What information should I give my lender for a financial hardship application?

The lender will need to understand your financial situation to be able to consider your hardship request.

You will need show the lender that your situation is likely to improve and that you will be able to meet your payments if your contractual payment is changed.
To demonstrate that your financial situation is likely to improve so you can repay the loan, the lender may require the following:
  1. why you are in financial hardship.
  2. an explanation of how and when your situation will improve.
  3. what you want from the lender
  4. whether you are able to make some payments and over what period of time, or
  5. a statement of financial position, which sets out your income and expenses, as well as supporting documents.
You may wish to use CIO’s Hardship Application Questionnaire which asks for this type of information.
You may also be asked to provide supporting documents, such as:
  • bank account statements
  • pay slips
  • utility bills
  • tax returns
  • Centrelink statements
  • details of debts with other creditors, or
  • (if you are seeking time to sell) an agency agreement or appraisal.