Having kids is possibly the most important change in your life, and it typically comes hard on the heels of taking out the biggest debt of your life – your mortgage. As with a lot of other things, the key to managing both is in the planning.

You’ll need to work out:

• What your shortfall will be while you are one income down
• How much you have saved and how long you can manage using those savings
• After you return to work, how much your living expenses will have increased by
• What 12 weeks paid parental leave will cover
• Whether you are eligible for Working For Families assistance, and if you are, what that will cover

We can help you work out a way to manage your mortgage, and deal with your lender to give you the most flexibility. We can discuss the pros and cons of things like moving to revolving credit, changing your loan to interest-only repayments, or taking a repayment holiday.

It’s worth keeping in mind that the time between this stage and the previous one is getting longer and longer – you may end up supporting your offspring when they’re well into their 20s.

But when the kids do leave, it’s a great time to look at how you’re paying your home loan. We can help you refinance so you’re making the most of any extra money you have available – this could save you a lot over the life of your mortgage.

And on the other side of the coin, we can also help if you’re wanting to use the equity in your home to support your kids as they buy their first home.

Retiring with a mortgage is becoming more common. We can help you figure out how you’re going to keep paying your mortgage when your income goes down – you might change the structure of your mortgage, or look at downsizing.

And if you’ve paid off your mortgage, but you want to access the capital you have tied up in your home, talk with us about equity release mortgages.