Money Worries

At HSBC, we understand that you may go through difficult times, and that's when you need someone on your side the most. If you're worried about missing a payment or you can't make ongoing repayments to HSBC, it's really important to contact our team of specialists. Get in touch as early as possible to see how we can help.

Financial hardship occurs when you can't reasonably meet your loan obligations but expect to resolve the situation if we make some changes to your loan contract.

Financial difficulty means you can't repay your debts or meet your upcoming repayments. This could be due to an unexpected event or changes beyond your control, including:

• Cost of living pressures
• An illness or injury
• Losing your job or experiencing a change or reduction in your income)
• A pandemic
• Natural disasters such as flood or bushfire
• Separation from a partner
• A death in the family
• Family and domestic violence
• Elder abuse
• Homelessness
• Any unexpected expenses

At HSBC, we're committed to helping customers overcome financial difficulties. If you're having trouble making your repayments to HSBC, we can work with you to find and agree on a solution.

HSBC understands customers may go through difficult times, and that the financial difficulty experienced by our customers may be short term or long term.

If you are concerned about missing a payment or are unable to make ongoing repayments to HSBC, please contact us as soon as possible. Our Customer Assist Team, who are specialists in helping customers with financial hardship, could help find a solution that works for you.

It is important that you talk to us as soon as possible if you think that you can't or won't be able to make the required repayments to HSBC.

If you don't pay on time, missed repayments will show on your credit report and may lower your credit score. Missing your repayments may also result in additional interest charges and/or late fees on your account(s).

We may be able to alter your current repayments based on what you can afford to pay at the time, for example reduced repayments, interest adjustments and repayment extension periods.

The type of assistance we may be able to provide will vary depending on your individual circumstances, and HSBC's dedicated Financial Hardship team will aim to provide you with temporary relief from your repayments.

HSBC has a number of ways you can discuss and apply for financial hardship assistance:

• Over the phone by calling the Financial Hardship team on 1300 555 988 between 8am and 5pm Monday to Friday (AEST).
• In person by visiting any HSBC branch where our staff will help you get in touch with our dedicated Financial Hardship team.
• Online by submitting a financial hardship application by email to customerassist@hsbc.com.au.
• In writing or by emailing our dedicated Financial Hardship team, who will contact you shortly after receiving your details to discuss the matter with you further.

You should complete and return a Statement of Financial Position form to help us better understand your financial position.

Please send to:
HSBC Bank
Customer Assist
GPO Box 5302
Sydney NSW 2001

Email: customerassist@hsbc.com.au

^* If you are a Small Business Customer, you should call the Contact Centre on 1300 308 008 in the first instance. If you are a Commercial Banking or Business Banking customer who may be experiencing financial difficulty, please contact your Relationship Manager in the first instance to discuss your situation. Financial hardship assistance may be available in certain circumstances. Alternate application processes and documentation apply.

HSBC will respond promptly to requests, in writing, confirming the main details of any arrangement made. We aim to provide you with an outcome for your application within 21 days of your request. At this time, we will advise you of our decision in writing or we will write to you and ask you for further information to help us come to a decision.

In the event HSBC is unable to approve your financial hardship request, we will provide you with information about your right to refer your request to an External Dispute Resolution service.

HSBC will give genuine consideration of any request, irrespective of your loan value, reason for financial difficulty or your repayment history, and collections activity will be put on hold during our assessment process.

We understand that at times you may like to have a third party representative deal with HSBC on your behalf. Should this be the case, we require written authority to discuss your personal and account information with the third party.

If you would like us to deal with a third party, you should contact us and discuss the process with your relevant Customer Service team.

• CreditSmart – a site run by the Australian Retail Credit Association (ARCA) that provides information and education on credit products like loans and credit cards.
• Australian Banking Association (ABA) – a banking industry body that provides access on a range of banking topics.
• National Debt Helpline – a not-for-profit that helps people tackle debt.
• MoneySmart – an Australian government website that provides information and education on a range of money topics.
• Way Forward Debt Solutions – a not-for-profit that helps people in financial hardship.