Business financial assistance and hardship support - NAB
What is business financial hardship?
Business financial hardship is when you or your business are having trouble making your regular repayments such as business loans or credit cards.
Needing to reach out for financial assistance can happen to anyone or any business. Whether you’re dealing with job loss, illness, unexpected expenses or any other of life challenges, we’re to help.
Reaching out is free and confidential, won’t affect your credit score and is the best first step towards getting the help you need.
Watch our video to learn more.
Reach out for support early
No one knows your business better than you. If you're starting to feel the pressure, don't wait. Get in touch with us early so we can work together on the right support for your situation.
We’re committed to supporting you and your business and keeping an eye out for signs of financial hardship, like missed payments or accounts operating outside their limits. If we notice something, we may reach out to check-in.
Financial assistance for your business
Every business is different and there’s no one-size-fits-all approach when it comes to managing financial hardship.
That’s why we’ll work with you to explore financial assistance options to suit your business and circumstances. Options may include:
Extra time to raise funds
If your business can’t currently meet some or all of its financial commitments to NAB, we may be able to give you extra time. Ways to raise funds might include selling an asset, refinancing or securing equity in another way. We’ll take the time to understand your situation to determine if this option may be suitable for you.
Restructuring your loans
If you have multiple loans or credit products with NAB, we can talk about options to help make your repayments more manageable. This might include restructuring your debt or changing your loan terms. We’ll take the time to understand your situation to determine if this option may be suitable for you.
Building a sustainable business
If your business is facing long-term financial challenges, we can help you explore ways to adjust and build a more sustainable future. This might include changes to how you operate or how your finances are structured. We’ll take the time to understand your situation to determine if this option may be suitable for you.
Flexible payment arrangement
This option allows you to make partial repayments for a limited time on your accounts, usually starting with one or two months. We’ll talk through what this means for your circumstances and help you understand the implications. We’ll take the time to understand your situation to determine if this option may be suitable for you.
Payment break
If you're unable to make repayments for a few months, we may be able to offer a temporary payment break. This is typically available for up to three months. Interest will continue to be charged as usual. At the end of the payment break, you will need to repay the total amount that was not paid during that time. When you contact us, we will ask about your circumstances and explain what this option could mean for you. We will take the time to understand your situation and assess whether this support is suitable.
Considering all options for your business
Selling property or assets, or closing your business, is always a last resort. However, in some cases, it may be the most appropriate option to reduce debt, especially if your business’s financial position has permanently changed and recovery is unlikely, even with adjusted loan terms. If this becomes necessary, we’ll have open, honest and compassionate conversations with you to explore the best way forward.
How to get support
If you’re concerned about your business finances, starting a conversation with us is the best first step. Whether you need short term or long-term assistance, your banker and our business banking teams are ready to speak with you and provide tailored support. You can also access support from our specialised external partners for tailored advice and additional assistance
Speak to your business banker
If you are experiencing financial hardship, your business banker is your first point of contact and can help you understand your options for further support.
If you don't have a business banker, our Business Customer Care team is here to help.
Call the Business Customer Care team on 1300 961 577
International number +6138 6419 142
Monday to Friday, 8:00am to 5:00pm (AEST/AEDT)
Financial hardship assistance
Our Business Customer Care team is here to discuss options for tailored financial assistance if your circumstances have changed and are affecting your ability to keep up with your business accounts.
Call the Business Customer Care team on 1300 961 577
International number +6138 6419 142
Monday to Friday, 8:00am to 5:00pm (AEST/AEDT)
Need to call us back? If you’ve missed a call from the Business Solutions team, you can get back in touch by calling them directly. Call the Business Solutions team on 1300 392 545 Monday to Friday, 8:00am to 5:00pm (AEST/AEDT)
External support
Access support from our specialised external partners for tailored advice and additional assistance.
Moneysmart , opens in new window
Moneysmart is an Australian Government initiative offering free tools, tips and guidance to help you take control of your money.
Small Business Debt Helpline , opens in new window
The Small Business Debt Helpline is a not-for-profit that helps small business owners and sole traders in financial difficulty. They provide financial counsellors that give you free, independent and confidential advice.
Way Forward , opens in new window
A not-for-profit organisation that helps people doing it tough financially to manage and repay debts, especially across multiple banks, by working directly with lenders on your behalf.
Rural Financial Counselling Service (RFCS) , opens in new window
You can speak with a financial counsellor at no cost. They’ll work with you one-on-one to understand your situation and help you make informed decisions for your business.
Beyond Blue , opens in new window
Beyond Blue offers a free program for small business owners called NewAccess. It’s designed to help manage stress and support mental wellbeing and you don’t need a GP referral to get started.
Tools and resources
Wherever you are in business, find the tools and resources that make managing your money easier.
Business Financial Health Check Tool
Regular health checks are essential to determine if your business is on track.
Growing your business
Whether you are hiring staff or securing financing, our tips will get you started.
Business calculators
Business tools, calculators and templates to help you calculate loan repayments, manage cash flow and run your business.
Accessible help for everyone
We offer a range of accessible services to help you access the right support, in the way that works best for you.
Extra support when you need it
We understand that life can be challenging sometimes. That’s why we offer support for a range of situations.
Natural disaster support
Support before, during and after a natural disaster.
Domestic and family violence support
Safe and confidential help if you’re experiencing violence at home.
Financial abuse and elder financial abuse support
Support if someone is using money to harm or control you.
Unplanned life moments
Sometimes things don’t go to plan. Divorce, illness or job loss can be unexpected. Here are some tools and guides to help.
Gambling support
Help to take back control of your gambling spending.
Customer Care Kit
Explore our comprehensive guide to community support services available to you.
Frequently asked questions
-
A financial hardship arrangement is a temporary or permanent change to your loan or credit repayments when you are experiencing financial difficulty. This may include deferring repayments, making reduced or partial payments or restructuring your loan terms. If eligible NAB will tailor an arrangement to suit your situation.
-
Yes. Interest continues to be charged while you are in a hardship arrangement.
-
Entering into a hardship arrangement does not affect your credit score. Your credit report will show you have had hardship on your account. This is something called a Financial Hardship Indicator and is on your credit report for 12 months. It will not include the reason for the arrangement.
If you miss repayments and do not enter an arrangement your credit score may be negatively affected.
-
We may assess your income, assets, debt levels and ability to resume full repayments after the support period ends. If a hardship arrangement is not suitable, we may still help by offering an alternative payment plan.
Free support is also available from financial counselling services.
-
Small Business Debt Helpline
A not-for-profit service that helps small business owners and sole traders in financial difficulty. They provide free, independent and confidential financial counselling to help you manage debt and get back on track. Call them on 1800 413 828 <click to call> or via their website <link text> Small Business Debt Helpline
Rural Financial Counselling Service (RFCS)
You can speak with a financial counsellor at no cost. They’ll work with you one-on-one to understand your situation and help you make informed decisions for your business. Call them on 1800 686 175 <click to call> or visit <link text> Rural Financial Counselling Service.
Beyond Blue
Beyond Blue offers a free program for small business owners called NewAccess. It’s designed to help manage stress and support mental wellbeing and you don’t need a GP referral to get started. Visit NewAccess mental health coaching - Beyond Blue - Beyond Blue for further information.
Australian Small Business and Family Enterprise Ombudsman (ASBFEO)
They support small business owners with assistance and dispute resolution services. They offer both direct support and online resources. Call them on 1300 650 460.
Give us feedback
Suggestions, compliments and complaints.
Important information
Apologies but the Important Information section you are trying to view is not displaying properly at the moment. Please refresh the page or try again later.