Financial hardship

Financial difficulties can happen to anyone. If you are concerned about meeting your loan repayments, we are here to help. 

Contact us early so we can assist you as early as possible.

Discuss your options with us

When you may need financial support

Financial hardship can arise from an unexpected event or unforeseen circumstances outside your control. 

A change in your circumstances may require adjustments to the way you manage your business cash flows. 

Reasons you may find yourself unable to meet your repayments include: 

  • Unexpected changes in income or expenditure
  • Changes to employment status, including loss of employment or reduced working hours
  • Death in the family
  • Serious illness or injury
  • Family and domestic violence or relationship breakdown
  • Emergency event or natural disaster
  • Industry interruption

Missed or late payments

Whether you’re concerned you may miss one payment or multiple, please contact us. 

It is important to talk to us if you think you will not be able to meet your obligations, even if you are not currently in arrears or believe your situation is short term. 

If you miss a payment, RIC will contact you to clear the arrears. However, the sooner you talk to us the sooner we can help.

Frequently asked questions

Your credit score will not initially be affected by seeking hardship assistance. Please contact RIC and our team will discuss your individual circumstances and payment options with you.

No. Financial hardship assistance from RIC does not involve fees, charges or penalty interest. Interest on the loan balance will continue to accrue during this period.

Our team may ask you to provide financial information or additional documentation to support your request. They will discuss these requirements with you based on your individual circumstances.

Yes, RIC may seek information from your commercial lender and/or share information, in accordance with your loan conditions. You may also choose to provide RIC with consent to work more closely with your lender in the management of financial hardship.

We recommend you also speak to your commercial lender and seek further support to address any cash flow or liquidity difficulties. 

You should also speak to your professional adviser or Rural Financial Counsellor for other available options. 

For a list of additional federal and state government assistance programs, click here.

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