At Australian Unity we understand that life can be pretty unpredictable at times. And when things change, keeping up your home loan repayments can be difficult. Know that you are not alone, financial difficulty can result from a number of un-planned and even planned events, we are here to help you and will work with you to achieve a solution that meets your current and future needs.
The type of assistance we may be able to provide you will vary depending on your individual circumstances, sometimes short term assistance is required and sometimes longer term solutions need to be considered.
An example of short term assistance could be a repayment pause – which may help you focus on the other things going on in your life.
It’s important to know that putting a pause your repayments doesn’t have a negative impact on your credit score or your ability to borrow in the future. It’s just one less thing to worry about when your situation changes.
Life moments - when can I put a pause on my repayments?
Financial difficulty can be due to a number of life moments, these include (but are not limited to):
- Reduced income from parental leave (including starting or expanding your family);
- Unemployment and redundancy;
- Death of a family member;
- Major illness or medical expenses;
- Relationship breakdowns, divorce or domestic violence;
- Business failure;
- Over-commitment or excessive use of credit;
- Poor financial management.
What support can I get?
Assistance may include:
Tailored repayment arrangements based on what you can afford to pay at the time. This could include reduced repayments or repayment extension periods.
- Deferred or reduced repayments on your loan usually for three months, to be assessed on a case by case basis.
While these arrangements are in place and being met we will always suspend any debt collection activity.
Getting things started
If you think you might need a hand, we encourage you to get in touch with us straight away. We’ll discuss the different options with you and review your current financial position.
We may take up to 21 days to assess your application after we’ve received all the information from you, but we’ll always aim for a quicker turnaround time.
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