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Help with Financial Difficulty
Are you finding it hard to meet your repayments?
Have you experienced a change in circumstances with your employment or business operations?
Have you suffered an unexpected illness?
Do you foresee an inability to make future repayments?
What is financial difficulty?
Are you experiencing or expecting a period in which you are unable to meet your financial commitments? Here at Suncorp Bank, we're committed to helping you out.
How to request financial difficulty assistance
First, we’ll need an understanding of your current financial position. The best way to do this is to send us as much of the information below as you can:
For non-business customers
If possible, please provide:
- Your 3 most recent payslips (if currently employed)
- Details of any current loan/s and copies of credit card/account statements you hold with other banks
- Request for Financial Assistance form (non Business)
While completion of the form will assist us in considering how we can help you, it is not mandatory and you can provide the information required in another format, for example via email, fax, spreadsheet or letter.
For business customers
If possible, please provide:
- Current financial year financials (Profit & Loss, BAS, Cash Flow Statement)
- Most recent internal management accounts (if available)
- A list of debtors and creditors (anyone you buy from or sell to)
- Details of any repayment arrangements entered into with suppliers or customers
- Confirmation of current tax liabilities and payments
- Request for Financial Assistance form (Business)
While completion of the form will assist us in considering how we can help you, it is not mandatory and you can provide the information required in another format, for example via email, fax, spreadsheet or letter.
If you're finding it hard to provide any of the information above, please contact us.
Ways to submit:
If you have any questions, please call us on 1800 225 223 or visit your nearest branch.
Here's how we can help you
If you're facing financial difficulty or hardship, get in touch with us as soon as possible. There are several ways we can help you, such as:
- Temporarily postponing loan repayments
- Extending the period of loan contracts and postponing or reducing the amount of repayments
- Offering short-term solutions to your banking needs, including waving early withdrawal fees if you wish to withdraw from a term deposit
If you run a business or agribusiness, we may also:
- Refund merchant rental fees for a period
- Rearrange your loan with a loan extension without the cost of most bank fees.
Has your business been impacted by drought?
Suncorp Bank has a long history of supporting farming families through cycles of drought and flood.
If your agribusiness has been affected by the recent drought, Suncorp Bank has flexible finance options for times of hardship. We urge you to contact us sooner, rather than later, so we can offer you the right assistance immediately.
Our helpful staff can offer support that caters to your individual needs, which may include the following (if appropriate to your circumstances):
- Giving you early access to funds if you have a Farm Management Deposit account
- Waiving fees and charges on Farm Management Deposits, including break costs on early redemption
- Debt consolidation to help streamline repayments
- Restructuring existing loans, and waiving the normal establishment fees
- Postponing interest payments, if deemed appropriate for you
- Finance options to help with cash flow, so you can get on top of day-to-day expenses
- Delaying impending credit card payments
- Increasing the emergency limit on your credit card
- Removing early termination fees if you want to withdraw funds from a term deposit.
To learn more, speak to your Relationship Manager, or give the Suncorp hardship team a call on 1800 225 223 to go over your options.
Suncorp Bank is here to support you get back on your feet in times of financial difficulty. To do this we may ask you about your income and expenses (it helps us determine how we can best support you) and we could ask for other documents. Then together we can create a plan of action to get you back on track. Everything you tell us is confidential and assessed on a case-by-case basis.
Do you need access to confidential and free financial counselling?
If you're experiencing financial difficulty, there are a range of free financial counselling services available that can provide independent and confidential advice. Available in every state and territory in Australia, they can help you manage a short-term crisis and plan to prevent a future one.
The Australian Securities & Investment Commission (ASIC) MoneySmart website has more information on financial counselling, or you can also take a look at 'Doing-It-Tough' by the Australian Bankers' Association.
Consumer Credit Insurance hardship remediation program
We are undertaking a comprehensive remediation program for Suncorp Bank customers who requested hardship assistance and had an insurance policy that may have responded and covered them in the event of their hardship. There was an oversight, as we should have advised those customers that they may have been able to claim under their insurance policy at that time of their hardship application. We have since amended our processes so this error does not happen again. The program applies to requests for assistance between 2013 and 2018. We are in the process of resolving this matter and will be contacting all impacted customers to advise of the oversight and the steps to rectify. We apologise to all impacted customers for this error. There is no action required by customers unless notified, however, if you have any questions or would like more information, please contact our customer service team on 1800 413 643 between 8:00am-5:00pm AEST Monday to Friday or at CCI.CustomerCare@suncorp.com.au.
