Can You Apply For A Home Loan Whilst On Maternity Leave?

In todays blog I will look at what home loan options you may have, if you are on or about to start maternity leave.

In short answer, yes some banks will consider your return to work income, when you have completed your maternity leave. There would be certain criteria to be met, if a bank was to consider your return to work income.

The requirements for what would be needed, if you were to use income from your return to work income may include –

• A letter from your work confirming your return to work hours, date of your first day back at work, and the conditions of your employment.
• Some savings to help with home loan repayments till you return to work.
• Your return to work job would either need to be full time or permanent part time, where you have guaranteed working hours.

With the return to work income, casual employment may not be considered, as there are no guarantee of the hours you will work. Generally speaking if you are casually employed, you will need 6 months continuous employment for a bank to consider your income. Your 6 months casual income would be averaged over 1 year, to work out your approximate annual income, so casual income may not be considered when looking at using your income from completing your maternity leave.

It is important to contact a mortgage broker, to check your personal financial situation and have some information on whether you maybe able to use your return to work income, after your maternity leave if considering a new home loan.

If you have any questions at all, please contact Perth Mortgage Broker Group, or call Troy on 0411 229 602, 7 days a week