Help is always at hand.
We at Lifestyle Loans recognise that our customers have diverse needs.
If your employment or family circumstances change, or you are seriously ill, or experiencing any other situation where you find yourself over-committed on your mortgage, help is at hand.
From time to time anyone can experience financial difficulty, whether expected or unexpected.
We’ll take the time to understand your situation, and then our team will take you through a number of options. We will provide you with assistance to find the best possible solution to help you manage your financial obligations with us. Every customer’s request is treated in the strictest confidence. So if you ever find yourself facing financial problems, just contact us or use the form below as soon as you can.
What should I do if I’m in financial hardship?
If you’re finding it difficult to meet your payments or if you have received a default notice from your FSP, you should contact your Us or your financial institution as soon as possible to discuss your situation. Usually you have more options when the first instance of Financial Hardship is reported.
You can ask Us or your financial institution to give you a payment arrangement and ‘stay’ legal proceedings when you are in financial difficulties. However, you should make what payments you can in the meantime. You should also seek advice from a financial counsellor or a community legal centre. They provide a free, independent and confidential service and can tell you what your options are. Call the financial counselling hotline on 1800 007 007.
What sort of information will I need to give Us or your Financial Institution?
Your Financial Institution will need to consider whether your financial circumstances are likely to improve and whether you will be able to repay the credit contract eventually. To show that your financial situation would likely improve so that you can repay the credit contract, your financial institution may ask for the following:
- Why you are in financial hardship.
- How and when you think your situation will improve.
- What you want. Whether you are able to make some payments and over what period of time.
- A statement of financial position, which sets out your income and expenses, as well as supporting documents.
What can your Financial Institution agree to?
They may agree to:
- A payment arrangement,
- Capitalise the arrears, which would increase your payments,
- Postpone your payments for some time,
- Extend the term of your credit contract and reduce your payments,
- Give you time to sell the security property, and
- Any other reasonable proposal that enables you to eventually repay the credit contract.
*Relief is exclusively to Lifestyle Loans customers facing financial hardship in relation to their home loan(s).