If you are finding it difficult to meet your scheduled loan repayments, it is important to communicate with the bank as early as possible. While there is no standard product known as a "repayment holiday," NAB provides tailored financial hardship assistance designed to help customers manage temporary or ongoing changes in their circumstances. This assistance is intended to provide a pathway for those experiencing genuine difficulty rather than serving as a standard account feature.
Support options are assessed on a case-by-case basis and may include temporary payment breaks, switching to interest-only repayments, or adjusting your loan term. Engaging with the bank before you miss a payment is the most effective way to protect your credit profile and explore viable solutions for your specific financial situation.
| Category | Details |
|---|---|
| Methods | Online hardship form via App/Web, NAB Assist (1300 661 114) |
| Processing Time | Variable; depends on document assessment and complexity |
| Eligibility | Demonstrable change in financial circumstances (e.g., job loss, illness) |
| Key Requirements | Income/expense details, employment status, supporting documents |
Step-by-Step Guide to Applying for Assistance
- Log into your NAB Internet Banking or the NAB app to locate the financial assistance request tool.
- Gather your current income and expenditure records, as you will need to provide a clear view of your financial position.
- Submit the online request for financial hardship, ensuring you provide a detailed explanation of your current circumstances.
- Wait for a member of the dedicated assistance team to follow up with a phone call; they will discuss your situation and potential solutions.
- Discuss the proposed arrangement, which might include a temporary payment break, and confirm you understand how interest accrual affects your total loan balance.
- Finalise the agreed-upon plan, ensuring you keep a copy of any new payment schedule or contract variation provided by the bank.
Troubleshooting Common Access Issues
1. MFA / Login Issues
- Cause: You cannot access the online form because the multi-factor authentication (MFA) SMS is not arriving, preventing you from logging in.
- Simple Fix: Ensure your registered phone number is up to date in your banking profile. If the issue persists, use the 'Forgot Password' flow or call the NAB Assist team directly to initiate the request via phone.
- Fallback Action: Call NAB Assist on 1300 661 114 during business hours to start the application process verbally.
2. Browser or App Errors
- Cause: The online assistance portal times out or displays an error when submitting your income and expense data.
- Simple Fix: Clear your browser cache or switch to a different browser/device. If the app fails, try the desktop version of NAB Internet Banking.
- Fallback Action: Document the error and call the support line; a consultant can often take your details over the phone to bypass technical issues.
3. Locked Account / ID / Access Issues
- Cause: You are locked out of your digital banking profile due to security protocols, preventing you from accessing the online assistance request.
- Simple Fix: Use the digital banking account recovery tools to verify your identity and unlock your access.
- Fallback Action: Visit a local branch with physical photo identification to restore account access or process the hardship application in person.
Pro-Tip: Before you contact the bank, prepare a simple summary of your weekly income and your essential expenses (like rent, food, and utilities). Having this information ready allows the consultant to accurately assess your situation immediately, rather than needing to schedule a follow-up call to get the numbers right.
Frequently Asked Questions
Q: Why is my loan balance increasing during my payment break?
When you take a temporary "payment break," you are pausing the requirement to make regular repayments, but the loan agreement usually remains in effect. Interest continues to be calculated daily on the outstanding balance and is added to the loan. What this means is that while you aren't paying now, the total amount you owe will grow, and you will eventually need to pay back that accrued interest. Always ask the consultant to clarify the impact on your loan balance before agreeing to a break.
Q: Does requesting financial hardship support appear on my credit file?
The impact on your credit file depends on the nature of the arrangement you agree upon. If you are granted a temporary deferral of payments (a "payment break"), this may be recorded on your credit report as an arrangement. If you vary the loan permanently—for example, by extending the loan term to lower repayments—this is considered a variation. This information is a standard part of credit reporting. Before proceeding, ask the consultant how your specific arrangement will be reported so you understand the potential long-term impact on your ability to access credit.
Q: What if I miss a payment before I talk to the bank?
Missing a payment can trigger automated processes, such as late fees or default notices, which can negatively affect your credit score. If you know you are going to miss a payment, contact the bank immediately—even if you haven't finished your full financial hardship application. Letting them know in advance often allows the bank to place a "note" on your account, which may help delay standard collection activities while your hardship application is being processed.
