Financial difficulty or hardship
Financial difficulty is when you’re finding it hard to pay your bills or rent, cover everyday living expenses or make loan repayments. If you’re feeling financial strain, you’re not alone. Research by ASIC (April 2024) found that 47% of Australian adults with debt had struggled to make repayments in the last 12 months. The top reasons were cost of living pressures, reduced income and unexpected expenses.
Money problems are stressful, and can impact your physical and mental health. Many people are reluctant to ask for help because they feel embarrassed, ashamed, or a sense of failure. They also worry that a hardship arrangement will cost them more in the long run and negatively impact their credit score. Some people are just not aware that help is available, or don’t know where to go and what’s involved.
However, according to ASIC, most Australians who did seek financial hardship assistance said they felt relieved, supported, grateful and empowered as a result.
By explaining the process and what’s involved, we hope you’ll feel more confident about reaching out for support.
All you have to do is ask
How we can help
It can be difficult to reach out for help. When you do, it’s important to try to be open and as realistic as you can be about your financial position. We’ll be compassionate in trying to understand your situation and finding ways we can help.
Our commitment to you – we will:
- Treat you with respect, sensitivity and compassion
- Provide solutions tailored to your specific needs
- Keep confidential any information you give us and let you know ahead of time if we can’t
- Keep you informed on any decisions and next steps
- Connect you to additional support resources that may help you.
Some possible options
Depending on which AMP products you have, and your individual circumstances, there are many ways we can help. Here are some of the options.
Term deposit early release
To withdraw your funds before the end of the term, you ordinarily need to give 31 days’ notice and an interest rate adjustment is applied. If you’re in hardship and want to break your AMP term deposit, you can apply for hardship assistance. We'll review on a case by case basis and aim to respond to your request within 3 business days. If approved, you’ll be able to withdraw your funds early, without giving 31 days’ notice. In some cases, the interest rate adjustment may be waived.
Hardship Assistance formHome loan redraw
If your AMP home loan has a redraw facility, check your account balances. If you’ve made extra repayments, available funds in redraw can be used to cover loan repayments in the short term.
If you have a fixed rate home loan, there could be other options, call us to discuss.
Learn moreHome loan repayment help
A hardship arrangement is a plan we agree on together to help you deal with your repayments and restore your financial situation.
If you have an AMP home loan, here’s how you can apply for financial hardship assistance.
Learn moreAsk the banking & home loans team
Retirement pension quick payments
If you currently have an income stream from a retirement pension account, increasing the regular payments you receive or withdrawing a one-off large sum may be an option. Talk to us about making adjustments or getting a quicker payment, if allowed for your account type.
Note: Withdrawing more money now could affect future income – so discuss with your financial adviser.
Learn moreEarly access to super
While you generally can’t access your super until retirement, there are some specific circumstances where the law allows you to access your super early, including various compassionate grounds, terminal medical condition, permanent incapacity or severe financial hardship. You may be able to draw on your AMP super if you meet the criteria set by the ATO (Australian Tax Office).
Learn more
Insurance inside super
Many people actually have insurance without knowing. Insurance inside super is designed to assist you and your family financially if you become unable to work due to illness or injury, or if you pass away. If you hold super with AMP, we can check your insurance cover, your eligibility and help you with the claims process.
Ask the super, insurance & retirement team
Other things you can do
Create a budget that reflects your current income and expenses, so you’ll have a realistic view of your financial position.
Prioritise essentials like medical treatment, housing, utilities and groceries. Identify any non-essential expenses that you could cut back.
Explore ways to generate extra income, for example, taking on a second job, renting out a spare room, selling items you no longer need or starting a side hustle.
By understanding money, you can better manage your finances and take greater control of your future. Our Insights Hub is a great place to start.
A financial counsellor or adviser can provide guidance based on your specific circumstances including advice about insurance claims and superannuation.
In an emergency, there are services to help you with food, housing and bills, and emotional support.
Financial support directory
We're here to help
Get in touch with us if you're experiencing financial difficulty. We'll take the time to listen, understand your situation and do our best to help.
Banking & Home loans
Monday to Friday 9am - 5pm (Sydney time)
Super, Insurance & Retirement
Monday to Friday 8.30am – 7pm (Sydney time)
Important information
Products in the AMP Super Fund and the Wealth Personal Superannuation and Pension Fund are issued by N.M. Superannuation Proprietary Limited (N.M. Super) ABN 31 008 428 322 (trustee), which is part of the AMP group (AMP).
All banking products are issued by AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.
Any advice and information provided is general in nature, hasn’t taken your circumstances into account, and is provided by AWM Services Pty Ltd ABN 15 139 353 496 (AWM Services), which is part of AMP.
Before deciding what’s right for you, it’s important to consider your particular circumstances and read the relevant Product Disclosure Statement, Target Market Determination or Terms and Conditions available from AMP at amp.com.au.
Read our Financial Services Guide available at amp.com.au/fsg for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.
All information on this website is subject to change without notice.
AMP Bank is a member of the Australian Banking Association (ABA) and is committed to the standards in the Banking Code of Practice.