How to overcome financial hardship and who can help


Many people in Australia are currently facing financial hardship due to various natural disasters, the housing affordability crisis and rising interest rates. 

If you are currently suffering from financial hardship, there are multiple ways you can get help:

  • Speak to a financial counsellor - call the National Debt Hotline to talk about your options with a free financial counsellor.
  • Contact your bank - your bank can look at your individual circumstances and help you work out a plan.
  • Contact your insurance provider - they will have a range of options to help you.
  • Emotional support - if your financial situation is impacting your mental health, you can contact Beyond Blue on 1300 22 46 36.
  • Free legal advice - if you need legal help because of your financial situation, free advice is available from community legal centres and Legal Aid offices in each state and territory.

There is a "Way Forward" when it comes to debt

Way Forward is an Australian debt solutions charity who provide free debt advice and financial support to help those struggling with debt.

Way Forward is continually growing their member base - since January 2021, the organisation has welcomed eight new members, most recently: Credit Corp, Australia’s largest debt buyer and collector.

Way Forward currently has 15 members including Commonwealth Bank, ANZ Bank, HSBC and ING.

Way Forward’s communications manager, Laura Menninan says, “Way Forward expects a rise in the need for its free service in 2022. Having the backing of the industry is of critical importance to ensuring the service is well-equipped to help more Australians end the cycle of problem debt.”

Another approach - consolidation loans

Getting a consolidation loan can be a way to help you recover from financial difficulties. 

A consolidation loan is a loan that combines your high interest rate loans and even credit card repayments into one loan at a lower repayment - meaning that you have one bill to pay each month instead of many.

It’s a type of debt relief because you are still paying off what you owe, but at a reduced rate. If you are consolidating a high interest credit card or even personal loan, chances are that with a debt consolidation loan, you’ll receive a lower interest rate.

If you’d like to consider a consolidation loan, we have a guide that will answer all of your additional questions.

Here are some of the leading loans on the market - last updated 14 May 2022

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure
  • Personal Loan

    Unsecured, Fixed, Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.39% 7.89% p.a.
    6.39% 8.49% p.a.based on $30,000
    over 5 years

    With low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. You could qualify by simply earning above $25,000 and you’ll be on the way to start spending (other eligibility criteria may apply).

    Repayment terms from 3 years to 5 years. Representative example: a 5 year $30,000 loan at 6.39% would cost $35,126.40 including fees.

  • Home Improvement Loan

    Fixed, Unsecured

    interest rate
    comparison rate
    Monthly repayment
    5.75% p.a.
    5.96% p.a.based on $30,000
    over 5 years

    Handypay offers flexible home improvement loans for Excellent Credit or better. Handypay is a specialist home improvement plan provider and offers loans up to $75,000.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $34,840.18 including fees.

  • Unsecured Personal Loan


    interest rate
    comparison rate
    Monthly repayment
    5.35% 19.09% p.a.
    6.14% 19.99% p.a.based on $30,000
    over 5 years

    Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you could qualify (other eligibility criteria may apply).

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,832.61 including fees.


* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^See information about the Mozo Experts Choice Personal Loan Awards

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