Short video by Aaron Whybrow (Diagnostics and Finance) advising prospective homebuyers who are pregnant or planning a family. Main guidance: declare unborn children/dependents on loan applications; have a clear plan for covering mortgage payments during maternity/parental leave (paid leave, savings); many banks have policies that may allow current income to be fully recognised while on leave; always disclose pregnancy to your broker/bank and discuss affordability candidly; ideally plan home purchases a few years in advance so approvals and work status align. Tone is informal, practical, and reassuring.
Hey there, it's Aaron from Diagnostics and Finance buying a home for your new family. Here's my family is behind me here. A couple of things here is that a lot of the time a lot of brokers and including myself, will go and visit a client and they'll close the door to the newly fitted out nursery that's there. They'll also make all efforts to be able to hide the baby bump within them trying to buy a home for their new family. A couple of things we need to deal with here is that it's normal. It's life. We love kids. I love my kids to death, except for when they're bad. One of the things that we need to deal with is that you need to put it on application as a dependent and we need to make sure the numbers work out. Number two is that it's probably a good opportunity for us to talk about how you're going to afford the loan during the time that the baby comes, whether that's maternity leave, paid parental leave, savings in the bank account and items like that. And there are a few banks policies out there that allows the fact that you've got savings and allows the fact that you are on leave to be able to incorporate 100% of your income that you're on now. So therefore it's not a bad thing to be having a baby because that's why you're buying a house. What is not so good is not telling the broker or the bank that you actually have a baby on the way and having a logical discussion of how you're going to afford the home right now, how you're going to get the home loan across the line. And when the baby does come, it's really cool to have someone like a broker on your side, like me, to help coach you through that whole process. There's many banks policies that accommodate this and I just wanted to put this video out there that it is a brilliant life event. Having a baby. Going for a home loan at the same time can be tricky, but it can be done. The other thing is when you're planning a family, maybe it might be a good idea to plan the home a few years in advance so that you can have a baby and get into your new home and be back at work ready for the bank to take the application or well before that and have it all settled and done. All right, it's Aaron from Diagnostics of Finance. Talk soon.
