Whether you’re moving out with friends, renting on your own or even moving into your newly bought home, being prepared is the key to making your big move as stress-free as possible.
Moving out of home
How much it will cost can depend on a few things, so it’s important to ask yourself some questions, such as:
1. Would you like to live somewhere with a lot of shops and restaurants? Is the area close to public transport or is there parking for your car? Keep in mind that rental and property prices vary from suburb to suburb. You can compare these prices on real estate websites.
2. Do you like your own space or crave company? With the right mix of people, sharing a house can be a lot of fun and cost-effective if you don’t want to live alone (or can’t quite afford it). Sorting out how rent and bills will be split with your housemates early on will make life a lot easier, because it will leave less room for doubt or misunderstanding. It’s easy to make bill payments straight to the utility company or transfers to a housemate’s bank account from NetBank.
3. Can you get better deals on your bills? Don’t be afraid to shop around for the best deals from utility suppliers.
Read your lease carefully and make sure you understand and agree to its terms before you sign it. You should be asked to hand over a bond as a form of security for the landlord and it’s usually the equivalent of up to four weeks rent. You'll get it back when you leave as long as you've paid your rent on time, looked after the property and there's no damage that wasn't there before.
Top tips to help you get your bond back:
- Set up a regular direct debit in NetBank to make sure you’re never late with the rent.
- Make a note and take pictures of any damage - no matter how small - before or on the day you move in and send it to the landlord or real estate agent. That way, you can avoid any misunderstandings when it’s time to move out.
1. The deposit. The bigger your deposit, the less you'll need to borrow. If you’re not cashed up, careful saving is another way to home ownership. You should aim to save between 3% and 10% of the purchase price to put down as a deposit. Any deposit smaller than 20% and you'll need to take out lenders mortgage insurance which is another cost to keep in mind. Our GoalSaver account is a great option to help you achieve your dream of home ownership faster.
2. The amount you can borrow. This depends on what you’re earning, how much deposit you’re able to put down and your other financial commitments like car repayments, credit cards, personal loans and living expenses. You can estimate how much you can afford to borrow or find a home loan to suit your circumstances.
3. The additional costs of buying property. These include stamp duty which is a government tax that you pay when you buy property, as well as inspection fees, solicitor’s fees and loan set-up costs.
It’s always a good idea to protect valuables like your smartphone, tablet, laptop, desktop, furniture, clothing and jewellery with contents insurance in case the unexpected happens, like theft or fire damage. If you buy a place, home insurance covers the bricks and mortar, fixtures and fittings and protects you from damage to the building. If you have a car, ensure you have car insurance to protect your car or yourself from damage to other’s property.
Make sure your moving day runs smoothly by sorting a few things out first:
1. Budget for van hire or a removal firm.
2. Shop around for the best deals on household appliances and furniture. You can often find second hand goods for low prices online.
3. Make sure that all the services like gas, phone and electricity are in your or your housemate’s name before you move in. Also make sure that meters are read on the day you move in to avoid any disputes with the previous tenants of your new property.
4. Let everyone know you've moved, including your insurance company, government agencies like Medicare and especially the Roads and Traffic Authority in your state or territory (this is important because if you commit an offence and don't receive your fines, you can automatically lose your licence). Don’t forget to tell your bank that you’ve moved too - you can easily let us know your new address in NetBank.
Then it’s time to settle in and enjoy your newfound freedom!