Financial Hardship

We’re here to help our Members find smart financial solutions, and this includes assisting you when you are impacted by hardship, such as illness or job loss.

Please let us know if you are under any financial duress, and keep in touch with us. If we are aware of your situation, we can be of assistance.

Missed repayments

If you have missed repayments and we do not hear from you, a default notice may be served on you. A default notice sets out what payments you owe, the amount owed and give you a notice period in which to catch up the payments you owe. These payments are known as arrears. To keep the contract going, you must pay the arrears and meet any other payments which fall due during the default notice period, or make other arrangements with Northern Inland by the date set out in the notice. Default notices are mailed to the address you have listed with Northern Inland.

We can help you consider your options if you contact us at your earliest opportunity. Call us on (02) 6763 5111 and ask to speak to our Credit Control team.

Reaching an agreement with Northern Inland

If you are experiencing financial difficulties due to:

  • Illness, unemployment, sudden, forced relocation or other reasonable cause and
  • Your loan or overdraft is for the ASIC hardship threshold amount or less, and
  • You believe that you would be able to discharge your credit contract if the terms were changed you are entitled to apply to Northern Inland to change your contract.

The Hardship Threshold can be found on ASIC's smart money website:

Applications for hardship can only be made where the amount of credit does not exceed the average loan size for new dwellings in NSW. This amount is set out in the Table of Housing Finance commitments in 'Housing Finance, Australia' as published from time-to-time by the Australian Bureau of Statistics. We can work with you in a number of ways:

  • We treat your request confidentially and we treat you with respect.
  • We may ask you to provide us with financial information, so we can assess your situation to help find a workable solution.
  • We always encourage you to keep making whatever payments you can, whilst we are considering your request
  • We help you determine your short term as well as your long term plans
  • If we agree on a plan to assist you, we confirm this in writing to you.
  • If we are unable to assist you, we advise you promptly in writing.

Options that might be available include:

  • Extending the period of the contract and reducing the amount of each payment due,
  • Postponing for a period, the due payments
  • Extending the period of the contract and postponing for a period, the due payments
  • Reducing the limit available on credit contracts,
  • Offering different banking or repayment arrangements which may better suit your needs

We take the time to explain the options to you, so you can determine what best suits your current circumstances and meets your medium and long term financial goals. Such an agreement does not change the interest rates that affect your contract.

What if an agreement cannot be reached?

If Northern Inland does not agree to vary the credit contract, you may be entitled to have the decision reviewed by Northern Inland's Complaint Officer.

Are you in financial difficulty or having money trouble?

Financial Counselling Services

Financial counsellors can help you get back on track in terms of your financial commitments, and can guide you in dealing with lenders.

Financial Counselling Services Factsheet