If you are concerned about your financial position and feel that you are struggling or may struggle to meet your financial commitments, we may be able to assist you.

What is financial difficulty?

Financial difficulty means you are unable to repay what you owe and are experiencing difficulty meeting your repayment obligations. This can be as a result of an unexpected event or unforeseen changes outside your control. 

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

  • Loss of employment

  • Reduction in income

  • Injury or illness

  • Relationship breakdown

  • Natural disaster or drought

  • Impact of COVID-19 

If you are unsure of whether you are experiencing difficulty, please don’t hesitate to contact our Customer Assistance Team.

How can we assist?

We have a dedicated Customer Assistance Team who are here to help customers that are experiencing financial difficulty in meeting their commitments, whether those commitments are in respect of a personal/car loan or a home loan. If we identify that you may be experiencing financial difficulty, we may contact you to discuss your situation and the options available to help you.  

You can ask us to deal with your financial counsellor or representative rather than dealing with you. In this instance, we will require their contact details in writing which can be provided by completing the letter of authority form and sending it to us via email, post or fax

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. If you are a guarantor and we have made a demand for you to service a default, and you would like to apply for financial assistance, please contact us to discuss your options.

We will not require you to access your superannuation to pay any amount you owe us under a loan, however you may wish to discuss this option with a financial counsellor. You can also find out more about this from the Department of Human Services, see humanservices.gov.au

Assessment Process

Once an application has been received, our Customer Assistance Team will be prompt to respond to you or your representative. The team will initially review your financial situation and where necessary, contact you for further supporting documentation. It is important for you to be as open and as realistic as you can be, about your financial position. In turn, we will be compassionate in trying to understand your situation and when discussing any way we can help. An assessment will be completed and the assistance that we may offer will depend on your personal circumstances. We will review and consider any reasonable and mutually acceptable proposal you suggest. We will notify you in writing as to whether we will provide you with Financial Difficulty Assistance and the reasons for our decision. If your application is granted, we will also include details of the arrangement which may include repayments you will need to make and what will happen at the end of the arrangement.

We will provide the guarantor with written notice if the borrower has advised us that they are experiencing financial difficulty which has resulted in a change to their loan.

In circumstances where restoring your financial position is possible, assistance may include options such as:

• Agreeing to interest only payments for a short period

• Extending the terms of your loan to reduce your payments

• Temporary postponing or deferring payments or

• Capitalisation of arrears

Where a financial assistance arrangement is accepted and entered, this may result: 

i) in you paying more interest over the  loan term 

ii) in your monthly repayments increasing if the term of the loan is not extended

In circumstances where restoring your financial position is unlikely, assistance may include options such as:

• Agreeing on an alternative arrangement, plan or contract

• Changing the terms of your loan

• Giving you time to sell your property or

• Giving information about bankruptcy or insolvency arrangements

Financial assistance is approved on a temporary basis, provided that we reasonably expect that you will be in a position to meet your financial obligations following our assessment and in the future.

Redraw Options

If you’ve 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 manager.

Making payments

Automated payments that have been created as a transfer order or from an external institution will remain in place. It is important if possible to continue to make repayments to your loan or credit card whilst your application for financial assistance is being considered.


Term Deposits

If you have a BOQ term deposit account, you can submit a Notice of Withdrawal with your nearest branch to obtain access to your funds after 31 days.  In circumstances where you are in financial difficulty, your branch can talk to you about financial difficulty options relating to these accounts. We've also put together a Fact Sheet that you can access here.

Credit Cards

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#


Exceptional Circumstances

In exceptional circumstances, we may look outside normal processes to find a way to assist you if you are experiencing long term hardship as a result of a material change in circumstances.

How to apply 


More information

If you would like further information on how BOQ may be able to assist you during financial difficulty or would like assistance with completing an application, please call our toll-free hotline number 1800 079 866 and speak to one of our team members. 

Alternatively, you can complete a paper application and submit it at any BOQ branch or post it directly to the Customer Relations team at the listed address.

If you are not satisfied with the assistance provided, you can contact our Customer Relations team.

You may also find the following websites helpful, which provide information on managing your finances.

Helpful Contacts and Services



Australian Bankers Association – Financial Assistance Hub

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: www.ausbanking.org.au/assistance


Australian Bankers Association – Financial Assistance Hub