Can you borrow while on maternity leave?

Discussion in 'Loans & Mortgage Brokers' started by Jamie Moore, 12th Sep, 2016.

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  1. dmb1978

    dmb1978 Well-Known Member

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    Yep, we tried everything. Lucky in the end we didn't need it.
     
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Via branch or broker?

    They're usually quite good with mat leave
     
  3. dmb1978

    dmb1978 Well-Known Member

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    Broker.
     
  4. dmb1978

    dmb1978 Well-Known Member

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    Then circumstances changed and we entered another challenging situation where they wouldn't accept all the income received from husbands job due to the structuring of the wage because it was made up of set allowances to form the final amount. It reduced our borrowing power significantly despite having a much higher income and virtually no expenses.
     
  5. Thebiglebowski

    Thebiglebowski Well-Known Member

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    Looking to refinance with ING. Spouse is self employed and returning to work within 3 months. Will they consider earnings prior to going on mat leave (Dec 2022) for serviceability or is this still in the too hard basket? Looking to extend the IO period to 5 years.
     
  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Will need a letter stating return to work income. Edit, didnt see the self employed bit. Lindsay's response is good.

    Many maternity leaves turn into eternity leaves.

    Why ING ?

    ta
    rolf
     
    Last edited: 3rd May, 2023
  7. Lindsay_W

    Lindsay_W Well-Known Member

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    Assuming I read this correctly, your spouse is self employed returning to work?

    If so, Self employed income verification typically requires the previous years Tax Returns and Financials (1 or two years worth, depending on the lender) for serviceability purposes. So income earnt between 1 July 2022 and December 2022 wouldn't normally be factored into calculations any way.

    Or are you the one returning to work in 3 months? If so, refer to Rolf's response above.

    Sounds like you've decided on ING for some reason but I don't think they've got the best SE policy or IO policy for that matter, is this for PPOR?
    I would be speaking to a Broker to confirm what lenders and products you qualify for.
     
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  8. Morgs

    Morgs Well-Known Member Business Member

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    Not impossible, but ING are quite tricky to work with for maternity leave.... you'd want to workshop it prior to submission
     
  9. Thebiglebowski

    Thebiglebowski Well-Known Member

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    This is the scenario. Self-employed spouse is returning to work in 3 months.

    I was going to choose ING because they have a competitive rate. I just need to set and forget. No future acquisitions for 10 years and will just max out the super caps and pay down non deductible portion of loan in the meantime.
     
  10. Lindsay_W

    Lindsay_W Well-Known Member

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    My experience with ING is they don't re-price their loans as competitively as some other lenders, competitive rate now might not be in the future.

    You may benefit from an active debt recycling strategy if no further property acquisitions are on the cards for the next 10 years.