Financial Hardship

Financial Hardship

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Are you struggling to make your loan repayments? Are you experiencing financial hardship? Bank of Sydney (BOS) may be able to help.

We know that unexpected things can happen in life and you might not be financially prepared to cope. For example, losing your job, getting sick or a relationship breaking down may cause you to struggle with your loan or credit card repayments.

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BOS has obligations under various Codes and Government principles, such as the Banking Code of Practice  and the National Consumer Credit Protection Act 2009 (National Credit Code), as to how we may provide financial hardship assistance to our customers. 

If you find yourself in a situation of financial hardship, we encourage you to talk to us about how your change in circumstances is impacting your financial position – we may be able to offer you some assistance to help you deal with the financial difficulties you’re facing.


Getting Assistance

Our Bank Managers will individually assess each request for assistance and will work with you to develop a solution tailored to your circumstances.

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We will seek to understand your situation by gathering information from you on:

  • How your circumstances have changed and how you expect them to improve;
  • Your current financial position; and
  • How assistance from us will help you get back on track with your loan, credit card repayments or other debt with BOS.

Apply for assistance using our   Financial Hardship Application & Declaration Form

You can return your completed form by fax or post using the following details:

Attention: Credit Department
Fax: 02 9283 7723 
Post: GPO Box 4288, Sydney NSW 2001
You can also call your Bank Manager on 13 95 00


Other information we may ask for

You may be asked to provide supporting documentation to help us assess your application and determine if we can provide you with assistance to help you overcome your financial hardship.

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We’ll let you know if we need you to provide any documents such as:

  • medical certificates;
  • Centrelink statements;
  • notice of employment termination;
  • verification of your income;
  • statements of loans and credit cards with other lenders; or
  • any other documents that may support your request for assistance


What type of assistance will we be able to provide?

The type of assistance we may be able to provide will vary depending on your individual circumstances.

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For eligible customers, assistance may include options such as:

  • deferring loan repayments for a short period of time;
  • reducing repayments by converting the facility from Principal &Interest to Interest Only payment temporarily;
  • extending the term of a loan to reduce ongoing repayment; and/or
  • Debt consolidation/restructuring (if applicable)

These are a guide of potential assistance options only – we need to look at your existing account, loan or credit card, and your particular circumstances, to see what might be suitable.


What are your rights if you are not happy with the support provided or if assistance is declined?

We aim to assist our customers as much as we can however if the support we have offered is not to your satisfaction, you have the right to complain by lodging a complaint form.

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To deal with your concerns, we offer free internal dispute resolution to all our customers and free external dispute resolution through the Australian Financial Complaints Authority for personal and small business customers. The AFCA can investigate a matter, but will only do so once you have given us the opportunity to investigate and review it. You can contact AFCA by email at or by calling 1800 931 678 (free call).

If assistance is declined, BOS will advise you of the reason your application was declined. You may wish to seek further financial advice from other parties such as a financial counsellor, about other options available to you. Financial counselling is offered free of charge through Financial Counsellors of Australia who may be contacted by calling 1800 007 007 (free call).

Other ways to get help

It's important when your financial circumstances change to talk to someone to get help, support and guidance. As well as calling us on           (13 95 00) between 9am - 5:30pm Mon-Fri, you may also find these independent resources helpful:

It may also help to take a look at: