Browse Forums Home Finance Re: Getting loan while pregnant 6Jan 19, 2015 12:24 pm Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Getting loan while pregnant 8Jan 20, 2015 9:19 am Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Getting loan while pregnant 9Jan 20, 2015 2:40 pm becjarrettdalton See thats a really weird policy! They have to be responsible and somewhere someone has come up with that policy as responsibly anticipating your feelings about returning to work. They also have a weird policy around valuations, typically taking the valuer generals value from the land rates and adding the cost of the build - which we all know isn't right. Just tougher to get through. I know I am biased but dealing with a broker allows them to sort through the policies and avoid you getting that "decline", as they know who will do what with your income, and, as it's a free service I don't understand why anyone wouldn't do it! This even applies to going back to your current bank - we know what that bank will accept and if it will work, and often even get you a better deal there... we have contacts! How far along are you? Building and a baby, clearly you don't scare easily! Yeah that is right.. it made me wonder whether she was actually giving the right information or not.. I said exactly the same thing, by assuming 25% of my income you are actually assuming I won't go back to work.. and surely that can't be correct. It is difficult to find more detailed information online about their lending policies. What are your tips for finding a *good* broker? Hah.. well I am beginning to wonder!! As everyone keeps saying that.. I am 22 weeks now.. They said they are insured by Genworth and Genworth policy is the same as theirs.. I found this in the Genworth policy 100% accepted if length of employment criteria is met "Note: Where a borrower is on maternity leave, 50% of paid income is acceptable. In cases where the maternity leave pay period has ceased or where no maternity leave payment is being received, no income allowance can be used." "50% of Employer Maternity Leave Payment and government Paid Parental Leave Payment (Working Parent Payment) is acceptable on the basis that this income is currently being paid and will continue to be paid until the applicant returns to work date as per confirmation letter from the employer." So.. it doesn't count in the situation PRIOR to a person going on maternity leave, which is what the credit union had implied. A literal interpretation would mean if I had chosen to take my mat leave AT half pay they would halve it again.. but that doesn't seem to make any common sense. Surely they would see the income had already been halved and it refers to half of your 100% income... that is what the second para implies, "employer maternity leave payment" being the 100% amount. Re: Getting loan while pregnant 10Jan 20, 2015 2:52 pm Well, my thought on that is it's not impossible she was right, it's also not impossible she was wrong, bank staff are under a lot of pressure to meet targets and are time poor & often are undertrained. Which building society was it? Heritage? My advice re: finding a good broker is ask around, see who your friends have used and recommended, thats where I get pretty much all of my business from Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Getting loan while pregnant 11Jan 21, 2015 11:59 am becjarrettdalton Well, my thought on that is it's not impossible she was right, it's also not impossible she was wrong, bank staff are under a lot of pressure to meet targets and are time poor & often are undertrained. Which building society was it? Heritage? My advice re: finding a good broker is ask around, see who your friends have used and recommended, thats where I get pretty much all of my business from Thanks and you are right. I know there won't be an issue servicing the loan, esp. as it is for construction and the full draw down is unlikely to be complete until shortly before I go back to work. We are not paying rent in the meantime. Do banks request verification of income at each draw down? I guess not but just curious. That could present an issue. My understanding is you are approved for the amount and then must provide invoices for draw down. 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