Common causes of financial difficulty

BOQ is here to support you during difficult times, because we know life doesn’t always go to plan. If you are concerned about your financial position and feel that you may be experiencing financial difficulty, we may be able to assist you.

Common examples of financial difficulty may include but are not limited to the following:

  • Changes to employment
  • Reduction in income
  • Injury, illness or the loss of a loved one
  • Relationship breakdown or family violence
  • Natural disaster or drought

If you are unsure of whether you are experiencing difficulty, please don’t hesitate to contact our Customer Assistance Team on 1800 079 866; 8.30am - 5pm Monday to Friday (AEST).

How can BOQ help support me?

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Our dedicated Customer Assistance Team are here to help if you are experiencing financial difficulty.

 

We have a range of options to support you, these include:

  • Agreeing to interest only payments for a short period
  • Extending the terms of your loan to reduce your payments
  • Debt restructure 
  • Temporary postponing or deferring payments or
  • Capitalisation of arrears

We will consider every application for assistance and work with you to find a solution tailored for your needs. The type of assistance we offer will depend on your circumstances and It’s important that you get in touch as soon as you can, so that we can quickly find the best option for you.

 

Budget Calculator

Our free budget planner is designed to help you create a realistic monthly budget to assist you in managing your money. Add in your income and regular expenses to have a clearer understanding of your financial commitments.  

 

What external support is available? 

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BOQ is committed to taking extra care with and assisting customers with limited English. The interpreter service Language Loop can be used at any stage of the your BOQ journey. Language Loop is an accredited interpreter service who interpret word for word.

There are free and confidential financial counselling services that provide advice to Australians in every state and territory.

 

To find out more:

  • National Debt Hotline website or call them on 1800 007 007
  • The Money smart website of the Australian Securities & Investment Commission (ASIC) website
  • ABA financial assistance hub website

 

Australian Bankers Association – Financial Assistance Hub

For more information on financial difficulty, the Australian Bankers Association has launched a financial assistance hub.  It provides information for consumers and small business on what to expect post COVID, if they are experiencing financial difficulty.

The site also encourages customers to contact their bank to seek further information about what assistance we can provide and links customers to their bank.  When customers click on the link to BOQ, they will be directed to our existing Financial Assistance website.

The ABA site can be reached by clicking here.

How do I begin the application process?

Personal Lending Customers

Prepare your application

We will require details about:

  • All your accounts, loans and credit cards
  • Your contact information
  • Reason for financial assistance and for how long

How to apply

  • Submit an Application.
  • Call the Customer Assistance Team on 1800 079 866; 8.30am - 5pm Monday to Friday (AEST)
  • Download the application form here and
  • Email here 
  • Or post to Customer Assistance Team, GPO Box 898, Brisbane QLD 4000
  • Fax: 07 3067 9350

We will be in contact

Our Customer Assistance Team will initially review your request for financial assistance. We will contact you within 3 business days to discuss what options may be available, or to request more information from you.

Assessment

We will complete an  assessment of your individual circumstances and may need you to provide supporting documentation.

We have 21 days to review your situation and respond to your application . If we need further information during this time we will ask you for it, and we might take a further 28 days after that to make a decision.

Business Customers

Prepare your application

We will require details about:

  • All of your accounts, loans and credit cards
  • Your tax liability
  • Your contact information
  • Reason for financial assistance and for how long

How to apply

  • Submit an Application.
  • Call the Customer Assistance Team on 1800 079 866; 8.30am - 5pm Monday to Friday (AEST)
  • Download the application form here and
  • Email here 
  • Or post to Customer Assistance Team, GPO Box 898, Brisbane QLD 4000
  • Fax: 07 3067 9350

We will be in contact

Our Customer Assistance Team will initially review your request for financial assistance. We will contact you within 3 business days to discuss what options may be available, or to request more information from you.

Assessment

We will complete an  assessment of your individual circumstances and may need you to provide supporting documentation.

We have 21 days to review your situation and respond to your application . If we need further information during this time we will ask you for it, and we might take a further 28 days after that to make a decision.

Credit Card Customers

If your financial circumstances have changed and you are unable to pay your Credit Card account(s), you can request assistance by completing an Online Application Form . Please ensure you have access to the mobile number you have registered on your credit card account. A code will be sent to authenticate your identity before you can proceed with the application.

Please also have information about your income, expenses and assets on hand before you commence the application. Once you start filling in your details, you will need to complete the application as you will be unable to save and return to the form at a later stage.

If you are unable to access the Online Application Form, you can apply by downloading a copy of the PDF Application Form and  emailing or posting it to us at dms.au@citi.com or PO BOX 3453, Sydney, NSW 2000. Alternatively you can contact us on 1800 261 300 Monday to Friday from 9am to 9pm AEST, excluding public holidays#

If you have a BOQ Specialist Credit Card, click here to access the financial difficulty assistance that may be available to you.

Important Information before you apply for Financial Hardship Assistance
  • Citigroup Pty Limited is the credit provider and issuer of BOQ Credit Cards. If you hold other Citigroup Credit Cards, Ready Credit, Personal Loan product(s) including partner products your request for financial hardship assistance will be applied on all your accounts. 
  • Once we have received your completed application form, one of our representatives will contact you to discuss your situation and solutions that may be available to assist you. 
  • You are not required to provide supporting documents at the time you submit your application. We will inform you if we require supporting documents.
  • If you have been or are still paying for insurance on your Credit Card account(s) or Personal Loan product(s) you may be eligible to make a claim with the insurer. Your account statement will indicate the name of the insurer you need to contact. An insurance policy wouldn't preclude you from applying for financial hardship assistance if you still require it. 
  • From the time we receive your request that you require financial hardship assistance and during the process including the time you are on an approved program, your repayment history will be reported as 'blank' to the credit bureaus. This is standard practice when reporting for customers experiencing financial hardship.
  • Your card / account may be suspended from the time we receive your application for hardship assistance, and if approved, during the entire period you are on financial hardship. Ability to transact post your Financial Hardship assistance will be based on your card or account status.

Frequently Asked Questions

  • I'm worried I can't make my repayments.

    Our dedicated Customer Assistance Team are here to help if you are experiencing financial difficulty.

    If you are unsure of whether you are experiencing difficulty, please don’t hesitate to contact our Customer Assistance Team on 1800 079 866; 8.30am - 5pm Monday to Friday (AEST).

  • What options are available to help me?

    We have a range of options to support you, these include.

    • Agreeing to interest only payments for a short period
    • Extending the terms of your loan to reduce your payments
    • Debt restructure 
    • Temporary postponing or deferring payments or
    • Capitalisation of arrears

    We will consider every application for assistance and work with you to find a solution tailored for your needs. The type of assistance we offer will depend on your circumstances and It’s important that you get in touch as soon as you can, so that we can quickly find the best option for you. 

  • I have funds available in my redraw account, can I access the funds via a redraw?

    If you have been paying more than the scheduled repayments into your home loan or personal loan you might be able to access these funds via a redraw. To find out more about this you can contact our General Enquiries Team on 1300 55 72 72 or speak to your local branch.

  • What do I do if standard refinancing is not an option for me?

    We encourage you to get in contact with our Customer Assistance Team who will work with you to find a solution tailored for your needs.

    Please don’t hesitate to contact our Customer Assistance Team on 1800 079 866; 8.30am - 5pm Monday to Friday (AEST).

  • Where can I locate independent financial counselling?

    There are free and confidential financial counselling services that provide advice to Australians in every state and territory.

    To find out more:
    National Debt Hotline website or call them on 1800 007 007
    The Money smart website of the Australian Securities & Investment Commission (ASIC)  website
    ABA financial assistance hub  website

  • What if I have a joint account and I am experiencing financial difficulty

    If you have a joint account, we can consider your application for assistance and if you ask us to, we can do so without involving the other account holder initially.

  • Can a Guarantor apply for financial difficulty assistance?

    Yes, if you are a loan guarantor you can request financial difficulty assistance.

    For more information on this please don’t hesitate to contact our Customer Assistance Team on 1800 079 866; 8.30am - 5pm Monday to Friday (AEST).

  • Can you accept an application for financial difficulty from a Financial Counsellor or third party representative?

    Yes, you can ask us to deal with your financial counsellor or representative rather than dealing with you directly. In this instance, we will require their contact details in writing which can be provided by completing the letter of authority form.

  • What can I do if BOQ is unable to assist me?

    Free Financial Counselling is a valuable service that is offered at no cost by community organisations, community legal centres and some government agencies.

    There are free and confidential financial counselling services that provide advice to Australians in every state and territory.

    To find out more:
    National Debt Hotline website or call them on 1800 007 007
    The Money smart website of the Australian Securities & Investment Commission (ASIC)  website
    ABA financial assistance hub  website

  • What If I’m not happy with BOQs response?

    If you are not satisfied with our response or handling of your complaint, you may be able to lodge your complaint with the free, independent external dispute resolution scheme, the Australian Financial Complaints Authority (AFCA).

    The contact details for AFCA are set out below.

    Australian Financial Complaints Authority:

    Online: www.afca.org.au
    Email: info@afca.org.au
    Phone: 1800 931 678 (freecall)
    Mail: Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001

     

Contact Us

Call us

Call the Customer Assistance Team on 1800 079 866 8.30am - 5pm Monday to Friday (AEST)

Submit an application online

    

Application Form

Download the application form from the "How do i begin the application process" section and email  or post: Customer Assistance Team, GPO Box 898, Brisbane QLD 4000