Just welcomed your little one to your family? Congratulations! Life has no doubt stepped up to a whole new level, so worrying about your finances shouldn’t be part of it. Talk to us about how we could help.
Tip 1: Working out what you’ll need
Your baby will need certain items in the first few weeks that you may not need to use again. So it might be a good idea to think about renting them or buying them second-hand.
Tip 2: Check ups
Newborn babies will generally need regular visits to the doctor or health care nurse for routine check-ups, and unexpected visits. These could add up financially so consider how choosing between the public or private health system could impact your finances.
Tip 3: Baby bonding time
Find out if you’re able to take maternity or paternity leave and check in with your employer to see what entitlements you’re eligible for. You should also familiarise yourself with any government services available for new parents.
There are many programs and resources to help you manage the cost of caring for a newborn baby.
Many parents may need child care so they can continue 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 and receive the national minimum weekly wage from the Government. To qualify, you must be the primary carer, meet the paid parental leave test, be permanent Australian resident and have an individual taxable income of $150,000 or less in the previous financial year^.
On our 200th anniversary, every child born in 2017 is eligible for $200.
If your parent opens a Westpac Bump Savings account in your name between 8 April 2017 and 31 May 2018, we’ll deposit $200 into it which you can withdraw when you’re 16*. Because you may not be with us yet, but we’re proud supporters of you from day one.
Conditions apply. Express interest
How we could help
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.
*Offer may be withdrawn or extended at the bank’s discretion. The child must be born in 2017 and have a permanent Australian residential address. The account must be opened in the child’s name by the parent or legal guardian. $200 will be deposited if the Westpac Bump Savings account is opened and the child’s identity veriﬁed by 31 May 2018. Deposit will be made within 3 business days of ID veriﬁcation. $200 offer limited to one per person. $200 will be available to withdraw in the month the child turns 16 and will be forfeited if the account is closed prior. Read the terms and conditions available from 8 April 2017 at westpac.com.au before making a decision and consider whether this product is appropriate for you.
Credit criteria, conditions, fees and charges apply.^
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