REP 783 Hardship, hard to get help: Lenders fall short in financial hardship support
Released 20 May 2024
In late 2023, ob体育 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鈥檛 make it easy for customers to give a hardship notice
- Assessment processes were often difficult for customers
- Lenders didn鈥檛 communicate effectively with customers
- Vulnerable customers often weren鈥檛 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 ob体育鈥檚 response. 聽
(PDF 1.4 MB)