Working out what you'll need
During these first few months, you'll need certain items for your growing baby that you may not need again. If you're looking for ways to save money, think about hiring them or buying them second-hand. Calculate your outgoings and keep track of your extra expenses during this busy time with our handy online budgeting tool.
Handling changing financial commitments while considering or paying off a home loan are part of the many changes that having a baby brings. Living on a reduced income during parental leave can make it difficult for some families to meet their full home loan repayments. There are a number of flexible options to temporarily help ease the financial pressure during this leave period - allowing you to focus on the baby.
Baby bonding time
You may want to spend as much time as possible with your new baby, so find out if you’re able to take parental leave. Be sure to ask your employer about your entiltments and learn exactly how this time might affect your finances. You should also look into any government services available for new parents. Take advantage of all the resources available to you.
The Australian Government has several programs to help you manage the cost of caring for a newborn baby. Every little bit can help, so be sure you find out whether you're eligible.
Child care rebate
Many parents will need child care so they can continue or return to work, train or study. If you're eligible, the amount you could receive depends on your personal circumstances and takes into consideration income, hourly and hours of activity.
Paid parental leave scheme
Mums (or partners) could be eligible for up to 18 weeks leave at the national minimum weekly wage. To qualify, you must be the primary carer, meet the paid parental leave test, be an Australian resident and have an individual taxable income of $150,000 or less in the previous financial year^.
How we could help
Things you should know
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness for the information to your own circumstances and, if necessary, seek appropriate professional advice.
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