Reduced Income Scenarios
Dealing with the Unexpected.
What happens when you are in the middle of arranging a home loan to purchase your dream home and your income changes for a specific reason?
You may be:
- Expecting the birth of a child and taking Maternity Leave
- Taking a 6 month unpaid sabbatical
- Going back to University to finish a degree or up-skill
There are times in our lives where our income reduces and this impacts our lifestyle, it can severely interrupt your financing plans if the break is a little unexpected. The challenge is being able to meet your current commitments or continue with your plans.
If you are in the middle of financing a home or have signed a contract and your income is going to be reduced for a period of time there are certain things that you can do to ensure your finance approval.
Maternity leave and time out do not automatically mean you have to wait. Your finance will still be approved as long as documentation that outlines your plans and ability to meet your combined repayment of the loans can be provided. Some banks actually have a great deal of flexibility in supporting this process.
We should understand that financing a property is a question of time and paper work, regardless of your circumstances there is a solution.
If your finance is being held up right now or it seems there is no way around the situation, Act now and Ask me how!