pregnant, maternity leave

It’s not long now until you’re on maternity leave.

You have your birth plan organised, the baby’s room is prepared, painted, with a crib, change table and rocking chair set up, and the pram is sitting in the corner. You have a budget ready for when your baby arrives, and you’re preparing to live on one income, just for a little while.

The last thing on your list of things to prepare before your baby arrives is to refinance the mortgage and fix it at a lower interest rate.

But you’ve heard that the banks won’t lend to a woman on maternity leave ‘in case she doesn’t go back’. You may have even heard friends say that the bank declined their mortgage applications while they were on paid maternity leave.

You have enough on your plate, and you don’t need the extra stress of trying to navigate the world of finance!

Getting finance while on maternity leave can certainly be a challenge. (Understatement of the year) The problem most women face is that often we may only be paid half of our normal salary while on leave, and so if you think of lenders as drones processing hundreds of applications a day, most of them won’t process your loan based on your normal salary. They’ll just look at what’s on the paper right now, stamp it and move on.

But all is not lost.

We’ve worked with quite a few clients who are expecting their little bundle of joy, and know exactly which lenders to approach, and who to talk to about maternity finance.

Of course, it’s better and easier to refinance your home loan while you’re pregnant and still working, than it is while on maternity leave… but, things don’t always go according to plan. And if that’s no longer an option for you, you don’t need to feel “stuck” with your current lender. We’re still able to help you and your partner refinance to a better deal.

Now, if you’re on unpaid maternity leave things get harder again. Unpaid maternity leave is viewed by the majority of banks as if you were unemployed! Many banks won’t even touch your application until you’re actually back at your job and no amount of letters from your employer, signed paperwork, or “we miss you” cards from HR, will make them change their mind.

You see, the banks are looking out for their own interests, not yours!

But even with unpaid maternity leave, there are still a few options available, and we know where to look. You have enough on your plate, and you don’t need the extra stress of trying to navigate the world of banks and lenders and drones at a time like this.

Get in touch with us, and we’ll help you get everything ready for your special little bundle.

Edwena Dixon, a multi-award winning finance specialist, is passionate about helping young professionals and women in the workplace to secure their financial future, and build their investment portfolio.

Get in touch with Edwena to chat about your future.

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