Don't get too emotional right now.
If you borrow $10,000 then that's how much WILL be spent.
How about you just contribute and pay bills as they come up, so there will be no over spending and no money wasted on interest.
Get on to Ronald McDonald house, ask your sister to have all bills redirected to you (or pick up her mail).
Find out how she pays rent and take over these payments if you so choose.
I really think getting a loan for this, is not in your personal or relationships best interest.
Good luck and I hope all goes well for your sister
We've been in a similar situation with a family member. I feel for your family, what an awful thing to go through.
As PP have said, it might be easier to just pay for things rather than get a big lump sum loan and have to pay interest on it? If there are big ticket items you need to take care of that might not work, but when we had a family member who had to suddenly go interstate to take care of another family member, we just paid all the rent/food/bills and gave her extra money each week as she needed it. I'd probably be more inclined to start doing that, and in the meantime you might find some charities to help you out. Might be easier than getting a loan?
Best of luck to you.
I agree with what others have said and contributing each week as you might struggle in the future with repayments and your homeloan.
You sound like an amazingly selfless person, I hope everything works out for all of you! Especially your sil and your little nephew.
I agree with the others. I think it would be very helpful to help her out week to week as opposed to giving her one lump sum that she (and you) will have to repay to the bank.
I wouldn't risk getting a house for the sake of a personal loan Even if you and your DP are approved it will still be listed on your credit file and some banks will ask you to pay everything (even small credit cards) out before approving a home loan.
I tend to agree with the others. I think taking out a 10k personal loan is an emotional reaction to a terrible situation.
I think it would be much more wise to help out with the bills as they come up, talk to her land-lord or real estate if she rents and see if you can come up with a solution for the rent. I know landlords who have halved or even just ignored the rent in situations like this.
I am sure if you and DP are earning enough to be able to pay a loan back as well as a mortgage when you get it then you would be able to help her out on a week to week basis. It also means that she will not feel like she has the added stress of paying you back to worry about. (because even if you tell her not to worry about it or whatever, she will)
Don't jeopardise your chance of getting a house you love when you don't need to. Take a step back and think for a minute.
Agree with majority - don't get a loan for a lump sum! The much wiser option is to pay her rent, pay bills, give her money for lunches / car parking, fill her car with petrol etc etc
Any of these things are much more helpful than throwing a big lump sum at someone that you will need to pay interest on - if you can afford repayments I am assuming you can afford to help out in much more practical ways!
There are systems set up by hospitals for these very situations - utilize these before making a knee jerk decision to get a loan for such a huge amount of money!
She will still be entitled to all the same payments, maternity leave etc etc as if she had carried the baby to term so saying part if the reason for wanting to give lump sum is you don't want her to go to work straight away with a prem baby is an odd part of the story - was she planning on returning straight away anyways?
Thank you all for your advice.
I've spent most of today on the phone and worked out -
1) her rent for a while will be paid by us
2) we live on the other side of the country, so when we have to go home for work we will send her vouchers for woolies/Coles etc.
3) the hospital they are at is going to call me back with what they have such a lovely woman I spoke to
4) haven't settled on an amount but we will be putting an, i guess you would call it, sundries amount in her account until she is back on her feet.
She will get the baby bonus because she wasn't eligible for PPL. But I hear lots of stories of women struggling on that and I don't want her to feel pressured to find part time/casual work when she's not ready IYKWIM?
Thank you all for your opinions.
This is the only way I feel like I can help.
Oh and electricity, gas etc will be dealt with as they come up obviously I won't pay for everything, but like I said, she doesn't need to be stressing.
I know she would do the same for us and she'll pay us back when she is able.
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