NAB is now offering additional support for new parents who find home loan repayments challenging.
Under a new offering from NAB Assist, eligible home loan customers on parental leave have been given the option of a reduction of up to 75% on their home loan payments for six months.
To be eligible for the support, customers must be on principal and interest or interest only home loans, and must be on parental leave, or going on parental leave in the next month. They will also be assessed on whether they can make a minimum repayment of at least 25%.
Stephanie Boag, NAB Assist Executive, said the move could be critical for many new families who have been 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,” 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.”
To access NAB Assist’s parental support initiative, customers can visit the NAB website or call 1300 961 577.
“If you are worried about being able to make your repayments, please contact your bank,” Boag said. “There are lots of options available and we are here to help.”
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