A good bank realises you sometimes need a break

We understand you may need a break when you have a baby, giving you a chance to focus on the mystery that is parenting during what can be a financially stressful time. If you’re eligible, our flexible home loans can allow you to pause of your repayments for an agreed period of time while on parental leave.

How does it work?

If a short term break from your home loan repayments would assist to make life that little bit easier speak to us and we will take a look at your situation and workout whether a repayment pause is suitable for you.

The option to seek a pause to your repayments is only the start of our flexibility find out more about our competitive home loans.

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What should I consider before I apply?

The repayment pause is designed to help you in the short term, which means there are some things you will need to know:

• The paused repayments will be capitalised on the loan principal balance, this simply means they are paused for a short term but your repayments will increase once the pause ends so that you can make up for the pause.
• Your loan will still need to be repaid within its original term.
• Your repayment pause changes cannot mean you exceed your original maximum approved limit.
• The standard interest rate for the loan will continue to apply and any changes to the interest rate during the parental leave will be automatically applied as per your contract.

Is there eligibility criteria I need to meet?

If you’d like to take advantage of a repayment pause, you’ll need to meet the eligibility criteria, and we will need to assess your application to pause your repayments. Eligibility criteria:

• Submit a formal written request and application with updated assets and liabilities statement demonstrating payment stress due to parental leave, signed by all borrowers. Please note that supporting documentation may be required.
• Your home loan is for your primary place of residence and your repayments are principal and interest (not available for investment loans).
• Your Loan to Valuation Ratio (LVR) does not exceed 90%.
• There has been acceptable conduct on your loan in the past 12 months.
• Your loan is not currently in default.

The usual repayment pause period is 3 months (90 days). This can be reassessed. The period must not exceed 12 months (365 days).

Life moments – we’re here to help

Parental leave is just one of the reasons that a repayment pause may be of assistance to you. We realise life can be unpredictable at times so it’s nice to know you have a home loan that you can seek to adapt to your life in times of financial challenge. There are a number of other life events that a repayment pause might be suitable for such as a redundancy, illness or even a marriage or relationship breakdown. Speak to us today or find out more about whether you might qualify for a home loan repayment pause.