What financial difficulty means
If you’re having trouble managing payments on your loans, credit cards or overdrafts, you may be in financial difficulty. This could be caused by situations such as:
- A recent job loss or you're working less hours
- An unexpected reduction in income
- A relationship breakdown
- An illness or injury that prevents you from working
- A natural disaster or unforeseen significant event that has affected your financial situation.
If you're struggling to meet your Kiwibank repayments, please get in touch as soon as possible. The sooner you speak with us, the more options you may have. We may also reach out to you if we see signs that you're in difficulty.
How we can help
We have a team dedicated to providing tailored support if you're in financial hardship.
If you have a home loan, credit card or an overdraft with Kiwibank, you can apply or discuss your situation by giving us a call or visiting your nearest Kiwibank. There's no charge or fee to apply for financial hardship assistance.
The exact support we can offer you will depend on your personal circumstances. This could include things like:
- Agreeing to an affordable repayment plan
- Changing to interest only repayments
- Extending your loan term
- A repayment deferral
- Restructuring your loan or changing to an offering more suitable to your current circumstances
- Blocking gambling transactions on your Visa Debit or credit cards.
You also might find it useful to check out our guide on getting out of debt.
Home loans |
|
Credit cards and overdrafts |
|
If you’re a business going through financial hardship, please get in touch with one of our business banking specialists.
Hardship assistance
If you’re eligible for hardship assistance, we’ll send you an application form to complete with details about your financial position – any loans, assets, income, credit cards and other relevant information. Hardship assistance is decided on a case-by-case basis.
What happens after you apply
- Within five business days, we’ll let you know we’ve received your application.
- Within 10 business days, we’ll let you know if more information is needed, such as pay slips, proof of income, bank statements or details of other loans. We may also conduct a credit check.
- Within 20 business days, we’ll let you know our decision, provided we have all the information needed.
- We may take up to 30 business days to make a decision if we need extra information.
Please note, hardship assistance may appear on your credit reporting history.
Other support
If you have a KiwiSaver account you may be able to access your KiwiSaver funds through a significant financial hardship withdrawal. Please consider this carefully as KiwiSaver was designed primarily to help Kiwi have a better retirement. Contact your KiwiSaver provider to discuss KiwiSaver Financial hardship applications. To find out who your provider is, log into myIR.
If you have a Life & Living Insurance policy, you'll need to contact our life insurance partners at nib on 0800 555 642 (option 3) or email lifeservices@nib.co.nz if you'd like to check your cover or understand your eligibility further, they may be able to support you.
If you have insurance through another provider, please contact them to check your eligibility or if you need to make a claim.
We’re here to help if you need extra care and support to access our services. See our special care support page for more information.
See our Ngā Tāngata Microfinance page to learn about their fee-free and interest-free loans that are designed to help qualifying Kiwi get ahead and get out of debt.
Resources to help with your budgeting & finances
Money Talks
Money Talks offer free and confidential budgeting advice via phone, text, online chat and can refer you to your local financial mentor for face to face appointments.
Sorted
Visit Sorted for free and impartial money tips, guides and calculators.
Citizen Advice Bureau
The Citizen Advice Bureau offer free, confidential and independent advice about people's rights and access to support services.