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The Mutual Bank defines Financial Hardship as the difficulty in meeting the repayments on your loans, debts, bills, and other financial obligations. If you are unable to make a repayment, please contact our Member Services Team on 1300 688 825.

It is a period of time (usually up to six months) where you have arranged for your regular loan repayments to be deferred to allow you to get on top of your finances. During this time, interest will continue to be charged on your loan, however any late payment penalties will be waived. The repayments deferred will be recalculated back into remaining term of the loan. This may result in your monthly repayments increasing upon the expiry of the deferral period.

Before the loan deferral expires, we will get in touch to review your position and to discuss whether you are in a position to recommence loan repayments. If you are, we will remind you of your monthly repayment amount, and assist with setting up automatic payments depending on your pay cycle. If your financial position has not improved, we may request a meeting with you to review your full financial position and discuss your options moving forward.

Yes, they apply to all loans including owner occupied and investment home loans, personal loans, business loans and credit cards.

An Interest Only repayment option for financial hardship purposes is usually provided for a term of up to twelve months. This may result in your monthly repayments increasing upon the expiry of the interest only period.

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