Anyone can experience financial stress
Financial stress can feel overwhelming, but there are a number of options for assistance and support to help get you through.
CUA members with home loans, business loans, personal loans, and credit cards can apply for our Financial Assistance Package.
We offer a range of repayment options for our products and our goal is to find solutions that best accommodate your circumstances.
Struggling to make ends meet can lead to other problems such as increasing debt, relationship stress and health issues, but there are people and programs that can help.
Further resources are listed at the bottom of this page and may assist with problems associated with financial stress.
Financial stress can be caused by a range of reasons, including:
- Illness or injury
- Losing your job
- Natural disasters
- Separation or divorce
- Unexpected expenses
- Covid-19 impact
How we can help
Financial Assistance Packages can vary depending on your circumstances and the product(s) you have with us. Home loan packages can be provided for up to six months, credit card and personal loan packages for up to three months at a time.
Information on specific CUA products, repayment relief options, and terms and conditions are outlined below to help you find you the best possible solution for your circumstances.
Home loan assistance
You can apply to defer your home loan repayments for up to six months if you are experiencing financial stress.*
If you’re ahead on your repayments, consider redrawing those extra repayments fee-free to support you during this time.
Other ways we can assist:
- Reducing your home loan repayments to the minimum amount
- Lowering fixed home loan rates**
- Switching to Interest Only repayments for up to 12 months***
*Please note that if you defer your home loan payments interest will continue to be added to your loan balance and your loan balance will progressively increase. You can still access and redraw any additional funds or additional payments you’ve made while your repayments are on pause, however you should be aware that all else being equal, the total amount of interest you will pay for the life of the loan, will increase slightly overall.
To help keep your repayments as similar as possible (when the assistance period finishes) and to discuss your options further, please contact 1800 110 440 and select option 2 for the Financial Assistance Team.
**Members wishing to terminate an existing fixed rate contract may be subject to applicable fees and charges.
***An increase of interest rate may apply as the rates for Interest only loans could be higher than Principal and Interest Rates. Our current interest rates for Interest Only products are available on our website.
Personal loan assistance
Repayment relief and other assistance options are available for members on request and are reviewed on a case by case basis. As an example, we can waive late fees for personal loan repayments.
Are you ahead of your scheduled loan payments?
Some CUA members may be ahead of their scheduled personal loan repayments. If you are one of these members, and are on a product that supports redraw, then you could consider redrawing those extra repayments fee-free to support you during this time.
If you wish to discuss your financial assistance options further, please call us on 1800 110 440 and select option 2 for the Financial Assistance Team.
Credit card assistance
We can help in a number of ways, including waiving late fees on credit card repayments. Other assistance options (including repayment relief) may also be available for members with incomes affected by COVID-19 on request and will be reviewed on a case-by-case basis.
Business loan assistance
Repayment relief is available for small business members. We can also extend your loan term by the same length of time to ease the pressure and minimise the increase to your repayments when you start to make them again.
Please note that if you defer or reduce your loan payments, interest will continue to be added to your loan balance and your loan balance will progressively increase. To help keep your repayments as similar as possible (when the assistance period finishes) and to discuss your options further, please call us on 1800 110 440 and select option 2 for the Financial Assistance Team.
How will it affect my credit report?
The Repayment History Indicator is a month by month report showing whether you’ve made your payments on time. If your account is not overdue when an application is processed, your Repayment History Indicator will continue to report your account is up to date.
If your account is already in arrears, CUA will need to continue to report the outcome, if you are behind on your payments and have any concerns, please contact us on 1800 110 440 and select option 2 for the Financial Assistance Team.
How will it affect my repayments?
Once you are approved, you will receive a letter detailing your new repayment amount and the date your payments will recommence.
It is important to understand that your minimum repayment amount after the repayment deferral (sometimes called a “repayment holiday”) ends will be different to before you applied. This is because during a repayment deferral, interest continues to be added to your loan balance and therefore your loan balance will progressively increase.
Your repayments are then recalculated on the loan balance at the end of the deferral period to ensure you still repay your loan over the approved term. You may be able to apply for an extension on your loan term; however, you should be aware that this will affect the total amount of interest you will pay for the life of the loan.
If you need more information or wish to discuss your options, please 1800 110 440 and select option 2 for the Financial Assistance Team.
What happens when my Financial Assistance Package is about to expire?
You will receive a letter with the date your repayments resume and the revised repayment amount. You may also want to set up an automatic transfer to re-start your payments on the date specified.
What if I am unable to re-start my repayments?
If you’re unable to recommence your repayments, please call us on 133 282 to discuss further support options such as making partial payments.
We recommend restarting your loan repayments as soon as possible - even if only on reduced payments. This will help you save on interest in the long term.
Could insurance help?
You may have insurance cover for events of illness or involuntary unemployment. This could be through an income protection policy, a policy linked to your superannuation, or you may have purchased loan repayment insurance.
If you purchased loan repayment insurance with your CUA loan, contact the Credicorp claims team on (07) 3552 4289 to see whether you’re eligible to make a claim.
How to apply for assistance
Our Financial Assistance Package application is meant to give us as much information about your financial situation as possible, because the better we understand your circumstances, the better we can assist you with options.
You will need
- Your personal details, including CUA member number and account numbers
- Your income details
- Details of your monthly expenses
- Details of what you own
- Details of what you owe
1. Apply online
2. We’ll contact you
Within 21 days to assess your request and provide you with an outcome or request further information, if needed.
More support resources
Australian Securities and Investments Commission (ASIC) runs this free service with easy-to-use tools to help you manage your money, plan, invest, or pay off debt.
Ask Izzy is a mobile website which connects people to housing, a meal, money help, health services and much more to support nearby. Search over 370,000 support services across Australia. Local listings. Free & anonymous. 360,000 services. 24/7 service.
Conditions apply. This is general information and does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting on it.