Buying a home and having children are two big moments in many peoples lives. But what happens when these two events come together? It can be hard getting a home loan, or refinance one when you’re on maternity leave. Preparing for the arrival of your baby, and spending time with your newborn, is precious. That’s why at Bee Finance Savvy, we try to keep the process of applying for a home loan on maternity leave as simple, and stress free as possible.
Am I eligible for a home loan while I’m maternity leave?
This is the most important question to consider. If you apply for a home loan when you aren’t actually eligible, you’ll be declined. And this will leave a mark on your credit file. This can make it harder to get approved elsewhere – even for loans you might have been eligible for before you were first declined.
So it’s important to make sure you’re eligible before applying. Whether or not you’re eligible, usually comes down to how a lender assesses your circumstances, and your income. Most lenders won’t accept government maternity pay as income.
Unfortunately, lenders tend to see maternity leave borrowers as high risk. They fear that these borrowers might not return to work, and a regular income, meaning they might not be able to pay back the loan.
At Bee Finance Savvy, we’re familiar with the policies of our 30+ lenders. This allows us to assess our clients’ individual circumstances, against lender criteria. We can determine how lenders will look at a client’s income, and ultimately, if they are eligible for a new home loan, or a refinance. And we can do this without leaving problematic marks on your credit file!
What if I’m not eligible?
Finding out you aren’t eligible might feel devastating. But it’s by no means the end of the road! For clients who aren’t eligible when they first come to us on maternity leave, we’re often able to help them plan applying for a home loan when they return to work.
Contact us for an obligation free consultation
If you’d like us to assess your situation, and find out if you’re eligible for a home loan now, or after you return to work, get in touch! We provide obligation free consultations! We help you understand what your options are, and how to move forward!
Getting a free consult is easy – just get in touch with our lovely broker Desiree. Based in the Sutherland Shire,
Sydney, Desiree is an experienced mortgage broker who’s helped customers all over Australia reach their goals.
If you’d like to hear from just some of our satisfied customers, take a look at our reviews on WOMO https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda