Ways to reduce mortgage stress
Get help and guidance to assess your situation or apply for financial hardship assistance if required.
Important
Struggling with a missed payment or worried you can’t pay? Apply online for financial hardship relief or reach out to BankSA Customer Assist on 1800 679 461 for help.
We’re here to support you
Feeling overwhelmed?
If money becomes tight, homeowners can be affected emotionally and physically. We’re here for you, judgment-free, to help you get back on track.
Contact us early
Whatever challenges you’re facing—the increasing cost of living or something else, the sooner you contact us, the sooner we can offer support.
A chat with us won’t cost a thing
Just keep in mind that a conversation about your situation with us won’t impact your credit report or your ability to borrow in the future.
We can tailor a plan for you
We could help set up a financial hardship arrangement. When you meet the revised repayments, it will not impact your credit score but will appear on your credit report for 12 months after the arrangement ends.
Step 1: review your present situation
Budgeting
Have recent financial changes made it difficult to keep up with loan repayments? Review your budget to decide what you can afford.
Future planning
Take time to consider both present and future outcomes.
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: Check your options
Financial hardship assistance
The sooner you inform us, the quicker we can assist you in getting back on track. A tailored arrangement may include:
- Flexible payment arrangement
- Short-term deferral or repayment reduction
- Extending your loan term.
Apply online or call BankSA Customer Assist on 1800 679 461 (Mon-Fri 8:30am-7:30pm, Sat 9:30am-6pm). Eligibility criteria apply.
Step 3: Applying for financial hardship
Still finding it hard to meet your repayments? One of our friendly BankSA Customer Assist team members is on hand to help.
What to expect
- Apply online
- Our Customer Assist team will be in touch with some questions
- They’ll prepare some options
- 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:
FAQs
Life’s sudden events can affect anyone. If you’re feeling the pressure and unable to meet your financial commitments, the sooner you tell us, the sooner we can support.
- Apply online for financial hardship or call the BankSA Customer Assist team on 1800 679 461, Mon-Fri 8:30am-7:30pm, Sat 9:30am-6pm.
Eligibility criteria apply.
Important information
The information on our website is prepared without knowing your personal financial circumstances. Before you act on this or any advice, please consider if it’s right for you. If you need help, call 13 13 76.
1Interest Only repayments: Conditions apply. It’s 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 term 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 with an Interest Only repayment term, than if you’d opted to continue paying principal and interest. There’s a maximum of 5 years for Owner Occupied loans and 10 years for Investment loans on Interest Only repayments over the life of the loan. If you’ve had less than this, you may be able to extend the Interest Only repayment term, subject to conditions and a new assessment. You’ll need to start the process well in advance of your expiry date and provide details of your income, expenses and liabilities.
2Redraw facility: if you have 'available funds' (you’re ahead on your 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 (in-branch it’s $30k). For fixed loans you can redraw up to your prepayment threshold during your fixed term. Read our Home Loan Redraw Form (PDF 1007KB) for full details.