We are here to help

If your business is in financial difficulty and is struggling to make payments on  a NAB business loan,  we may be able to help. It’s important that you get in touch as soon as you can, so we can quickly find the best option for you. The type of support we offer will be tailored to your situation, so a conversation is the best place to start.

If you think you might miss a payment and would like to talk to someone about your options, please call NAB Assist on 1300 881 661.

How to apply for financial hardship assistance

There are several ways to apply:

Independent financial advice

Besides speaking with NAB, you can get independent advice about what’s best for your business and how to manage any debt. This can help put you in the best position to find a solution that works for you.

To speak to a financial counsellor who provides free, independent,  confidential information and advice visit the National Debt Helpline, opens in new window or call 1800 007 007. You can also contact the Australian Tax Office for support.  If you prefer, you can consult a financial counsellor of your choice.

What happens if you’ve missed a business loan payment

If you miss a scheduled payment on your loan, and it’s just an oversight, you can generally pay the overdue amount and get back on track.  If you can’t do that, please contact us so we can discuss your situation and provide you with options.

Our  bankers look for common signs that a business may be experiencing difficulties, such as missing payments or regularly operating an account outside of its limit.  If we see these signs we may contact you first, but keep in in mind it’s your responsibility to speak to us as soon as you begin to struggle.

Options if your business is in hardship

We can work with your business to see if any of the options below are suitable for you and your circumstances.  When we speak, we may ask you for detailed financial information about your business.  In some cases we may appoint a third-party adviser (such as an accountant) to better understand your position, so we can consider if and how we can help.

Extra time to raise funds

If your business can’t raise funds to cover some or all your  financial commitments to NAB, we can give you extra time to do so. Ways to raise the funds might include selling an asset, re-financing or raising equity another way. Keep in mind it’s  your responsibility to provide us with clear and accurate financial records and a reasonable plan for raising funds.

Temporary relief from payment commitments

If your business can’t make a loan repayment, we can discuss an arrangement that gives you temporary relief from existing financial commitments. The type of arrangement will depend on your business circumstances. In some cases, we may give you  a temporary break from payments, or adjust repayments to an amount you can afford, if your cash flow  is likely to return to normal soon.  Keep in mind it’s better to make a partial payment rather than none.

Temporary relief options might also include amortisation deferrals or capitalising interest on your loan for a period. Once you speak with us, these options can be fully explained. The earlier you speak to us, the more options we may have to provide temporary relief.

Restructuring a business loan or debt consolidation

If you have multiple business loans or credit products with NAB, you can discuss the possibility of restructuring your debt or varying your loan terms to help you manage your loan payments. When we speak, we’ll ask for  information about your business to see if  a restructure, loan term change or debt consolidation is appropriate.

Guidance on adjusting to a new financial reality

Sometimes financial difficulties are longer term and require a business to adjust the way it operates to remain  sustainable. We will be direct and upfront with you when we believe an adjustment is necessary, and we’ll have frank and open discussions with you about options for your loans that might assist you while you change your business model. 

We may also refer you to other people who can help you find a financial adviser or financial counsellor to advise you on the financial position and options available for your business. 

Selling property or assets or business closure is a last resort

Selling property or assets or closing a business is a last resort.  However, sometimes it may be in your best interest to sell property or assets to reduce your business debt.  Sometimes the financial position of a business may have permanently changed, making it unlikely to recover even with changes to loan terms or payment arrangements.  In these circumstances,  it may be appropriate to sell assets to pay debt and close the business. 

We will always communicate with you in an open, frank and compassionate way about this.  Even in these circumstances, we may still be able to help you work out what you need to do. We may be able to  offer some options to help with your loan, or refer you to people who can provide advice or support you through a difficult and stressful time.

What happens If we haven’t found a solution or heard from you

If your business falls behind in payments or certain defaults occur, and we can’t contact the designated persons to agree on a solution, our last resort may be to move forward with a formal debt collection process . Learn more about the business debt collection process.

If you are not happy with the support provided you can provide feedback or make a complaint.

Other options to get help

We realise working through business hardship can be hard and complex.  Other steps you could take to get help include:

  • speaking with an accountant or financial counsellor
  • speaking with a lawyer to understand your rights, especially  if you have creditors asking for payment
  • providing us with the most recent financial information you have.

Business hardship can be caused by personal issues such as illness (physical or mental health), a family death or relationship breakdown.  Working through business hardship can also cause additional pressures and stress that can affect you and people around you.  If you let us know, we may be able to help with support that extends beyond your business banking.

Important information