Over the past few months MAP has had a number of clients on unpaid maternity leave who have been declined home loan finance from their broker or bank. Their bank or broker has advised them that they need to return to work first before they will consider lending to them.
This is indeed the case with most lenders however MAP has access to a number that are far more flexible and common sense when it comes to maternity leave.
If you need both incomes to afford the home loan, then all we need to do is;
1) Obtain a letter from wife/partners employer confirming exact start date they will return to work and what income they will return on,
2) Be able to provide evidence of how you will afford repayments on the home loan during this time.
Ie, there will be a time where you are still only on one income and the bank has lent you the money. So we need to be able to show the banks that between the time you are approved and the time you return to work, you have enough funds to support yourselves and pay the mortgage during this time. This could include;
1) Government benefits such as 18 weeks paid maternity leave – banks will not use this as income but we can use it to show that you can afford repayments,
2) Savings – any additional savings that can be used to assist with repayments,
3) Perhaps the husband is taking a second job for that period of time to assist.
The above is accurate whether you have a 5% deposit or a 50% deposit – as long as we can present a good case as to how you will afford the repayments prior to returning to work then we can generally get a good common sense decision.
Brendan ConquestWe have been working with Justin for almost 10 years and he has always made the process easy and time efficient. Justin’s help to get things over the line is stress free and uncomplicated, he always handles everything with such care and compassion.
We are extremely grateful for Justin’s services and would highly recommend him and the MAP home Loans team to anyone in need of help, advice or guidance with their home loans.
Thank you, Justin!
Timothy RussMy Wife and I worked with Justin to purchase our first home and we couldn’t be happier with the help we received to make our dream a reality. Justin had answer’s to every question and made it very easy to understand how it all works. I highly recommend using Map home loans to take the stress out of buying a house.
ShannonJustin was brilliant to have as an broker. He worked with my schedule and got everything organised with good counsel and assisted with resolving any issues, and where he wasn’t able to personally, pointed me in exactly the right direction to work the issue, myself. Absolutely will be utilising his services again in the future.
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