We’re here to help

At MyState Bank, we understand that things don’t always go as planned. You could have lost your job or regular overtime, your business or investments may have experienced a downturn, your relationship might have broken down or you may have incurred unexpected medical expenses.

In some cases, the problem may not arise from a major event, but instead be the result of difficulties and unexpected expenses over a period of time. Any of these things can put you in a position of financial hardship and make it difficult for you to meet your loan repayments.

Letting us know

If you find you’re no longer able to meet your MyState Bank loan repayment obligations, or you think you might not be able to do so in the near future - whatever the reason - please get in touch with us as soon as you can, so we can help.

By contacting us early, we may be able to put arrangements in place that will assist you in recovering from the changes in your circumstances, and leave your credit rating intact. Early intervention is the key when your financial circumstances change.

If you have a joint account with someone and you are experiencing financial difficulty, then we can assist you. If you ask us to, we can do so without involving the other person initially.

Please don’t hesitate to contact us by visiting your nearest branch, or calling us on 138 001.

You can also download our Hardship Repayment Variation Application. Once this is completed you can arrange an appointment to see a Lending Specialist at your nearest MyState Bank branch. Please ensure you take all necessary supporting documentation. Alternatively, you can post the completed Hardship Repayment Variation Application with all required supporting documentation to PO Box 1274 Hobart 7001 or send via email to hardship@mystate.com.au

How we may be able to assist you

When you contact us, it is important to be open, and as honest as you can be about your financial position. In turn, we will be compassionate in understanding your situation and discussing any way we can help.

We’ll work with you to develop a strategy suited to your circumstances, and we’ll do everything we can to find a way forward together.

Restoring your financial position is possible – meaning it is likely that you will be able to meet your monthly repayments again in the future Restoring your financial position is unlikely – meaning it is unlikely that you will be able to meet you monthly repayments again in the future

Our financial hardship arrangements focus on situations from which you can recover your financial position.

In these situations, we may be able to help you by:

  • agreeing to interest only payments for a short period;
  • extending the term of your loan to reduce your repayments; or
  • temporarily postponing or deferring payments.

These arrangements may require you to pay more interest over the loan term.

What you can do

In these circumstances, contact us and we will help you work out what you need to do.

A permanent change to your financial situation may mean it is now unlikely that your financial position can be recovered — even if your existing loan were to be changed.

In that case, it may not be appropriate, for us to offer you changes to any payment arrangements under the National Credit Code’s financial hardship process.

However, even in these circumstances, we may be able to offer you help — for example, options may include:

  • agreeing on an alternative arrangement, plan or contract;
  • changing the terms of your loan;
  • giving you time to sell your property; or
  • giving information about bankruptcy or insolvency arrangements.

What you can do

In these circumstances, contact us and we will help you work out what you need to do. We may refer you to people who can help you find a financial adviser or counsellor.

Access to confidential and free financial counselling:

You may wish to contact a financial counsellor for free, independent advice about your situation. The National Debt Helpline website (ndh.org.au) has easy to use, step-by-step guides on how to tackle debts. You can also call the National Debt Helpline on 1800 007 007 to talk to a financial counsellor.

If we are working with you to help you respond to financial difficulties, then you can tell us to deal with your financial counsellor or representative — rather than dealing with you. To do this, you will need to give us their contact details in writing.

We’re here to help

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