New baby

Just welcomed your little one to the family? Congratulations! You’re probably in a whirlwind of excitement and lifestyle adjustments. However, worrying about your finances shouldn’t be part of it. Talk to us about how we could help.
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.

Growing family

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

Putting your family first

Caring for a newborn can be emotionally exhausting, so make sure you keep your own health a top priority. It might also be a good time to consider updating your Will and personal insurances. It will give you the peace of mind of knowing your family is protected against unforeseen situations.

Starting an education fund

With the cost of schooling and university on the rise, it's a good idea to start a savings account or investment portfolio for your little one. It’s also a good time to think about public or private school costs and look into educational expenses. Keep in mind that is not just the cost of school fees but computers, uniforms, excursions and more. Even though it's a few years away, having those savings in place could give your child a great head start.

Flexible Loan options on parental leave

There are a number of flexible options to temporarily help ease the financial pressure during this leave period.

Preparing for the next chapter

Now that you have a growing family, it may be a good idea to further strengthen your financial future. Consider boosting your Super contributions, look into partner contributions and check if your employer makes contributions while you’re on parental leave. Contact a qualified financial adviser who could help you get your finances in good shape for your next life stage

 

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.

© Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.