Maternity Leave
Maternity Leave Home Loans: Supporting You During a Special Time
Starting or growing your family is one of life’s most exciting and transformative moments, but it can also bring financial challenges, particularly when it comes to securing a home loan.
At Sanford Finance, we understand that being on maternity leave doesn’t mean your dreams of home ownership or refinancing have to be put on hold.
Why Consider a Maternity Leave Home Loan?
If you’re on maternity or parental leave, traditional lenders may be hesitant to approve your loan because of the temporary reduction in your income. However, we believe that maternity leave is a natural part of life, and we’ve partnered with specialist lenders who understand this and offer solutions that accommodate your unique situation.
Key Benefits of Maternity Leave Loans:
- Continued Home Ownership Plans: Whether you’re buying a new home or refinancing your current loan, we can help make it happen—even during maternity leave.
- Flexibility in Income Consideration: Lenders will assess your financial situation based on your pre-leave income and your return-to-work plans, giving you access to financing even if your current income is lower.
- Affordable Loan Options: Choose from flexible loan structures like interest-only repayments, fixed or variable rates, and offset accounts to help ease financial pressure during this time.
- Tailored Financial Solutions: We work with lenders who understand that maternity leave is temporary, offering loans designed specifically for individuals in this phase of life.
Eligibility for Maternity Leave Loans
Lenders have specific criteria for assessing maternity leave home loan applications, ensuring they balance short-term income changes with your long-term financial stability. Key eligibility criteria include:
- Confirmation of Employment: Lenders will typically require a letter from your employer confirming your employment status, maternity leave dates, and expected return-to-work salary.
- Return-to-Work Date: You should have a planned return-to-work date and provide evidence of this. Your loan application will be assessed based on the income you’ll receive when you return to work.
- Income Considerations: Even if your income is reduced temporarily, lenders will typically assess your capacity to repay the loan based on your regular pre-leave income or the income once you’re back at work.
- Savings and Other Financial Resources: Lenders will also consider other financial resources such as your savings, partner’s income, or rental income (if applicable).
- Loan-to-Value Ratio (LVR): You may be able to borrow up to 80–90% of the property’s value, depending on your financial circumstances. If your LVR exceeds 80%, Lenders Mortgage Insurance (LMI) may apply.
Loan Options for Families on Maternity Leave
Lenders in Australia offer a variety of loan products to help reduce the financial pressure on families during maternity leave. Some of the most common loan features include:
- Interest-Only Repayments: You may have the option to pay interest-only for a period, helping you reduce your monthly repayments while your income is lower.
- Offset Accounts: Using an offset account can help reduce the interest charged on your loan and make your repayments more manageable.
- Fixed or Variable Rates: Choose between the certainty of fixed interest rates or the flexibility of variable rates depending on your financial strategy.
How to Apply for a Maternity Leave Home Loan
Getting started with a Maternity Leave Home Loan is a straightforward process. Here’s how it works:
- Consultation: Contact Sanford Finance for an initial consultation where we’ll assess your financial situation and discuss the loan products available to you.
- Gathering Documents: You’ll need to provide proof of your regular income, maternity leave details, and your return-to-work date.
- Loan Submission: We’ll submit your loan application to lenders that are best suited to your needs and ensure the process runs smoothly.
- Approval and Settlement: Once your loan is approved, we’ll guide you through the settlement process, allowing you to focus on your family during this exciting time.
Contact Us Today!
Ready to explore your options for a Maternity Leave Home Loan? Let Sanford Finance help you secure the right loan while you enjoy your new family journey.
Get in touch with us today for a consultation and see how we can help you achieve your home ownership goals while on maternity leave.