Any general questions you might have in regards to loans and finance.
Otto Dargan
Mortgage Specialist
Posts: 7730 Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:
Post
by Otto Dargan » Thu Aug 29, 2019 7:52 pm
Hello Valarie,
Welcome to the forum and congratulations.
Being on
maternity leave should not be an issue since you have saved up a deposit and your husband is working. Even if you're not earning an income during your maternity leave, some lenders will:
Allow you to borrow up to 80% of the property value, and sometimes even up to 90% but this is on a case by case basis.
If you are on unpaid leave, you must have funds/savings set aside to make repayments during the leave period.
There are options available from discounted professional packages , basic loans and lines of credit .
Give us a call on
1300 889 743 or fill in our
free assessment form to find out if you qualify for a maternity leave home loan
Cheers,
Otto Dargan
Mortgage Specialist
Posts: 7730 Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:
Post
by Otto Dargan » Thu Aug 29, 2019 8:21 pm
Hi Valarie,
Different lenders might request for different evidence regarding your return to work.
You must return to work within 12 months of your maternity leave
Evidence of return to work date provided through a maternity leave letter .
Clarify if the job is full time or part-time after the leave.
Payslips (from the last 3 months prior to commencing parental leave)
Cheers,
Otto Dargan
Mortgage Specialist
Posts: 7730 Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:
Post
by Otto Dargan » Thu Aug 29, 2019 8:46 pm
Here are some tips to improve your chances of mortgage approval when on maternity leave:
Have sufficient cash savings to cover the period of your maternity leave.
Get a larger deposit of at least 20% if possible.
Get pre-approval to secure the finance needed for the property as there are significant purchase costs when buying a property.
Give us a call on
1300 889 743 or fill in our
free assessment form to find out if you qualify for a home loan while on maternity leave.
Cheers,