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.
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04-08-2012 12:37 #11
04-08-2012 13:13 #12
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
04-08-2012 21:45 #13
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.
04-08-2012 23:05 #14
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.
By WorkingClassMum in forum Social IssuesReplies: 18Last Post: 03-08-2012, 11:45
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