Don’t get me wrong, we don’t want to dissuade anyone from waiting for a baby loan. We think this is a very good opportunity for many. However, as we always say, it is a loan. That’s why you should pay attention to the conditions. We will write a little more about this now.
The basic information
The Baby Waiting loan is not a government subsidy, but a loan. This means that you have to pay it back in monthly installments (up to $ 50,000) and meet the conditions before we can receive it. And there may be slippages or misunderstandings.
Another very important fact is that many of the benefits of a Baby Waiting Loan will only be retained when our first child is born within 5 years.
Why borrowing may slip?
The first such threat is TB certification. As the Baby Loan has been roaring for more than a month, there is some experience. Many people have already been skeptical of carrying a TB certificate that the banks could not accept. Well, since you need to get a new one, this will extend the process by several days.
suggestion: Use the standard form available from July 17, to be accepted by all banks. Contact us! We will send it to you and help you.
If you are expecting a baby and your pregnancy is over 12 weeks, make sure you take your baby care book with you!
When can we slide financially?
By default, the Baby Waiting Loan is interest free , we know that. But the prerequisite for this is that the first baby should be born within 5 years. Failure to do so will result in the loss of discounts. Specifically, this means that the penalty rate on the loan is ticked, and that interest will be refunded to us in a lump sum (approximately $ 2 million based on current figures for a $ 10 million Baby Waiting Loan). And we have 120 days in total. In addition, our loan will also be converted to market rate loans, so our monthly installment will also jump.
Now that we know what to look for, no problem should come to us. But be sure to contact us! We help you avoid unpleasant surprises.