Re: Do banks accept my maternity income for a home loan?
Posted: Wed Jun 13, 2018 3:24 pm
Hi Slash12. Welcome to the forums.
Most banks will decline applicants on maternity leave income. As the lenders think there’s a risk that they’ll not return to their previous job, will have another baby or because they can only assess your current income.
Although some banks have strict lending policies, we know lenders that will still allow you to borrow and take your maternity income to calculate your borrowing capacity.
You may be able to borrow up to 80% of the property value and in some cases lenders may even lend you up to 90%.
Paid maternity leave is viewed more favourably by the banks. Still, the issue most people face is that they are often only paid half of their normal salary while on leave (which is the case with you), and so most lenders won’t assess your income based on your pre-maternity leave pay.
Give us a call on 1300 889 743 or enquire online and one of our mortgage brokers will give you a call to discuss your situation.
Cheers,
Most banks will decline applicants on maternity leave income. As the lenders think there’s a risk that they’ll not return to their previous job, will have another baby or because they can only assess your current income.
Although some banks have strict lending policies, we know lenders that will still allow you to borrow and take your maternity income to calculate your borrowing capacity.
You may be able to borrow up to 80% of the property value and in some cases lenders may even lend you up to 90%.
Paid maternity leave is viewed more favourably by the banks. Still, the issue most people face is that they are often only paid half of their normal salary while on leave (which is the case with you), and so most lenders won’t assess your income based on your pre-maternity leave pay.
Give us a call on 1300 889 743 or enquire online and one of our mortgage brokers will give you a call to discuss your situation.
Cheers,