Working with you
Working
with you

Here’s how we may be able to help if you’re
experiencing financial hardship

If you’re experiencing unforeseen hardship, we’ll work with you to understand
your individual circumstances and the best way for us to help.

Short term loan repayment relief

Depending on your circumstances and the outcome of our assessment, this assistance may be available to you.

Short term loan repayment relief is simply a temporary break from making your loan repayments.

For example, this may apply if you are unable to make your repayments for a temporary period and need temporary assistance with your repayments. Normally, you’ll need to have some certainty that your income will return.

Example for repayment relief

 

Mary is planning to take maternity leave and doesn’t have enough savings to cover all her loan repayments while she’s on leave.

We may be able to help Mary with short term loan repayment relief.

Restructuring your loan

Depending on your circumstances and the outcome of our assessment, this assistance may be available to you.

A loan restructure is when we agree to make a change to your current loan repayments – for example:

  • by increasing your loan term to reduce your regular payments, or
  • by changing to interest only payments for a period.

Restructuring your loan may change how much you need to pay us over the term of the loan. We will work with you to help you understand the best option for you.

Example for loan restructure

 

John’s income reduces as he is unable to work full time for medical reasons. He can’t meet his current current loan payments.   

We may be able to help by increasing his loan term to reduce his fortnightly payments.

Consolidating your debts

Depending on your circumstances and the outcome of our assessment, this assistance may be available to you.

If you are experiencing financial hardship and have multiple loans and/or credit card debts with ANZ, we may be able to consolidate your debts.

Consolidating debt may change how much you need to pay us over the term of the loan/s. We will work with you to help you understand the best option for you.

Example for debt consolidation

 

Lucy and Mark are struggling to repay their ANZ home loan and credit card due to an unexpected reduction in income.

We may be able to consolidate their credit card debt into their home loan, therefore reducing their repayments.

Using your insurance

If you are in financial hardship due to redundancy, bankruptcy or severe illness and have an insurance policy that provides cover for this, you may be able to make a claim. You may have taken out this insurance policy when you applied for a personal loan or credit card.

If your insurance is with ANZ or you are unsure whether you took out insurance with your personal loan or credit card, talk to one of our team today on:

  • 0800 658 585 for ANZ Life & Living or Personal Loan Insurance
  • 0800 883 012 for ANZ Credit Card Repayment Insurance

Or view the full contact details for all types of insurance

If you have an insurance policy with OnePath or another provider, contact them to find out more.

Example for insurance

 

Glen has been made redundant and thinks he’ll struggle to make his credit card repayments until he finds a new job.

Glen may be able to make a claim under his credit card repayment insurance policy.

KiwiSaver

If you’re suffering financial hardship and have a KiwiSaver account, you can apply to Inland Revenue to stop making KiwiSaver contributions for a period (known as a contributions holiday).

Alternatively, if you are suffering significant financial hardship and have exhausted all other reasonable alternative sources of funds, you can apply for an early withdrawal.

Contributions holiday

You can apply to Inland Revenue to take a break from making contributions:

  • if 12 months or more have passed since; your first KiwiSaver contribution was paid to a KiwiSaver manager or Inland Revenue or you joined a complying superannuation fund,
  • any time after your first contribution if you are in, or are likely to be in, financial hardship.

A contributions holiday can be for between three months and five years, unless Inland Revenue agrees to a longer period. You can take an unlimited number of contributions holidays, but this will affect how quickly the savings in your KiwiSaver account grow.

Visit the Government’s KiwiSaver site to find out more about KiwiSaver contributions holidays.

Early withdrawal

You can apply for an early withdrawal if you’re suffering significant financial hardship – for example if you’re unable to meet essential living and/or medical costs.

You’ll need to show that you’ve exhausted all reasonable alternative sources of funds, and if your application is granted the amount you withdraw can be limited to a specific amount to meet your hardship requirements.

If you have a KiwiSaver account managed by ANZ Investments, check our KiwiSaver Significant Financial Hardship guide (PDF 784kB) for more information on eligibility criteria and next steps. If you think you’re eligible to apply for a withdrawal, you can complete our KiwiSaver Significant Financial Hardship application form (PDF 784kB).

If you are applying for a significant financial hardship withdrawal as a result of the 14 November 2016 Kaikoura Earthquake, please call 0800 736 034.

Frequently asked questions

  • How long can I stop payments for?
    Depending on your circumstances, short term loan repayment relief may be approved up to a maximum of 90 days. If you are still experiencing financial hardship at the end of the approved period, we’ll work with you to understand how else we may be able to help.

Frequently asked questions

Frequently asked questions

Frequently asked questions