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Financial Hardship

Are you experiencing financial hardship?

Financial hardship occurs when you’re willing, but unable to meet your existing financial obligations for a period of time. Financial hardship may be caused by a number of factors, such as diminished or no cash flow or as a result of an unforeseen change in your circumstances like unemployment or illness.  

What can Rabobank do?

If you find yourself experiencing financial difficulties, contact your Rural Manager or your nearest Branch and let them know you wish to apply for hardship assistance. 

Once notified, your Rural Manager will start working to assess what hardship arrangement options may be appropriate. We will respond promptly to any request for assistance from you or your authorised representative in relation to your financial difficulties with a credit facility you have with us. You may be asked to provide some further information to help assess your financial situation. This is an opportunity to explain how your personal circumstances have changed and whether you expect them to improve in the future.  

Whilst we recognise that our clients have unique experiences, not all situations qualify for financial hardship assistance. It is only when a client's financial situation can be restored with formal hardship assistance that it will be offered. 

If you’re not satisfied with the financial difficulty assistance we’ve provided, you can contact our Client Services Unit on 1800 025 484. This can also be raised directly with your Rural Manager or by contacting your local Rabobank branch on 1300 30 30 33. If you still feel like you haven’t been heard then you can contact the Financial Ombudsman Service. Information on how we handle complaints can be found on our Contact us page.

What are the options?

Hardship arrangements cover the time between when your circumstances change and when you can start repaying your debts in full again. Whilst suitable hardship arrangements will vary depending on each individual clients circumstances; some measures that may be considered by Rabobank may include:

  • Deferral of scheduled loan payments
  • Waiving certain fees and charges
  • Waiving break costs on early redemption of Rabobank Australia Limited issued deposits.

Australian Government Assistance 

The Australian Government provides a number of assistance measures to support farm families, farm businesses and rural communities to prepare for, manage through and recover from drought and other hardship. Further information on the measures included in the initiative can be found on their website.

Where to go for more information

  • The Code of Banking Practice ("the Code") outlines your rights if you are experiencing financial difficulties with your credit facility. Rabobank Australia Limited is a subscriber to the Code.
  • The ABA’s ‘DoingItTough’ website provides information about financial hardship, including how to identify if you’re experiencing financial hardship, how to apply for hardship assistance, and tips to help you manage your money. 
  • ASIC’s ‘MoneySmart’ website
  • After speaking to your Rural Manager, you may wish to seek advice from a professional financial counsellor about your options. For more information about financial counselling services, go to Financial Counselling Australia’s website or phone the toll-free number on 1800 007 007. Financial Counselling Australia
  • Financial Counselling Australia also has a “Debt Self Help” tool. Debt Self Help