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We're having a baby - what does it mean for our mortgage?


The arrival of a baby is a joyous occasion, filled with excitement, anticipation, and a whirlwind of preparations.

Amidst the baby showers, nursery decorations, and prenatal classes, there's another important aspect to consider: your finances.

Specifically, how does having a baby impact your mortgage?

Let's dive in!

Increased expenses

Babies, while bundles of joy, come with added expenses.

From nappies, and baby gear to healthcare and childcare, your monthly outgoings are likely to increase. This can impact your ability to meet your mortgage payments, especially if one parent decides to take extended leave or become a stay-at-home parent.

Tip: Create a post-baby budget. Factor in all baby-related expenses and adjust your spending accordingly.

Re-evaluating your living space

The arrival of a baby might mean you need more space.

Perhaps you're in a one-bedroom apartment and need to upgrade, or maybe you're considering moving closer to family for support.

This could mean refinancing your current mortgage or taking on a larger one, and is where we come in!

It's really important to manage this well ahead of time, with plenty of planning, especially when it comes to income, and how you'll deal with that while you're off work.

Life insurance and estate planning

With a dependent now in the picture, you'll want to ensure they're taken care of should anything happen to you.

This might mean taking out or increasing life insurance, which is an added expense but provides peace of mind. Additionally, consider updating your will.

Your lawyer and insurance adviser will be able to help with this, as you'll likely need to factor in your home loan balance to ensure your family can maintain their living situation if the primary earner is no longer around.

Government benefits

In many countries, the arrival of a baby comes with certain government benefits or tax breaks. This can help offset some of the increased expenses.

In New Zealand, we have a range of different government departments supporting those with a growing family.

There is a great addition to the ASB App called "Support Finder" which you can use to see what you're eligible for - check this out here.

Plan, plan plan

While it's always been our catch phrase at My Mortgage, in this case it's even more important.

Have a chat with us about how having a new baby will affect your specific situations and we can get a plan in place so you can go through this time with minimal stress.

All banks have different policies around maternity leave and return to work so it's important to get the right fit for you.


While having a baby introduces new financial considerations, it's also an incredibly rewarding journey.

By planning ahead and making informed decisions, you can navigate the challenges and ensure a stable, loving environment for your growing family.

Remember, it's not just about managing a mortgage; it's about building a home.

Book a call to chat through your plans with us and we'll be able to help you navigate this time and set you up for success!


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