Mortgage Holiday.

[~Raven~]

I know you can have a mortgage holiday in the case of maternity leave but what about starting a new job?

DH is going to be paid contracted as we have started our own business and won't be paid for 6 weeks, after recently being paid on a weekly basis as an emoloyee. We have some money there but I'm fretting that we won't make it because our new business comes with some pretty large expenses. We have a bit of savings but it may not be enough. We will need to make two mortgage payments in that time!

[Arimeh]

our bank doesn't even offer the maternity break!!!

We can suspend paying our weekly payments (that are done automatically) and it just gets taken out of the redraw facility. So its not really a break.. lol

[Mak]

Beware lots of the banks just add the interest accrued to the mortgage at the end of the 'break'....one thing you could look at is just paying the interest only for a term - if you have a variable rate loan you can switch for a time period. This is helpful if you have some redraw and still gives you flexibility to make extra repayments at the level you would normally if possible.

[Olive]

sam i think you can get some advance payments from centrelink, maybe ask BG

[Fuzzywuzzy]

I think you'll need to contact your bank directly as it differs between banks and will depend on what type of loan you have. I know that Commonwealth bank you need to have the extra repayments built up already to have a repayment holiday (like Arimeh), whereas ANZ you don't have to have the payments built up, but your loan repayments are increased at the end of the 3 month period to cover the extra interest. As far as I'm aware you don't have to specify to the bank the reason for doing it. HTH

[briggsy's girl]

advances from c'link are a pittance when it comes to mortgage payments - you'd only be eligible for the ftba advance (if you haven't had it already) and it's no more than about 300 but reduces each fortnight as to what you can get

hope you can work something out sam - good luck with the new business venture!! maybe get last years taxes done so you get your ftb supplements paid if you can...