Guide to having children and growing your family

If you’re planning to grow your family it’s important to have the right support on your side financially. 

Be prepared

Do I have financial flexibility?

Flexibility is key when it comes to not only growing your family but planning and working through financing your family. You may be going from two incomes to one, paying for specialist care, looking for day care and planning ahead towards education costs. These costs aside, you’ll need to make sure your day-to-day spending is managed to help reduce stress and enjoy your family. Flexibility means the ability to customise products to suit your situation and change products as life goes on.

How much will I need?

From reduced income, to nappies and healthcare costs, use our budget planner to help get your head around the costs you’re up for. 

Protect what you love

Consider looking into life insurance products designed to protect you and your family should something happen.

What impact will the cost of childcare have?

Going back to work after having a baby comes with lots of considerations, including the cost of childcare. What will your take home pay look like after paying for childcare? Talk to your childcare centre for a quote, or try Centrelink's Payment Finder to get an estimate of your fees.

How much will raising my family cost?

There are a number of costs that will naturally come with growing your family – both in the short term and the long term. Some costs will depend on your priorities for your family, such as whether you take out private health, pay for education, travel, and even the size and location of the house you purchase. Your priorities and the costs associated will impact your overall budget and the way you plan for the financial future of your family. Considerations include:

  • Level of healthcare
  • Specialist care
  • Education costs
  • Day care costs
  • Membership and extracurricular fees
  • Extracurricular costs such as sport and music
  • Travel costs
  • Essentials such as groceries, electricity and phone
  • Mortgage repayments
  • Other loan repayments
  • Financial Planning
  • Insurance
  • Car costs
  • Council fees
  • Cost of owning a pet
  • Day to day spending 

Keeping costs down

There are lots of ways to save money – from altering day-to-day spending, to ensuring you’re getting the best deal when it comes to your home loan. 

How we can help

We are in the business of putting People first – and that means helping families as they grow. We offer a range of lending, deposit, and insurance products with options specifically tailored for all situations. 

Home Loans

We understand everyone’s needs are different, and that includes how your needs change when you’re growing a family. This is why we take a personal approach to fitting a home loan to suit you. 

Savings Accounts

Using a high earning transaction account can help with all those extra expenses that go along with growing a family, while getting the most out of your cash when it’s not being used. 

Offset Accounts

Save money off your home loan with our 100% offset account, available on our Standard Variable Home Loan.

Credit Cards

Use a credit card for everyday purchases and keep cash in your account for longer. Pay your card off by the due date to avoid interest charges and stay ahead.

Personal Loans

Our personal loans are great for when you need to buy a new car, pay for education, or for when unexpected costs such as healthcare needs pop up.

Research tools
Budget planner
Savings calculator
Term deposit calculator
How to save more money
How to choose the best savings account
Ways to bank with Heritage
Interest rates for accounts
More interest rates