A year on and our parental leave lending changes remain innovative - offering families flexibility.
Giving greater recognition to paid parental leave and back-to-work income for all new and existing home-lending across Westpac makes a big difference to your potential borrowing capacity.
Whether you're after your first family home, upgrading because you've outgrown your current one or planning to renovate to make more room, Westpac’s parental leave lending policy changes can help you achieve your home ownership dreams at a time when you need our flexibility and support the most.
Of course, when it comes to serviceability, we want you to be confident you'll meet your repayments during any parental leave period. So our dedicated lenders will work with you on how you can manage the repayments during this time. Sources of income might include your partner's income, paid parental leave, government entitlements, and any savings held either in the loan, accounts or investments.
As for your return-to-work income, this can be verified with a letter from your employer confirming your return-to-work date and employment basis (ie. full or part-time).
And what if you need to lower your repayments while on parental leave? We have some great options to take the pressure off during your leave period. Visit in branch or speak to a lender to see if these solutions are right for you. Call us on:1300 650 105
Bring it all together
Consolidate your credit card debt, car loan or personal loan into your mortgage. This can be an effective way to reduce your repayments - provided that you restructure your debts the right way.
Switch your home loan to interest-only
You could be eligible to switch your current Westpac home loan to interest-only for up to 5 years. This would reduce repayments, but bear in mind your outstanding balance won't reduce while you're only making the minimum interest-only repayments. This will affect the equity you can build up in your property.
If you've made extra repayments on your home loan over and above your minimum repayments, you could be eligible to take a partial or full break from making repayments.
Parental Leave Repayment Reduction
If you've held your home loan with us for over 12 months, you could be eligible to reduce your home loan repayments by 50% for up to 12 months, subject to approval.
Most working mums juggle family, work, relationships and their wellbeing. Westpac was one of the first publicly listed companies to introduce paid parental leave in 1995 and the first to introduce superannuation on unpaid parental leave to eligible employees in 2010. These industry-leading initiatives had flow on effects throughout corporate Australia and helped reverse the Australia-wide retirement savings gap experienced by female employees. We are also the first bank to have an entire online hub for women: Westpac's Ruby Connection. Ruby has articles, ideas, information and opportunities to network with other like-minded women and mothers.
Things you should know
Conditions fees and charges apply. These may change or we may introduce new ones in the future. Full details are available on request. Lending criteria apply to approval of credit products. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service before deciding. Unless otherwise specified, the products and services described on this website are available only in Australia from Westpac Banking Corporation.
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