assistance from a free financial counsellor at the National Debt Helpline: 1800 007 007.