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, 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
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.
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