- April 7, 2024
- Posted by: legaleseblogger
- Category: Related News
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### Maternity Leave Financial Concerns
I am heading into maternity leave unexpectedly, and I am concerned about running out of savings to support myself and my baby for the first two years.
#### Current Financial Situation
My mortgage balance is $350k with $400k in equity. I have minimum monthly repayments of $3200, and fixed costs amount to $800 per month. Additional lifestyle costs add up to $1000 per month. My net income from maternity leave is $2.8k fortnightly (half pay), and I receive $1.7k fortnightly from Centrelink. I have no other debt but have savings of $56k in an offset account and $90k available for redraw on the mortgage.
#### Financial Constraints and Goals
I need to limit my work hours to focus on completing specialized training in the next 6-9 months. This will require 20-30 hours of study per week but will lead to better career prospects with higher pay and more flexibility around childcare.
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>savings of 56k (offset), additional 90k in redraw in mortgage but I really don’t want to touch that at all
That’s what it’s for, you’ve done well to buid that up. Why not look at it as if you’d have to pay rent if you had no mortgage?
Or try calling your lender to see what they can do, they can possibly do a “pregnancy pause”
and that will capitalise your interest, or you can have your repayments reduced, but that would also reduce your redraw.
Will there not be child support coming in after baby is born?
Get child support or die tryin’
Go and have a chat to a mortgage broker immediately (I.e. before you stop work)…. $350k mortgage on a 30yr term @ 6.2% would only be $2,150 per month.
Becomes harder to remortgage when you’re on maternity leave leave.
Refinance your loan to IO will reduce monthly bill
Also your redraw is 2 years of loan payments, problem solved.