In a bid to help new parents with the financial pressures that come along with adding a new addition to a family, NAB have announced an initiative which will potentially ease the burden many face as their family grows.

Calling the new programme “game-changing”, NAB have announced they will offer additional support for new parents who are finding making their home loan repayments challenging. The new offer from NAB Assist will see eligible home loan customers on parental leave have the option of up to a 75% reduction on their home loan repayments for six months.

This will no doubt be beneficial to many who are struggling to make ends meet given the cost-of-living woes that are plaguing a large number of households presently.

To be eligible for the scheme, customers must currently be on parental leave or about to go on parental leave and will be assessed on whether they can make the minimum repayment of at least 25%.

It must be highlighted, however, that once the parental leave support comes to an end the home loan repayments will be adjusted to make up for the reduced payment period, meaning that ultimately the repayment amount on the other side will be higher.  This therefore must be factored in before proceeding to determine if it is the correct long-term solution for your family.

Customers looking to access NAB Assist’s parental support scheme can do so by calling 1800 701 599 or going to their website or alternatively speak to one of your Blackburne Mortgage Broking team for more information.