The assessment may consider paid leave, expected return-to-work income, childcare costs and the borrower's broader serviceability position. Policies differ, especially where income is changing.
What to understand first
Provide leave documentation, employment details and any return-to-work evidence requested. A lender may use different assumptions for a future income than for current payslip income.
What lenders may consider
Plan conservatively for the change in household cash flow and discuss timing early. Lending is subject to the chosen lender's policy and verification.
Practical next steps
Gather the relevant documents and compare the complete position, including repayments, fees, timing and the purpose of the finance. Lender policy varies, and information should be confirmed for the application being considered.
Plan around the household budget
The lending discussion should include the period during leave and the expected return to work, not only the pre-leave salary.
- Document leave arrangements and expected return-to-work details.
- Include childcare, changed household costs and other commitments in the budget.
- Allow for lender questions where income is changing or evidence is incomplete.
This article is general information only and is not personal financial, legal, accounting or tax advice. Credit is subject to lender criteria, eligibility and approval.
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