Applying for Home Loan while on Maternity

landm2Can I get a mortgage?
Did you know that some banks and other lenders can still approve a home loan or loan increase for you even though you are not receiving an income?
Did you know that some banks and other lenders can still approve a home loan or loan increase for you even though you are not receiving an income?
Which banks will consider maternity leave?

Most banks will decline your loan application outright because there is a risk that you will not return to your 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. However, there are certain requirements that you must fulfil as well as specific documentation that you will have to provide.

Paid or unpaid maternity leave?

Paid maternity leave is viewed more favorably by the banks. The problem most people face is that often you may only be paid half of your normal salary while on leave, and so most lenders will not assess your loan based on your normal salary.

Unpaid maternity leave is treated by almost all banks as if you were unemployed! Even if you have a set date to return to work, many will still not approve your loan until you are actually back at your job.

What if I am pregnant?

It is better to obtain a home loan while you are pregnant and still working rather than while on leave.
We can offer you loans from a wider selection of lenders so you are more likely to get a better deal.
It is critical that you plan your finances well in advance of the birth so that you do not get caught out later on if you need more funds than you anticipated.