Financial Hardship Assistance
Financial Hardship Assistance Policy
Assisting Members Facing Financial Hardship
How you will be treated
As per the code of practice:
We recognise the wide range of circumstances that can lead to this including unemployment, ill- health, family breakdown, domestic violence, economic abuse, and natural disaster.
In turn, our staff will be trained to respond compassionately.
We will deal fairly and honestly with you if you are experiencing financial difficulty. We will:
- not require you to access your superannuation to meet your loan obligations (unless you are borrowing for a self-managed superannuation fund)
- not list your default on your credit reference file while we are considering your request, unless legally required to do so
- respond promptly to your request.
When we agree to provide financial assistance because you are experiencing financial difficulty, we will:
- provide confirmation in writing of what we have agreed,
- explain the consequences for our reporting to a credit reporting body, and what this means for your credit history
- not charge you late payment or default fees, or default interest while you are meeting any conditions of that assistance (unless you are a Small Business customer)
- tell you if we offer banking products with terms that may be more favourable for you, and provide you with information about your options to transfer to these
Your legal rights as a borrower
Your basic legal rights as a borrower are set down in the National Consumer Credit Protection Act which includes the National Credit Code (NCC).
Amendments to the NCC means that a borrower can now apply for financial hardship assistance as long as the borrower considers that he/she/they is, or will be, unable to meet their obligations under a credit contract.
Guide to the Financial Assistance Process
We understand that unforeseen financial challenges can arise, and we’re here to support you every step of the way. Our Financial Assistance is designed to provide our members a helping hand during times of need. This guide will walk you through the process of applying for and receiving financial assistance from Woolworths Team Bank.
Step 1: Assessment and Application
When you’re facing financial difficulties, the first step is to contact our dedicated Credit Control Officer by calling 1300 665 553 (option 2) or email creditcontrol@woolworthsteambank.com.au, and they will guide you through the initial assessment process. During this conversation, be prepared to discuss:
- The nature of your financial hardship
- Any changes in income, employment, or personal circumstances
- Details about your existing accounts and financial commitments
Step 2: Complete a Financial Assistance Application
If it’s determined that you might be eligible for financial assistance, our Credit Control Officer will guide you through the application process. You will be required to provide documentation to support your situation, which may include:
- Proof of income (payslips, tax returns, etc.)
- Details of your monthly expenses
- Explanation of the specific financial hardship you’re facing
Step 3: Review and Evaluation
Once you’ve submitted your application and supporting documents, our Credit Control Officer will carefully review and evaluate your situation. This process ensures that we fully understand your circumstances and can make an informed decision regarding the assistance that can be provided.
Step 4: Assistance Offer
After the review process is complete, you will receive a formal offer outlining the financial assistance we can provide. This offer will include details such as:
- The amount of assistance approved
- The terms of repayment (if applicable)
- Any specific conditions related to the assistance
Step 5: Acceptance
Upon receiving the assistance offer, you can review the terms and decide whether to accept it. If you choose to accept, you will need to sign the necessary documents and provide any additional information requested by Woolworths Team Bank.
Step 6: Ongoing Support
We are here to provide ongoing support and guidance throughout your financial recovery journey. Approximately 3 months after the initial approval of your financial assistance, we will reach out to you to conduct a review. This review allows us to assess any changes in your circumstances and make any necessary adjustments to the assistance provided. Our team is dedicated to your well-being, and as part of our commitment to you, we will proactively review your situation periodically to ensure that the assistance continues to meet your needs. If at any point your circumstances change before the scheduled review or if you have questions about the assistance provided, please don’t hesitate to reach out to our dedicated Credit Control team. We’re here to assist you and provide the necessary guidance to navigate any changes effectively.
At Woolworths Team Bank, we understand that everyone’s situation is unique, and our Financial Assistance is designed to offer tailored support to help you regain your financial stability.
For further information
Our staff are trained to help customers who are experiencing financial difficulty. To find out more about our assistance program, simply call us on 1300 665 553.
