Pregnant Pause Mortgage, Defer Payments, Not Babies

Evidence is mounting that Australian couples are finding it increasingly difficult to juggle the financial commitments of home ownership and a family.

In fact, research indicates that couples are putting off having their babies (or choosing not to have them at all) due to the fact that their ability to make mortgage repayments is reliant on dual incomes.

These days, most major lenders offer features such as 'repayment holidays' which means you can take a break from paying off your mortgage for a period of a few months during times of financial hardship such as retrenchment, having a baby or a return to study.

However, the first lender in Australia to offer a mortgage feature tailored specifically for parents was Wizard Home Loans, who introduced the Pregnant Pause mortgage in December 2002.

The Pregnant Pause is exactly that, a feature which gives customers the option to take a break from their repayments for three months during maternity leave, freeing up cashflow at a time when family finances are stretched.

If, for example, you had a mortgage of $250,000 this would mean that $4,000 of the money that usually goes into mortgage repayments would be freed up for other use during your pregnant pause period.

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