Alter Your Mortgage Features To Suit Your Life
Having a child can be one of the most wonderful experiences in your life.
The arrival of your little bundle of joy is likely to change your life in more ways than one, so it may be beneficial to reassess your finances before the baby arrives.
With so much to consider, the last thing you want to have to think about is how you are going to continue to make your regular mortgage payments.
With this in mind, you may wish to think about how useful a repayment holiday may be for you at this time.
Another home loan feature you may be able to take advantage of is the parental leave facet - you can find out whether you are eligible by discussing your circumstances with your mortgage broker.
This parental leave component allows you to reduce or suspend your home loan repayments for a fixed amount of time after the arrival of your baby.
Being able to put your repayments on hold for a temporary period can allows you to focus all your attention on the new addition in your family.
If your home loan doesn’t have a parental leave option, you might wish to discuss your circumstances with your broker - it may be possible to add the feature, or you might prefer to explore the option of switching to a home loan that better meets your new circumstances.
It is also important to note that each lender is likely to have specific criteria that you need to meet to qualify for this type of loan and it is worth discussing this in detail with your broker.
To get more detailed information about your situation, talk to a Loan Market mortgage broker today.