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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.

Regular checkups

It's perfectly normal to need regular visits to the doctor or health care nurse for your newborn. There are routine checkups, vaccinations and unexpected medical visits, which could leave you out of pocket. You may also need extra visits if you have specific medical concerns regarding you or your baby. Consider how your choice of using the public or private health system could impact your finances.

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, you could receive a 50% rebate on expenses up to $7,500 per child, per year^ from the government.

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, such as Life Insurance or Income Protection. 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.

A place to call home

A new family member may make you think about the need to upgrade or renovate your home to suit your growing family. We have a range of Home Loans that could help you achieve your home ownership dreams – especially at this time when you need flexibility and support the most.

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

The information on our website is prepared without knowing your personal financial circumstances. Before you act on this, please consider if it's right for you. If you need help, call 132 032.

Credit criteria, conditions, fees and charges apply.^
 

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Any recommendation made in this communication does not take your objectives, financial situation or needs into account. Read the terms and conditions at westpac.com.au before making a decision and consider if the product is right for you. Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714