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Financial assistance: Navigating the support you need to recover

Sometimes a little help goes a long way.

October 2020 - 3 minute read

What’s in this article:

  • Financial assistance options
  • Coping with job loss and income reduction
  • Looking after you


 

Financial Assistance Options 

Financial assistance can be requested for different life events such as change in income, illness, a relationship breakdown, or emergency events like natural disasters. This may allow you to reduce or defer your repayments in the short term.


We also understand the COVID-19 situation may create uncertainty or financial pressure for some of our customers. We are here to help.  If you are impacted by COVID-19, we want to work with you to provide the support you need to get back on track. Please complete the form in the COVID-19 Support Hub in online banking and we’ll contact you to understand your current circumstances and the assistance options that may be available to you. You can also visit the COVID-19 Customer Support page to further understand your options.
 

For all other financial hardship requests, please complete the Hardship Form.

Help with your business

Maybe you’ve been thinking about deferring a business loan or credit card repayments, getting a temporary overdraft, or asking for merchant terminal fee relief? You can find all sorts of answers on our Help for business customers page.

Get a regular income with your term deposit

Have you thought about having your interest paid monthly on your term deposit? It won’t make any difference to the total interest you earn but can provide you with a more regular income. Visit our Term Deposit page for more information on how term deposits work, interest rates and more.

Secure your financial future with a plan

One step you can take to help manage your money and increase your confidence is to get a clear picture of your financial position. If you know where you’re spending your money and where you can save, life can feel a whole lot simpler.
 

Try this Cost-cutting checklist (PDF 216KB) for ideas to reduce your spending. Once you’ve cut costs, take a look at our Budget planner. The planner paints a picture of your cash flow, now and into the future, helping you take control of your money.

Coping with job loss and income reduction

Looking for a new job and finding ways to maintain or increase your income can feel daunting. See our Have you been financially impacted page for practical ways you can prepare and plan your financial future. You can also work through the uncertainty of unemployment with the articles and tools in our Navigating job loss hub.
 

Perhaps you’re trying to maintain an income in retirement and finding the ongoing economic situation more difficult to navigate. Speaking with a financial advisor about your options may help. No matter what you decide to do, always get advice from a qualified professional. 
 

Reach out to see if you’re eligible for additional payments from government support services. Start with Services Australia. You may also wish to see if you can get help with your utility bills, such as gas and electricity.

Looking after you

Looking after your overall financial wellbeing is important, but it’s also critical to look after your mental wellbeing and physical health. The professional advice is to consult a doctor if you’re not coping or you’re feeling noticeably anxious. You may find you’re eligible for Medicare rebates on psychological services. Many companies have employee assistance programs which include counselling services, which may also be open to family members. Check with your employer on what’s available.
 

You can also contact LifeLine on 13 11 14Beyond Blue 1300 22 4636 and Headspace for support.

Support for our remote customers

No matter how remote your location in Australia, you can find out about your banking with our Remote banking services, or call our Indigenous Call Centre Team (Indigenous Connection) on 1800 230 144. This service is available Monday to Friday 8:00am – 5:30pm, CST and offers translation services.


You may find these useful

Budgeting to help recover from a financial setback

Getting your finances back on track following a financial setback can help you feel more in control and confident about the future.

Saving for emergencies

There are many things that can disturb your sleep when it comes to money. Having an emergency fund saved can help to ease those concerns.

Looking after yourself: Mental health support

Tips that may help you meet the often unusual and unpredictable challenges of recovering from a crisis.

Things you should know

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness for the information to your own circumstances and, if necessary, seek appropriate professional advice.
 

© Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.