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Important

Have you missed a payment or worried you can't pay? Apply online for financial hardship assistance or call Westpac Assist on 1800 067 497.

We’re here for you

Money uncertainty can affect the emotional and physical wellbeing of any homeowner. We’re here to help you find some financial breathing space.

Whatever your situation - the rising cost of living or something else - the sooner you talk with us, the sooner we can help.

Having a conversation with us won’t affect your credit report or your ability to borrow in the future.

If you do set up a financial hardship arrangement - as long as you meet the revised repayments – it will only appear on your credit report for one year after the arrangement ends.


Step 1: manage your current situation

Loan affordability

Have changes in your financial situation impacted your repayments? Take a moment to review your budget and decide what you can comfortably afford.

According to the National Debt Helpline your home loan is usually your biggest, most expensive and highest priority debt... they also recommend talking to your lender as soon as possible to discuss your options.
 

Talk with a free Financial Counsellor

The National Debt Helpline offers you free, independent advice from a Financial Counsellor to help you get back on your feet. It’s a non-judgemental, not-for-profit service, with dedicated people in each state. They’ll work with you to understand your circumstances, advocate for you and help with any next steps.

Your Financial Counsellor can also mediate between you and your lender on options like changing to an Interest Only term, repayment plans, and can even apply for a financial hardship arrangement on your behalf. Simply contact the National Debt Helpline on 1800 007 007, from anywhere in Australia.

Step 2: review some options

Financial hardship assistance

The sooner you tell us, the sooner we can help you get back on your feet. A tailored arrangement may include, but not limited to: 

  • Flexible payment arrangements
  • Short-term deferral or repayment reduction
  • Extending your loan term.

Apply online now or call Westpac Assist on 1800 067 497 (Mon-Fri 8:30am-8:00pm, Sat 9:30am-6pm, Sydney time). Eligibility criteria apply.

Keep in mind, paying less now means you’ll pay more interest over the life of your home loan.

Resources
Assistance & Credit Reporting (PDF 1MB)
What to expect: financial hardship (PDF 51KB)

Step 3: applying for financial hardship

If you’re finding it hard to meet your home loan repayments, the sooner you reach out, the sooner one of our friendly Westpac Assist team members can help. 

What to expect

  1. Apply online
  2. Our Assist team will assess your options. If we need more info, our Assist team will be in touch with some questions
  3. You’ll get the outcome of your request in writing.

Eligibility criteria apply.

What else can you do?

Get in touch with any other creditors and utility companies to make arrangements with them. Check out these other national resources:  

Unable to apply online? Call Assist
1800 067 497

Mon-Fri 8:30am-8:00pm,
Sat 9:30am-6pm, Sydney time

Frequently asked questions

Life’s unpredictable. If you’re feeling the pinch and unable to meet your financial commitments, the sooner you tell us, the sooner we can help.

Eligibility criteria apply.
 

Worried you can’t pay?

3 steps to getting back on track

Things you should know

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.


1Changing repayment amount or frequency: Cannot be performed on an interest-only loan. However, you may make extra repayments. For more details on interest-only home loans


2Redraw facility: if you have ‘available funds’ (you’ve made extra home loan repayments) and you’ve activated your redraw facility, you’re free to redraw them with no redraw fee. Up to $100k will be available to redraw from your variable loan online or over the phone each day (unlimited in-branch). For fixed loans you can redraw up to your prepayment threshold during your fixed term. Read our  Home Loan Redraw Authority form (PDF 66KB) for full details.


Loan repayment options: Conditions apply for the options listed.

  • Reduced loan repayments: It is important to understand that at the end of the reduced repayment period, the repayment amount will increase to adjust for the reduced repayments. This ensures that the loan is still repaid within its original term. Read the disclosure documents for your selected product or service before deciding if this option is right for you.
  • Switching to interest-only repayments: It is important to understand that interest rates for loans with interest-only repayments are higher. Your repayments will increase at the end of the interest-only period as the amount you’ve borrowed will need to be paid back in a shorter timeframe. This also means you’ll pay more interest over the life of the loan on interest-only repayments than if you’d opted to continue paying principal and interest.