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Renting 101: What you need to know about moving out of home

Financial Wellbeing Coach

2022-10-27 00:00

Estimated reading time
5 min

In this article

  • Download your rent-ready checklist
  • Create a budget
  • Find the right place

So, you’ve finally decided to fly the nest and leave the family home? Well done! Before you say goodbye to home cooked meals (kidding, you still get them) there’s a few things you should know about renting for the first time.

Download your rent-ready checklist

Moving out of home for the first time? It helps to know what to expect. Click here to download our rent-ready checklist.

Click here

1. Set yourself a budget

    Moving out of home can be a bit of a shock – especially in the money department. By creating a simple budget (including regular costs like rent, groceries, bills and travel) you can keep yourself on track – and even save a few bucks for a rainy day.

    You’ll also need to shop and cook for yourself. Work out whether you and your housemates will do this together, how grocery costs will be split and if you need a roster to make sure no one goes hungry. Don’t worry, two-minute noodles count as dinner in our books!

    If you need help with this, ANZ’s Financial Wellbeing hub is loaded with budgeting tools and resources to get you started.

2. Find good housemates

    It’s a rite of passage, moving out of home with your mates. However, hanging out on a weekend and living together are two very different things. Before you jump into anything, have a think about who you will get along with on a day-to-day basis, including whether they’re tidy, loud or able to pay rent and shared house expenses. If you’d rather meet new people, research websites that connect like-minded housemates with available rooms. If you decide that you prefer living alone, that’s a-ok too if your budget can handle it!

3. Go to open homes and chat to the real estate agent

    Finding a place everyone can agree on, and afford, can be tricky. After you’ve scrolled online rental listings and narrowed down your search, the best way to get your foot in the door (literally) is to attend open homes and talk to the listing agent. They can tell you how many people have applied, what your chances are and keep you in the loop throughout the process. Even if you miss out, by introducing yourself, chances are the agent will keep you in mind for similar properties they may have.

4. You must pay a rental bond

    If you’re new to renting, forking out about a month’s rent in advance can seem like a lot – but don’t freak out. Bonds ensure that if any damage occurs to the property while you’re there, your rental provider (formerly known as a landlord), and you, are covered. Once paid, your bond will be held in a secure trust by the government or governing body. The good news? It’s refunded at the end of your lease if no damages have occurred.

    Rental payment requirements differ between states and properties, so it’s best to look up your local government or consumer affairs site for more information.

    Note: Make sure you receive a receipt to confirm your bond has been lodged properly.

5. Connect (and pay) your utilities, quickly

    There’s nothing worse than ordering takeaway and sitting on the cold, hard floor of your new home… only to realise you can’t turn on the heater or stream a movie. That’s why it’s important to connect your utilities (gas, electricity, water and WIFI) as soon as you’ve signed a contract for your new pad. Your rental provider is responsible for the initial connection, however it’s on you to re-connect them into your name. There are many online resources and websites available to compare the best plans and providers for your area.

    You’ll also need to pay your bills to ensure these services stay connected. Whether you’re paying them monthly or quarterly, make sure you pay them on time. Apps that help you easily keep track and split household costs are useful tools for any renter. You don’t want to wake up on a cold winter’s morning without any hot water!

6. Keep your rental provider (AKA landlord) happy

    As a renter, you might not know your rental provider – but it’s smart to stay in their good books. This means keeping their property neat and tidy, especially if they’re due to come round for an inspection and reporting any defects like leaking taps in a timely and respectful way.

Renting 101: What you need to know about moving out of home
Financial Wellbeing Coach

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Moving out of home? Here’s everything you need to know about renting for the first time.

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The information set out above is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information, you should consider whether the information is appropriate for you having regard to your objectives, financial situation and needs. By providing this information ANZ does not intend to provide any financial advice or other advice or recommendations. You should seek independent financial, legal, tax and other relevant advice having regard to your particular circumstances.