30 Sep 2021
Development Finance Mortgage House
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Yes, some lenders will approve you for a home loan even if you are on maternity leave. In addition, they may be willing to approve you for a loan increase. In general, you may be able to borrow 80%. However, if you are on unpaid maternity leave, you need to prove that you have money set aside for repayments.
When you apply for a loan while on maternity leave, you will need to provide the following:
Banks will also consider whether you can make loan repayments by factoring in the following:
In general, banks will not approve your loan application if you will be on maternity leave for more than twelve months. 6-month leaves and 18-week leaves are considered lower risk. Likewise, paid maternity leave is viewed better than unpaid leave. If you plan to become pregnant, you should start saving up as much money as you can. The more money you have in savings, the more attractive your application will be.Â
Having a baby is a joyous occasion, but it can also cause a lot of financial stress. You can secure a home loan while on maternity leave, but it can be challenging. The experts at Mortgage House can make the process easier by finding a loan with competitive interest rates, allowing you more time to spend with your baby and saving you money.