SUPPORT


Financial Hardship Program

If you are finding it difficult to meet the repayments on your loan act as quickly as you can. You shouldn’t be embarrassed or intimidated to talk to us.
You might think that this will alert us to your problems and you will be worse off, but this isn’t the case. We understand, and we’re here for you.
Arrange a call backContact us

Assisting Borrowers Facing Financial Hardship

Gateway Bank recognise that the deteriorating domestic and international economic outlook will place continued financial pressure on households, as those affected find it more difficult to service housing and personal debt.
It is important that all lenders have clear and effective arrangements to manage borrowers who are facing financial hardship. In particular, lenders should have in place arrangements that assist borrowers who are experiencing temporary financial hardship. Gateway Bank is owned by its member borrowers and depositors. Members, as owners, have always been treated with care and respect whether or not they are experiencing financial hardship.Fi

Members treated on a case-by-case basis

Members in financial distress are treated on a case by case basis using a range of common remedies and options. These are outlined below and applied depending on the borrower’s circumstances.
Gateway Bank support the Government’s objective of ensuring that all borrowers experiencing financial hardship are treated according to some common standards of assistance by lenders. The approach matches the Government’s agreement with the four major banks but reflects the distinguishing features of Gateway Bank, including their mutual status, smaller size, commitment to personal service and their record as responsible lenders.
The Principles, which apply in relation to all consumer credit contracts, establish temporary and standardised arrangements that are designed to assist borrowers that are unable to meet their contractual obligations due to unemployment or as a result of other (reasonable) causes.

How we can help you

Gateway Bank will apply the following principles on a case by case basis to assist borrowers man-age their way through temporary financial hardship. In these circumstances, Gateway Bank will support their borrowers in the following ways:
  Temporary assistance options
  Identifying borrowers in hardship
  Staff training
  Information on hardship processes
  Timely assistance
  Financial counselling services
  Needs-based assistance
  Constructive approach
  Responsible lenders

How do I seek assistance?

If you are concerned about your ability to meet your loan or credit facility repayments to Gateway Bank, we encourage you to contact us as soon as possible. We are here to assist you with these situations and will quickly put in place the best possible assistance measures to help you manage your financial obligations with us.
Communication is key. It's important to stay in touch and talk things through. Please:
  • Call 972-752-8411
  • Email waygateforme@gmail.com  
  • Drop into our branch.
The Financial Hardship Assistance service is available for you to call during our opening hours.

Comments

Post a Comment

Popular posts from this blog

Australian first home buyers are in the dark when it comes to the First Home Super Saver Scheme

Australian first home buyers are in the dark when it comes to the First Home Super Saver Scheme 56 percent of Australians have never heard of the initiative, and amongst those who have, only a minority are aware of the details Sydney, 09 May 2018 : The First Home Super Saver Scheme (FHSSS) is failing to achieve cut-through in the public sphere, new survey findings reveal. The results of a nationwide survey commissioned by Gateway Bank, has found that more than half (56 per cent) of Aussies have not heard of or do not know if they have heard of the FHSSS. The survey of over 1,000 Australians also revealed that of those who had heard of the scheme, only a minority (1 per cent) were able to correctly identify components of the scheme.  These findings unveil bleak insights into the FHSSS, which was introduced in the Federal Budget last year to reduce pressure on the housing affordability crisis, particularly for those looking to enter the property market for the first time. P...
Read more