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