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Date Published : Tuesday, April 29, 2008
Balancing a loan and a family can be a tricky act. With rising interest rates and house prices, it is hard for families across Australia to plan their budgets and spend a little on life's luxuries.
However, for those planning to start a family - or even those who already have children - planning is the key to financial success, an industry expert recently claimed.
By overstretching when people take out a personal loan or a home loan, consumers can get into serious financial problems which can take years to get out of - affecting the lives of the rest of their family, National Australia Bank state general manager Ann-Marie Chamberlain said.
She told the Advertiser that consumers could make voluntary repayments on the loans that they take out before they have children, in order to avoid future spending clashes.
"The more voluntary repayments you can make while you're still on two incomes, the further ahead you will be when it's time to take maternity leave," Ms Chamberlain said.
"If you're far enough in front, this may give you the flexibility to lower your repayments for a period of time while you're living on one income. However, you'll need to ensure you have chosen a home loan that allows you to make voluntary repayments."
Currently, Citibank's personal loans offer consumers the ability to borrow up to $75,000 over a five-year term, with a minimum interest rate of 11.99 per cent charged. A $150 application fee applies to the loan.
Compare loan deals.
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