Maternity leave home loans are offered by a few lenders and only a few among them accept borrowers on unpaid leave. The one thing lenders want to work out is whether or not you can afford the home loan without any significant hardship as part of their responsible lending guidelines.
To verify you can afford the home loan repayments, lenders require:
- Payslips from the last 3 months prior to starting your parental leave.
- A maternity leave letter which explicitly notes your return to work income and date.
- Evidence of savings via bank statements, equity or your partner’s income to prove that you can afford the loan while on unpaid leave.
The key is to apply with the right lender.
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,