Can you get a mortgage while on parental leave?
Short answer: Yes, you can.
Longer answer: It depends what bank you’re with and when you’re planning to return to work.
Here’s how it works:
Most main banks are open to lending if you:
- Are returning to work within 3 months (or thereabouts); and
- Can provide a return-to-work letter confirming your income, hours and start date
What if you’ve just started leave but want to buy now?
Good news: Some banks are a bit more supportive beyond the 3-month period.
Your income may still be accepted for the application if:
- You’re a permanent employee
- You’ve been with your employer for 12+ months before leave
- You can show how you’ll cover repayments while on leave then you may still qualify, even if you’re more than 3 months away from returning.
We’ll just need a bit more info, like:
- When you’re planning to return
- How you’re funding things during your time off (savings, partner’s income, etc)
This is where we come in
Every bank has different rules, and if one says no it doesn’t mean they all will.
As advisers, we know who to go to, what info they need, and how to present your case in the most favourable way.
Just because you’re growing a family, doesn’t mean you have to pause your property goals.
Let’s find a yes!
