The financial hardship assistance we can offer will depend on your circumstances and the type of difficulty you're experiencing.
Depending on your situation, assistance may be offered in the following ways:
- Deferred repayments – You may be able to defer repayments for a set period of time.
- Temporarily reduced repayments – Your repayments may be temporarily reduced to make them more manageable, which could include an interest-only period.
- Interest-only repayments – For a limited time, you may be able to pay interest only on your loan, temporarily reducing your repayment amount.
- Payment test – In some cases, you may be asked to make regular repayments at an agreed amount for a set period to demonstrate that repayments are manageable.
- Loan restructuring – In some cases, your loan may be restructured (following discussions with a lender) to better align your repayments with your circumstances.
- Capitalising arrears – If repayments are deferred during a period of financial difficulty, your repayments may be recalculated over the remaining loan term once the assistance period ends. This helps spread any deferred repayments across future repayments.
- Assistance to sell – Assistance may be provided to allow for the sale of an asset or property that is secured against your loan with P&N Bank.
- Fee waivers – Certain fees may be waived to help reduce financial pressure during a hardship period.
We assess each application on its merits and will work with you to find the most appropriate form of support for your situation.