+ Reply to Thread
Page 1 of 4 123 ... LastLast
Results 1 to 10 of 33
  1. #1
    Join Date
    Aug 2014
    Posts
    241
    Thanks
    239
    Thanked
    123
    Reviews
    0

    Default Home loan while preg. Advice please!

    Hi all.

    I'm hoping someone on BH has some bank/lending experience to help with my query.

    I'm currently 5 months preg and self-employed. I just recently got a home loan pre-approval and did not declare my pregnancy nor that I would be having any dependent any time soon.

    Sure enough, my approval was granted and it is valid until the end of financial year.

    DP and I will have no prob paying it off as we have a great deposit and are borrowing a small amount...the mortgage repayments will be less than rent.

    We are buying under my name rather than joint names as DP has a number of properties and I am still eligible for the First Home buyer's stamp duty reduction.

    If I get a house straight away, it will be fine as I don't even look pregnant (when I go in to sign papers). Baby will be out by May, so if I don't buy until close to end of financial year, my tummy should have gone down such that no one at the bank would be any the wiser.

    I'm just nervous about going ahead with this plan...can I get done for fraud by not disclosing my impending dependent?

    If worst comes to worst, DP and I can do a joint application...we were just trying to get the first home buyer's stamp duty reduction. Also, DP can pay me a wage from his company so that there are no gaps in my income...so technically I was truthful to the bank re my income remaining the same.

    Advice? TIA...

  2. #2
    Join Date
    May 2011
    Posts
    7,878
    Thanks
    3,397
    Thanked
    5,160
    Reviews
    8
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    I've never disclosed my pregnancy.

    I could be wrong but really you don't have a dependent yet.

  3. The Following User Says Thank You to babyla For This Useful Post:

    Explora  (11-01-2015)

  4. #3
    Join Date
    Apr 2012
    Posts
    199
    Thanks
    28
    Thanked
    96
    Reviews
    0
    I didn't disclose that I was pregnant for my car loan, they only asked if our finances would change etc, which they haven't.

  5. The Following User Says Thank You to InvisibleWoman For This Useful Post:

    Explora  (11-01-2015)

  6. #4
    Join Date
    Apr 2010
    Posts
    1,657
    Thanks
    602
    Thanked
    599
    Reviews
    3
    Achievements:Topaz Star - 500 posts
    I didn't even think about it and I work for a bank! I was noticeably pregnant and when asked how long if be off I honestly answered "not sure as yet". I was asked to provide a letter stating I'd have a job on my return and that was it.
    BUT when preg with my 1st I was made redundant and didn't think to tell bank as we continued repayments.
    In your case with pre-approval id just carry on as you are

  7. The Following User Says Thank You to Mmumm For This Useful Post:

    Explora  (11-01-2015)

  8. #5
    Join Date
    Mar 2014
    Posts
    1,697
    Thanks
    3,522
    Thanked
    977
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    I have not disclosed any of my 3 preg to the bank. I have advised of dependants on paperwork once they were born etc definately not before. You may get ppl to top up your income and most banks do reduced mortgage repayments for 6 months post birth. Just something else to think about. Good luck

  9. The Following User Says Thank You to KitiK For This Useful Post:

    Explora  (11-01-2015)

  10. #6
    Join Date
    Aug 2014
    Posts
    241
    Thanks
    239
    Thanked
    123
    Reviews
    0
    Thanks all...I didn't realise how common it was for preggo ladies to apply for finance
    I will go ahead with the approved loan and buy something as per plan.
    Wish me luck on finding a suitable place...house hunting can be the pits especially if there is stiff competition with a bigger budget! 😝

  11. #7
    Join Date
    Jan 2012
    Location
    Perth, Western Australia
    Posts
    1,914
    Thanks
    364
    Thanked
    1,502
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    I would re-check your eligibility for FHOG. If your DP has owned property since 2000 (even separately, without you) then you won't be eligible, even if you propose to put the property solely in your name. They set up the scheme like that to stop couples getting it twice, individually.

    http://www.firsthomebuyer.net.au/gra...d-concessions/

  12. The Following 5 Users Say Thank You to GM01 For This Useful Post:

    HillDweller  (11-01-2015),LoveLivesHere  (10-01-2015),Maia  (11-01-2015),preggasaurus  (11-01-2015),VicPark  (10-01-2015)

  13. #8
    Join Date
    Aug 2014
    Posts
    241
    Thanks
    239
    Thanked
    123
    Reviews
    0
    Thanks for the heads up...
    How would they even know I'm attached though, and not single?

  14. #9
    Join Date
    May 2011
    Posts
    7,878
    Thanks
    3,397
    Thanked
    5,160
    Reviews
    8
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Quote Originally Posted by Explora View Post
    Thanks for the heads up...
    How would they even know I'm attached though, and not single?
    Do you live together? I'd be more worried about this being fraud then non disclosure of pregnancy.

  15. The Following 3 Users Say Thank You to babyla For This Useful Post:

    btmacxxx  (11-01-2015),LoveLivesHere  (10-01-2015),VicPark  (10-01-2015)

  16. #10
    Join Date
    Aug 2014
    Posts
    241
    Thanks
    239
    Thanked
    123
    Reviews
    0
    We have separate addresses on the electoral role. Technically we go between both houses but don't live together in the same one.


 

Similar Threads

  1. Home Loan Set-Ups & Why
    By French Pear in forum Family Finances
    Replies: 16
    Last Post: 02-05-2014, 13:41

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
sales & new stuffsee all
Melbourne Natural Medicine Clinic
Specialist Naturopathy, Chiropractic & Massage Melbourne Natural Medicine Clinic
Leading natural health practitioners in fertility, preconception, pregnancy, and children's health. We take an integrative approach all health professionals and offer diagnostic testing and natural treatment options suitable for the whole family.
featured supporter
Maternity Clothes
Looking to buy maternity clothes? :: Check the bubhub directory of local & online maternity clothes shops :: Find preloved maternity wear
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!