Home loan holders to benefit from Paid Parental Leave scheme

A mortgage holder has explained how she plans to use a new parental assistance initiative to cover costs.

Coming into effect from tomorrow (December 31st), the federal government's Paid Parental Leave scheme will see a baby's primary carer paid $570 a week before tax for a maximum of 18 weeks.

Speaking to the Bayside Bulletin about the financial boost, expectant mother Erin Hooper said it would be a major help in covering mortgage costs while she took time off work.

"Home loan repayments don't stop just because I am off work to have a baby," she added.

"My husband and I could not afford to have a child without some form of financial assistance."

Australians concerned about their financial circumstances can opt to compare home loans in search of the best offers. According to the Bayside Bulletin, it has been predicted that more than 85 per cent of families will be better off under the Paid Parental Leave scheme.

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