NAB a leader in recognising parental leave in assessing home loan applications
At NAB, we take our responsibility to the community in which we operate very seriously. We have founded our business on a commitment to create more of what matters for people, communities and the economy.
It’s a belief that motivates our people to do the right thing, be bold and have an unwavering passion for customers.
At NAB, we understand the excitement and anticipation that goes along with creating your own special memories – buying a first car, signing the lease for a new business venture, or the renovation of a home to accommodate a growing family.
Allow me to return to this point – the growing family. The birth of a baby in itself is a life altering milestone and often brings about other significant changes in life, such as the purchase of a new home and a renewed outlook on family finances. It’s a momentous life stage – and often a time where our customers have a lot of questions.
We heard these questions from our customers. We listened to women who said they didn’t feel empowered to apply for a loan during pregnancy or on parental leave.
And this got us thinking that we needed to change and adapt.
Since April, we have been taking into account parental leave entitlements and return-to-work salaries when assessing applications for home loans as a matter of course.
It’s a policy change that we were proud to make supporting pregnant women and new mothers to get a home loan. Indeed, it’s a change that our bankers are communicating to customers every day since the policy came into effect.
One of our competitors recently announced that they too were recognising parental leave when assessing home loan applications. We welcome these changes, and encourage other financial institutions to do the same.
Part of doing the right thing and showing respect for people is taking the time to understand the special moments in their lives – and ensuring their financial goals are supported throughout life’s amazing journey.
Meg Bonighton is the General Manager of Home Lending at National Australia Bank.