REP 783 Hardship, hard to get help: Lenders fall short in financial hardship support
Released 20 May 2024
In late 2023, ASIC reviewed 10 large home loan lenders to understand how they are supporting customers experiencing financial hardship.
This report sets out the key findings from that review. In short, lenders need to do more to ensure that customers are consistently and appropriately supported.
An inadequate focus on customers underlies many of the poor practices we observed. These are:
- Lenders didn’t make it easy for customers to give a hardship notice
- Assessment processes were often difficult for customers
- Lenders didn’t communicate effectively with customers
- Vulnerable customers often weren’t well supported
We urge lenders to consider our findings and improve how they support customers. This report provides a synopsis of key findings, actions for lenders and ASIC’s response.
Read the report (PDF 1.4 MB)
More information:
- 24-104MR ASIC report: Australians need better hardship support from their lenders
- REP 782 Hardship, hard to get help: Findings and actions to support customers in financial hardship
- Hardship Infographic (PDF 622 KB)