Australian legislation outlines your rights to financial hardship assistance and how banks and financial institutions must manage applications.
There are three key frameworks that govern how financial hardship assistance is considered, including:
- The National Consumer Credit Protection Act 2009 (NCCP Act), which includes the National Credit Code
- The Customer Owned Banking Code of Practice
- The Australian Government’s hardship principles: A common approach for assisting borrowers facing financial hardship
These frameworks help ensure hardship requests are assessed fairly and consistently.
If you're worried or unsure about your rights, you should seek independent legal advice.