NAB is rolling out a new support initiative under NAB Assist that will allow new parents to reduce their repayments.

The initiative will provide eligible customers on parental leave the option to reduce up to 75% of their home loan repayments for up to six months.

NAB Assist executive Stephanie Boag said this move is a “game changer” for many new families who may be finding it challenging to navigate the current surge in cost of living.

“Having a child or adding to the family can be a shock, not only in terms of the sleep deprivation, but also when it comes to making ends meet,” she said.

“When a parent on parental leave gets in touch with us to flag concerns about meeting their financial commitments, we’ve decided as a team to offer reduced payments on their home loan with no need to check back in with us for six months.”

To access the initiative, eligible customers can reach out to NAB Assist online or by calling 1800 701 599.

The initiative is available for home loan customers on principal and interest or interest only home loans.

Customers need to be on parental leave, or going on parental leave in the next month, and will be assessed on whether they can make a minimum repayment of at least 25%.