12 October 2021 ·

Financial Hardship

Mazda Financial Hardship

SUPPORT FOR CUSTOMERS

At Mount Gravatt Mazda, we understand we are living in uncertain times. If you are experiencing financial hardship find out below how we can help.

Sometimes unforeseen circumstances can affect your financial situation. If you have or think you may miss a Mazda Finance loan payment in the future, please contact us or Mazda Finance directly. Our business managers can get you in touch with the Mazda Finance team who will take the time to understand your individual situation and provide you with the most supportive options to get you back on track.

LIFE EVENTS

Unforeseen factors like loss of employment, family breakdown, illness, injury or even the death of a family member can affect your financial position. This can be hard to deal with, but it’s important to understand that Mazda Finance is here to support you. If something has happened to you and you’re finding it hard to make your repayments, there are a number of ways Mazda Finance can assist you.

COVID-19

If you are a Mazda Finance customer and have been personally impacted by COVID-19, Mazda Finance can provide additional financial support. 

NATURAL DISASTER

If you’ve recently been affected by a natural disaster, please get in touch. Flooding, bushfires, and drought can heavily impact your financial situation. The Mazda Finance team can take you through a range of options to ease the pressure based on your individual circumstances.

What is Financial Hardship Assistance

To support customers during unexpected, short-term changes to their circumstances, they can apply for a change to their loan agreement with Mazda Finance us to help them get back on track. If you apply, this change does not affect your credit rating but may extend the term of your loan and affect the interest that you pay. Refer to the FAQ “What types of assistance can I apply for?” for more information about the common types of support offered.

Financial Hardship Application

By completing your hardship application online, Mazda Finance can quickly and easily review your application and get you a decision faster.

WHO IS ELIGIBLE FOR ASSISTANCE?

​​Customers who are experiencing financial difficultly as a result of COVID-19 may be eligible for hardship support.

Frequently Asked Questions

  • Q HOW DO I APPLY?

    To make this process as quick and easy as possible, Apply online to start the process. 

  • Q WHO IS ELIGIBLE FOR ASSISTANCE?

    Customers who are experiencing financial difficultly as a result of COVID-19 may be eligible for hardship support.

  • Q I HAVE BEEN IMPACTED BY COVID-19. WHAT DO I NEED TO DO?

    For consumer loans, provide evidence of loss of employment or reduction of income. Acceptable options include:

    a) Separation certificate (termination of employment)
    b) Evidence of employment contract not being renewed
    c) Jobseeker Payment / Newstart application or evidence of payments
    d) A recent payslip dated within the last three months OR
    e) 2 consecutive months of bank statements
    f) Any relevant medical certificates
     

    For commercial loans, provide evidence of direct or indirect impacts to business.

    Apply online to start the process.

  • Q IF YOU REQUIRE HARDSHIP ASSISTANCE THAT IS NOT RELATED TO COVID-19

    Provide all documentary evidence, e.g. a current Statement of Cash Flows, Profit & Loss Statement, Balance Sheet.

    Apply Online to start the process.

  • Q WHAT HAPPENS TO MY CAR LOAN IF I LOSE MY JOB OR I THINK I MAY LOSE MY JOB?

    Mazda Finance is committed to assisting customers, especially during this challenging time. We understand the evolving COVID-19 situation is affecting our customers and we are here to help.

    Should you lose your employment because of COVID-19, you may be eligible for financial support.

    Apply online to start the process.

  • Q WHAT HAPPENS TO MY CAR LOAN IF MY BUSINESS IS FORCED TO CLOSE?

    If your business has been forced to close due to COVID 19, you may be eligible for financial support.

    Apply online to start the process.

  • Q OTHER BANKS ARE OFFERING TO DEFER PAYMENTS. I WOULD LIKE TO DEFER MINE. WHAT CAN I DO?

    We review and assess each customer’s needs on a case-by-case basis and our goal is to provide responsible and sustainable solutions that meet an individual’s needs.

    If you have been affected by COVID-19, you may be eligible for financial support.

    There are some general guidelines that will apply if you defer your payments:

    The specifics of your loan will change i.e. the term and/or payment amount, and this will be communicated to you in writing
    Interest will continue to be charged on the loan during the deferred period

    Apply online to start the process.

  • Q I WOULD LIKE TO CONTINUE TO PAY MY LOAN HOWEVER; I WOULD LIKE TO REDUCE THE PAYMENT AMOUNT. IS THIS

    If you are currently paying above your repayment amount, you can simply stop paying the additional amount and revert to your advised payment amount. You do not need to call or email us as long as you are maintaining your payments.

    If you are not paying above your repayment amount, you will need to apply for hardship.  We review and assess each customer’s needs on a case-by-case basis however if you change your payment amount the following general guidelines will apply:

    The specifics of your loan will change i.e. the term and/or payment amount, and this will be communicated to you in writing
    Interest will continue to be charged on amended or deferred loans

    Apply online to start the process.

  • Q IF I APPLY FOR HARDSHIP ASSISTANCE, WILL MY CREDIT FILE BE NEGATIVELY IMPACTED?

    In terms of your repayment history, if you maintain your payments under the hardship arrangement then this will not affect your credit file.