New parents finding home loan repayments challenging may now be eligible for additional support under a new offering from NAB Assist.
The new initiative will enable eligible customers on parental leave the option of a reduction of up to 75% on their home loan payments for six months.
NAB Assist Executive, Stephanie Boag, said that this move would be a game changer for many new families and could be critical for those customers challenged by a rising cost of living.
“Having a child or adding to the family can be a shock, not only in terms of the sleep deprivation, but also when it comes to making ends meet,” Ms Boag said.
“When a parent on parental leave gets in touch with us to flag concerns about meeting their financial commitments, we’ve decided as a team to offer reduced payments on their home loan with no need to check back in with us for six months.
“We’re hoping this will give them more time to enjoy their new family and a clear path to get back on track sooner.”
Customers looking to access NAB Assist’s parental support initiative online or by calling 1800 701 599. The support is available to eligible home loan customers on principal and interest or interest only home loans.
Customers need to be on parental leave, or going on parental leave in the next month, and will be assessed on whether they can make a minimum repayment of at least 25%.
Ms Boag urged any customers who were concerned about their financial position to get in touch with their bank.
“If you are worried about being able to make your repayments, please contact your bank. There are lots of options available and we are here to help.” Ms Boag said.
