Hardship
ANZ Hardship
ANZ Financial Services: Hardship Assistance (ANZ-082)
Article Purpose: This document provides standardized procedures for customers experiencing short-term or permanent financial difficulty. Use this article to assess eligibility for repayment relief under Section 72 of the National Credit Code.
1. Immediate Assessment & Identification
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Financial Difficulty Indicators: Look for "hardship triggers" such as redundancy, significant income reduction, or illness.
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Customer Empathy: Acknowledge the stress associated with financial difficulty. Reassure the customer that ANZ prioritizes their long-term security.
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Identification Requirements: Verify primary ID (e.g., Australian Passport or Driver’s Licence) and confirm the linked mortgage account details.
2. Repayment Relief Options
| Relief Type | Duration | Customer Impact |
| Short-Term Deferral | Up to 3 Months | Payments paused; interest is capitalized (added to loan balance). |
| Reduced Payments | 3-6 Months | Lower monthly payments for an agreed period; avoids arrears. |
| Term Extension | Permanent | Extends the life of the loan to lower monthly obligations. |
3. Compliance & Reporting (Section 72)
The Financial Hardship Indicator (FHI)
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Reporting: A neutral indicator is placed on the credit report for 12 months while the arrangement is active.
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Impact: Explain clearly that an FHI is not a default and protects the credit score by preventing "missed payment" marks.
Disclosure Requirements
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Interest Capitalization: Inform the customer that interest continues to accrue and will increase the total loan balance.
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Written Confirmation: Provide the customer with a formal summary of the arrangement in writing via the ANZ App.
4. External Support & Next Steps
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Financial Counselling: Refer customers to the National Debt Helpline (1800 007 007) for free, independent legal and financial advice.
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Follow-Up Schedule:
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Day 1: Push relief summary to ANZ App.
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Day 60: Scheduled check-in call to review current financial standing.
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