Following her dream to become an obstetrician, Jenny acquired a job with a view to entering the registrar program at Royal Perth Hospital. However, she lived and worked in Melbourne in a share-house with two friends.
Jenny saves some of her income but recently enjoyed a holiday and has been prudently putting some extra money into her superannuation. This meant she had just a few thousand dollars in savings left when she received the job offer. Thinking ahead, Jenny foresaw she’d have expenses in her move to Perth such as transport, storage, bond payment, travel, appliances and furnishings.
Jenny accepted the job and applied and received a loan for up to $20,000. This allowed her to pay for all upfront costs for the move; pay off her high-interest outstanding credit card balance and still have some money left over to put towards upgrading her car to get to and from work.
Once in Perth, she started receiving her regular salary payments from the hospital and quickly began paying off her personal loan repayments.