Hardship variations available may include:

• Temporary reduction of mortgage repayment amount: If you are able to continue to make repayments, but cannot afford the full required repayment amount, you can apply for a temporary reduction in repayment amount. When you are submitting your request for a hardship variation, you should ensure you state the amount you believe you can continue to repay. If you are already experiencing difficulties when you submit your request, it will help if you continue to make repayments at the proposed new level to show you are capable of meeting this repayment amount. It’s important to note that your overall loan term will be extended to accommodate the temporary reduction in repayment amount
• Temporary suspension of mortgage repayments: A second option is to suspend your mortgage repayments – or take a mortgage repayment holiday – for a set period of time. Most lenders have an allowance for anywhere up to 12 months break from your repayments, depending on your situation. After the hardship variation period ends, your repayments will revert to normal. All repayments and interest charges will be capitalised to your loan balance during the repayment holiday. This option will also extend your overall loan term.
• Reduction and suspension of mortgage repayments: In some cases, you may be able to secure a hardship variation that combines both a reduction in your repayments and a temporary suspension of your repayments.
• Convert your repayments to Interest Only: In some cases, you may be able to switch your home loan to an interest only repayment option, which will reduce your normal monthly repayments.