Am I at risk of falling behind?
One of the most effective strategies for avoiding repayment problems is spotting the initial signs of financial difficulty, such as:
Consistently dipping into your savings
Your overall debt is on the rise
Using credit to cover basic expenses
Significant change in your income
How can you manage your finances to avoid difficulties?
There are a number of practical steps you can take to avoid falling behind on your repayments:
- Regularly review your finances.
- Prioritise high-interest debt.
- Consolidate your debt when possible.
There are a number of resources available to help you asses your financial situation
Such as the Small Business Debt Helpline or the National Debt Helpline. You can also use the MoneySmart Budget Planner to help you revise your budget if needed.
What can you do if you can't make your loan payments?
If you can't make your payments, contact our Payment Support team to discuss your options.
Hardship Variations
This is a temporary change to your loan terms, providing short-term help while you get back on your feet.
Payment Plans
You can arrange an alternative payment schedule to cover your outstanding amount.
Defer Payment
You can move a regular monthly repayment up to two weeks from your monthly anniversary date.
How can budgeting help you manage loan repayments?
Working on a monthly budget can benefit both your loan repayments and ongoing financial management in several ways.
- Track income and expenses.
- Prioritise essential payments.
- Identify areas where you can cut costs.
How do you get started?
Start by assessing your current financial situation and identifying any areas of concern. Then, contact our Payment Support team to discuss your options.
What’s next on your loan journey?
Your loan journey doesn’t end here. Explore these resources to take the next step with confidence.
Understanding financial hardship
If you're experiencing financial difficulty, call us as soon as you can to help us understand your situation and discuss the options available.
What is a complaint?
Any expression of dissatisfaction made to us concerning RedZed Lending Solutions Pty Ltd (as program manager of the RedZed Lending Program) or Perpetual Trustee Company Limited (as lender under the Program) related to their respective products or services, or the complaints handling process itself, where a response or resolution is explicitly or implicitly expected.
More resources on financial hardship
If you’re anxious about meeting the requirements of your loan, or managing your finances, we can help. Our financial hardship page contains helpful interactive videos, and common scenarios that we can work with you to overcome.