Financial hardship

If you are concerned or worried about your financial position and think that you may have difficulty meeting your financial commitments, we are here to help. BOQ Specialist understands that life can take unexpected turns. A sudden loss of income through redundancy or illness, and even relationship breakdowns, can have a devastating impact on your financial arrangements. If you are experiencing difficulties, let us know so that we can assess your circumstances and see how we can best assist.

How can we help?

At BOQ Specialist we look at each case individually to consider whether and how we can best help based on your circumstances.

We can offer assistance such as:

Temporary deferral of payments

Reducing payments

Temporary moratorium/suspension of repayments

Extending the term of the loan

Get control of your finances early

Just as important as the help we can provide are the steps you can take yourself:

Prioritise your expenditure and outstanding financial commitments.

Contact us as soon as you can if you are experiencing difficulties in keeping your financial commitments. If there is another party to the loan or a guarantor, ensure they are kept fully informed about your situation.

Consider any insurance policies you may have that could assist you at this time and whether you are entitled to make a claim for assistance.

Make enquiries at Centrelink to see if there is any assistance they can suggest for you

Check with your accountant or financial advisor to see if they can suggest ways that can help you manage your current position

Utilise available counselling services who offer free advice such as your local Community Legal Centre. Alternatively, we have provided a list of External Counsellors below who can assist you.

Make a Financial Hardship Application

If you would like further information on how BOQ Specialist can assist clients who experiencing a change in financial circumstances or commitments and would like some assistance with completing the application, please contact us using the details listed on this page.

Alternatively, for financial assistance you can download, print and complete the application forms which are available on this page.  

Supporting Documentation

To assist us with reviewing your application you must provide us with any updated documentation that will help us consider your request. Information may include:

A detailed income and expenses schedule;

An assets and liabilities statement;

An authority to complete a credit check;

In addition evidence of the hardship reason may be requested. This may include evidence of:


health certificate;

bank statements;

welfare payment statements;

a statement of financial position and /or income and expenditure

other documents as may be relevant such as tax returns.

What happens if we cannot assist you?

You will be advised within 21 days of our decision when we receive your completed application and supporting documentation. If you are not satisfied with our response you can contact our External Dispute Resolution body:

Before 1 November 2018: You can contact the Financial Ombudsman Service (FOS) who will complete an independent review of our decision:

Phone: 1800 367 287
Mail: Financial Ombudsman Service Limited GPO Box 3 Melbourne VIC 3001; or

After 1 November 2018: You can contact Australian Financial Complaints Authority (AFCA) who will complete an independent review of our decision:

Phone: 1800 931 678
Mail: Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001

External Counsellors

Financial hardship is a difficult and stressful situation.  Clients who have multiple debts may find it difficult to cope.  They should be encouraged to seek professional help and advice to assist them in coping with the problem.

Other sources of help:

QLD   Credit and debt hotline    1800 808 488

ACT   Care financial counseling   02 6257 1788

NSW  Credit and Debt Hotline    1800 808 488

VIC    Consumer affairs Victoria  1300 55 8181

WA    Consumer Credit Legal Services  08 9221 7066

SA     Community Legal Service     08 8362 1199

TAS   Anglicare Financial Service     03 62343510

NT    Anglicare Financial Service      08 8985 0000

Are you going through Family Law proceedings?

We recognise the difficulties that our clients may face when they become involved in family law proceedings. When these proceedings involve financial obligations to the bank or matrimonial property over which the bank holds a mortgage, those proceedings may involve us as your bank. Click here for guidelines for parties involved in family law proceedings.

Financial hardship

Apply for financial hardship

Send completed forms to:

GPO Box 2539
Sydney NSW 2001

Additional information

You may find the following websites helpful, which provide information on budgeting, and managing your finances.

BOQ Specialist - a division of Bank of Queensland Limited ABN 32 009 656 740 AFSL and Australian Credit Licence no. 244616 (BOQ Specialist). Use of the information contained on this page is governed by Australian law and is subject to the Terms and Conditions which can be read by clicking here. View the BOQ Specialist Privacy Policy by clicking here.

The information contained in this article (Information) is general in nature and has been provided in good faith, without taking into account your personal circumstances. While all reasonable care has been taken to ensure that the information is accurate and opinions fair and reasonable, no warranties in this regard are provided. We recommend that you obtain independent financial and tax advice before making any decisions.