According to the latest information, by mid-July, the first major spike in applying for the Baby Waiting Loan was over. Since the announcement of the law, interest in the number of Internet sites has fallen by about half, which was to be expected. Because at the end of June and beginning of July, the young couples who were already on the go were particularly interested in the Baby Waiting Support. In the next period, we are expecting the interest of families who are just planning to have children.
What are your experiences with Baby Waiting Support?
According to the latest statistics, more than 2,000 applications were submitted to banks in the two weeks following the launch of the Baby Waiting Loan. More than 5,000 applications have been submitted under the Family Protection Action Plan, over 5,000 for vehicle purchase assistance and over 700 for mortgage debt relief.
The vast majority of credit institutions were only able to complete their internal policies at the outset to provide Baby Waiting Support. In fact, there were banks that started after the entry into force of the above arrangement. But the Baby Waiting Support is a state-guaranteed loan that families can apply for at no interest. In the past, there was no more favorable credit facility on the market.
It is definitely worth asking for the assistance of a credit broker when applying for Baby Waiting Support, as different credit institutions provide different conditions for providing support. With the help of a specialist, on the one hand, finding the most suitable credit institution and, on the other hand, you can save time and energy by comparing the requirements of individual financial institutions in one place , all for free . An additional benefit of turning to an expert is that you need to avoid potential pitfalls.
Experience in recent weeks shows that in most cases, rejections are due to:
- unfortunately, income below the minimum wage is not enough to apply for a Baby Waiting Loan,
- families with incomes below 150,000 may not be able to apply for support at all credit institutions, but there are several banks with priority partners where they can apply for a loan with that income,
- Applicants with incomes above $ 250,000 may be disrupted by existing loans because they may not be able to claim the maximum amount based on the JTM. Even in this case, it is worth asking your credit broker for help with what prepayment options they can use to get the most support.
When applying, it is also worth looking into the different types of promotions that individual credit institutions offer to applicants . This is also worth considering when you sign up, as customers can access multiple discounts of $ 10,000. You can read our article on each action here.
If you are interested in which credit institution you can use the Baby Loan on what terms and conditions and with which promotions, please fill out our form our credit broker will be looking for!