RBA rate hike: Bank’s urge Aussies to ‘reach out’

Aussies have been urged to reach out to their bank if they're facing financial hardship. (Source: Getty)

After the Reserve Bank (RBA) hiked interest rates for an 11th time in 12 months, many Aussies are facing tougher financial times.

And the Australian Banking Association (ABA) has urged those who need help to reach out to their banks.

“The ABA encourages those customers who are concerned about their financial situation to shop around to find the most suitable deal for their individual needs. Competition in the banking sector is strong, and record levels of mortgage refinancing continues,” it said.

• Also read: CBA, ANZ, Westpac and NAB slammed for failing Aussies: ‘Do more’

• Also read: CBA, ANZ, NAB, Westpac hike rates: Here’s how they compare

• Also read: RBA rate hike: experts say 'the end is in sight'

“Banks strongly encourage any customers experiencing financial difficulty to reach out to access bank support services and to do so as early as possible. Bank support teams are also proactively communicating with those customers at risk.”

Where can I go for help?

Major banks

If you bank with Commonwealth Bank:

• Chat to the virtual assistant Ceba in the CommBank app. If you need a human, Ceba can connect you with one

• Send an email at financialassist@cba.com.au

• Call CBA on 13 30 95 from 8:00am to 9:00pm Monday to Friday, or 9:00am to 2:00pm Saturday (AEST).

• Write to them at PO Box 790 Parramatta NSW 2124

If you bank with ANZ:

• Call ANZ Customer Connect on 1800 252 845 Monday to Friday, 9:00am to 7:00pm AEST

If you bank with NAB:

• Call NAB Customer Care’s personal hardship support on 1800 701 599 Monday to Friday, 8:00am to 8:00pm (AEST/ADST), Saturday, 9:00am to 1:00pm (AEST/ADST)

If you bank with Westpac:

• Apply for financial hardship online

• Call Westpac Assist on 1800 067 497

Other help available

• Call the National Debt Helpline on 1800 007 007 to talk to a financial counsellor free. The helpline is open Monday to Friday, 9:30am to 4:30pm.

• If you're concerned about your mental well-being, help is available. Contact Beyond Blue on 1300 22 46 36 (24 hours a day). Or use Beyond Blue's web chat (24 hours a day).

Readers seeking support and information about suicide prevention can contact Beyond Blue on 1300 22 4636, Lifeline on 13 11 14 or Suicide Call Back Service on 1300 659 467.

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