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 banks can provide hardship assistance to their
customers:
- National Consumer Credit Protection Act 2009 (NCCP Act) which includes the National Credit Code as a schedule to the Act
- Customer Owned Banking Code of Practice
- Australian Government’s hardship principles “A common approach for assisting borrowers facing financial hardship”
If you have concerns or are unsure about your legal rights should always seek independent legal advice.