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Financially planning to start a family: buying a family home, cash flow during parental leave & big expenses

Owen Rask and financial adviser Alex Luck discuss key aspects of financial planning to start a family, including buying a family home, managing cash flow during parental leave, and preparing for big expenses.

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Financially planning to start a family?

Owen Rask and financial adviser Alex Luck discuss key aspects of financial planning to start a family, including buying a family home, managing cash flow during parental leave, and preparing for big expenses.

✅ Here are some of the topics the duo cover:

  • Emergency fund sorted and in order?
  • Are you eligible for Centrelink entitlements?
  • Does your workplace offer any maternity pay? do you need to be there a certain period of time first? Do they offset what they pay against Centrelink entitlements?
  • Is it a good idea to upgrade your PPR prior, or is it better to wait until after?
  • Likewise looking to purchase your first place before Mat leave or rent and buy later?
  • Do you have a really good idea of your current cash flow?
  • What effect will Mat leave have on your cash flow in the first 12 months? What about after this with a return to perhaps only part-time work?
  • Is there going to be a cash shortfall as a result of Mat leave? S can you save prior to covering this period of time so your lifestyle isn’t impacted?
  • Preparing for an initial outlay of some one-off cost, i.e pram -> look at using the second-hand market to keep costs down
  • Post-Mat leave, have you considered any additional costs, such as daycare?

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