Many struggling Australian borrowers are not even aware that financial hardship assistance is available. Asking your lender for help may bring not only financial but also mental health relief.
Nearly six million Australians with a mortgage are struggling with their repayments, but many are hesitant to ask their bank or other lenders for help. Over the past 12 months, 47 per cent of Australian adults with a debt have struggled with their repayments, according to research conducted by the Australian Securities and Investments Commission . In addition, 41 per cent of Australians with personal loans/debt anticipate difficulty with making their repayments in the next 12 months.
Apart from potentially reducing financial pressure, there are significant other benefits related to seeking to financial hardship assistance from lenders. Improvement in mental health, sleep and general well-being have been recorded as some additional positive impacts by those who have sought this help. However, that number is not very high. According to the ASIC, only 20 per cent of those surveyed said they had sought financial hardship assistance at some point.
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