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  1. #1
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    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
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    I've never disclosed my pregnancy.

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

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    Explora  (11-01-2015)

  4. #3
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    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.

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    Explora  (11-01-2015)

  6. #4
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    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

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    Explora  (11-01-2015)

  8. #5
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    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

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    Explora  (11-01-2015)

  10. #6
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    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
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    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/

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  13. #8
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    Thanks for the heads up...
    How would they even know I'm attached though, and not single?

  14. #9
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    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.

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

  16. #10
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    We have separate addresses on the electoral role. Technically we go between both houses but don't live together in the same one.


 

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