1300 13 22 77We’re here to help with financial hardship support
For Community First members facing a financial struggle, we are always here to help. We are here for our members – in good times, and bad
For over 60 years, Community First has helped our members navigate life’s challenges.
That commitment hasn’t changed.
In technical terms, ‘financial hardship’ means you are struggling to meet expenses and pay debts when they fall due.
It can be an extremely distressing situation.
And the causes of financial hardship can vary from injury or illness through to natural disasters such as a bushfire, flood or drought, or something as personal as losing your job or a relationship break down.
What matters is that you reach out for help.
You’re not alone
We know that the path to seeking help can feel daunting, confusing, and even embarrassing.
But financial hardship is more common than you may think.
In mid-2024, an estimated 47% of Australian adults with debt, the equivalent of 5.8 million people, struggled to make repayments in the 12 months prior1.
The top reasons for this include cost of living pressures, reduced income and unexpected expenses.
Yet despite struggling to make repayments, the same survey found three in 10 Australians (30%) say they would not seek a hardship assistance arrangement from their bank or lender.
So, we want to reach out to Community First members and provide reassurance that you are not alone when it comes to financial hardship.
How we can help
If you are experiencing financial difficulties, it is important to contact us as soon as possible.
The earlier you reach out to us, the sooner we can work through your options together.
And the sooner you can regain peace of mind.
What happens next?
Occasionally we may need you to provide supporting documentation for a hardship application.
In most cases though we can process your financial hardship assistance application over the phone.
That makes it quick and easy.
Steps you can take yourself
You may not need to contact us for help. You may have your own resources to get through a tough time, including:
- Make a claim on income protection insurance – if you can’t work due to illness or injury, you may be able to make a claim against income protection insurance if you hold a policy either independently or through your super fund.
- Access available redraw on your loan – if you’ve made a habit of paying more than your minimum home loan repayments, chances are you’ll have money available for redraw from your loan. If you have internet banking, you can view how much funds you have available to redraw. Don’t forget, at Community First, both our fixed and variable rate home loans come with the ability to redraw.
- Loan repayment pause – if you’re ahead in your home loan repayments you could consider pausing your repayments. Talk to us to know how many months in advance your repayments are.
- Request interest only repayments – switching to interest-only loan repayments for a set term can reduce your repayments and provide some cash flow relief. Keep in mind this is only a temporary measure. At the end of the interest-only term, your repayments could increase as you’ll need to repay the remaining loan amount over a shorter period.
How to apply for financial hardship support
There are several ways to apply for financial hardship assistance with Community First:
- Call us on 1300 13 22 77, Mon-Fri 8am-8pm (AEST/AEDT) or 8am-3pm on Saturdays.
- Submit a request through our online Call Back form or directly submit a Statement of Financial Position form here
- Send an email to askus@communityfirst.com.au
- Talk to our understanding staff at any of our stores.
The main point is to take action fast. You may be surprised (and relieved) at the support we can offer.
1 https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-118mr-5-million-australians-have-struggled-to-make-loan-and-debt-repayments-yet-many-not-asking-for-help/#:~:text=(24%2D118MR)-,5%20million%2B%20Australians%20have%20struggled%20to%20make%20loan%20and%20debt,many%20not%20asking%20for%20help&text=New%20research%20shows%20many%20Australians,asking%20their%20lenders%20for%20help.