Sally Tindall urges mortgage holders to seek hardship help before missing a payment

With interest rates and household costs squeezing Australians, Canstar Data Insights Director Sally Tindall has a blunt message for mortgage holders who are struggling: contact your lender before you miss a repayment. Speaking to Sunrise, Tindall said that acting early can leave borrowers with more options and potentially fewer penalties. She advised people who fear they may not be able to keep up with their mortgage to call their bank and ask for “financial hardship support”. Even saying “hardship” should be enough to start the conversation, she said. The advice comes as new research cited in the report found that 77 per cent of Australians are extremely or very concerned about the cost of living. Community polling by Beyond Blue in mid-2026 also identified financial pressure as the biggest external stressor affecting mental health for 47 per cent of respondents. Tindall explained that a hardship request gives lenders an obligation under the National Consumer Credit Protection Act to assess an application and respond within 21 days. The bank may ask borrowers to provide details of their finances before considering ways to help them avoid falling behind. Possible arrangements could include temporarily switching to interest-only repayments, accepting partial or reduced payments, or extending the loan term. Tindall said seeking hardship assistance does not affect a borrower’s credit score. But she cautioned that a short-term reduction in repayments can carry a longer-term cost. Before accepting an offer, borrowers should seek personal financial advice and understand how the arrangement may affect the total amount they pay over time, she said. Tindall also suggested asking the bank for a rate review, potentially before making a hardship request. If a lower rate is available, it could provide some relief without changing the loan’s repayment structure. Her central advice, however, was not to wait until a payment has already been missed before asking the lender what support may be available.