+ Reply to Thread
Page 2 of 2 FirstFirst 12
Results 11 to 15 of 15
  1. #11
    Join Date
    Feb 2009
    Location
    Country WA
    Posts
    6,640
    Thanks
    3,134
    Thanked
    3,023
    Reviews
    13
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Like a PP said, you can end off worse after. Just make sure that you won't be up for paying a higher monthly payment afterwards to make up for the break. I have heard of that happening to a few people and it cost one family their house as they couldn't afford the higher payments.

  2. #12
    Join Date
    Jul 2009
    Posts
    1,206
    Thanks
    139
    Thanked
    175
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    I've done it with st George you have to have enough equity in your property. We didnt have enough do only had reduced payments, I applied again for this lot of leave but the value of our property was less than our mortgage(damn property slump) so couldn't do it.

    Call your bank they will go through it all with you

  3. #13
    Join Date
    Oct 2009
    Posts
    1,018
    Thanks
    0
    Thanked
    225
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    We did interest only while I was on maternity leave and then changed back when I went back to work! It definitely makes a difference specially because I had no paid maternity leave (had dd before the govt paid parental leave came in).
    We saved enough while I was pregnant so i still had a 'wage' that covered most of the mortgage. Definitely talk to your bank though.

  4. #14
    Join Date
    Nov 2011
    Posts
    3,666
    Thanks
    1,426
    Thanked
    1,431
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Our bank definitely allows a 'baby break', twice for the term of your loan. They actually highlight it as a benefit, so definitely worth asking.

    Having said that, we opted instead to go interest only. Taking the repayment break meant our repayments would be even higher at the end to cover the shortfall, which we didn't want. The interest only option saved us approx $700 per month which was enough.


 

Similar Threads

  1. Replies: 18
    Last Post: 03-08-2012, 11:45
  2. How much do you pay in mortgage repayments??
    By bellieellie in forum Family Finances
    Replies: 42
    Last Post: 12-07-2012, 21:14
  3. Extra mortgage repayments?
    By 2BlueBirds in forum General Chat
    Replies: 12
    Last Post: 12-06-2012, 08:58

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
free weekly newsletters | sign up now!
who are these people who write great posts? meet our hubbub authors!
Learn how you can contribute to the hubbub!

reviews
learn how you can become a reviewer!

competitions

forum - chatting now
christmas gift guidesee all Red Stocking
Shapland Swim Schools
Shapland's at participating schools offer free baby orientation classes once a month - no cost no catches. Your baby will be introduced to our "natural effects" orientation program develop by Shapland's over 3 generations, its gentle and enjoyable.
sales & new stuffsee all
Wendys Music School Melbourne
Wondering about Music Lessons? FREE 30 minute ASSESSMENT. Find out if your child is ready! Piano from age 3 years & Guitar, Singing, Drums, Violin from age 5. Lessons available for all ages. 35+ years experience. Structured program.
Use referral 'bubhub' when booking
featured supporter
Baby U & The Wiggles - Toilet Training Products
Toilet training can be a testing time but Baby U is there to assist you and your toddler with the daunting task of toilet training. With a range of products that can be used at home, on holidays or out & about.
gotcha
X

Pregnant for the first-time?

Not sure where to start? We can help!

Our Insider Programs for pregnancy first-timers will lead you step-by-step through the 14 Pregnancy Must Dos!