Maternity Leave Loans
Getting a Home Loan whilst on maternity leave has been and remains quite tough.
Generally lenders require the application to pass affordability assessment on one applicants income rather than looking at the larger picture which may include paid maternity leave for the other applicant, perhaps a parenting payment, family tax benefit payment or some other form of income for the person on maternity leave. This has proven to be quite restrictive on expanding families and thankfully there are solutions coming to market which look at the larger picture. These solutions can be complex but in essence if you have savings to help meet the loan repayments until the maternity leave person returns to work or there is “non-standard” income like paid parental leave or parenting payment available to help repay the loan during the maternity leave period then we have a lender who will happily review your application. We have had two of these files approved already!!
If this sounds like your situation please call us for a chat on 0412 951 773.