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- In Bee Savvy - Getting the most out of your loan, First things first - Steps before applying for finance
Maternity leave can be an exciting time. With a baby on the way, many couples decide it’s time to buy a new home for their growing family. Applying for a home loan while on maternity leave can be challenging.
It’s even more stressful if the purchase was planned before bub was on the way. For example, you may have signed an off the plan contract before, getting pregnant, and now urgently need to secure a home loan.
How home loan lenders treat maternity leave
One of the main areas of confusion, is how various lenders treat maternity leave when it comes to getting a home loan. As in all situations, different lenders have different policies. When it comes to getting a home loan on maternity leave, these varying policies have a huge impact on how a lender will assess your income.
Different lenders have different criteria. While one may be perfectly happy to accept an application on someone living on their savings while on maternity leave, another may not. Some banks require applicants to be receiving maternity pay from an employer. Others may take into consideration the pay you’ll earn when you return to work after your maternity leave has ended.
So how do I choose a lender if I’m on maternity leave?
This is where seeking the services of a knowledgeable brokerage such as Bee Finance Savvy is really important. At Bee Finance Savvy, we have a panel of over 30 different lenders. In addition to having an extensive array of lenders, we’re also very familiar with policies and criteria of all these lenders.
This places us in the perfect position to determine which lender is most suitable for your individual circumstances. We also have access to lender calculators. This lets us see which lenders are most likely to approve your loan, before we even submit your application.
This means we’re able to match you with a suitable lender and determine your borrowing capacity upfront. We do this without marking your credit file unnecessarily. At Bee Finance Savvy, we never apply for a home loan unless we are reasonably confident the loan will be approved.
So, if you’re on maternity leave and would like to discuss your options for getting a home loan, don’t hesitate…give us a call! Wherever you are in Australia, you can contact our lovely Sutherland Shire based broker Desiree. Desiree will give you a free, up front consultation to go over your situation and discuss your best options.
You can call or text Desiree on 0455 131 937 or 1300 140 554. Desiree can also be reached at firstname.lastname@example.org . Alternatively, you can fill out the contact us form on this site.