Sharing with friends

For young people, often the first step when moving out of the family home is to share a rental property with a friend or group of friends.

Before you move out
It's vital to assess whether you have the financial ability to support yourself, and to budget accordingly. Also try and learn about the economics of running a household before you take the plunge with your own. Certainly one of the greatest gifts parents can give their children is an understanding of personal finances, and household logistics and economics. The world can be a harsh place when you're starting out! Before you move out, make sure you can afford to do it. Back to top

Before you move out

It's vital to assess whether you have the financial ability to support yourself, and to budget accordingly. Also try and learn about the economics of running a household before you take the plunge with your own.

Certainly one of the greatest gifts parents can give their children is an understanding of personal finances, and household logistics and economics. The world can be a harsh place when you're starting out!

Before you move out, make sure you can afford to do it.

Consider the likely start-up expenses
The Rental Bond - this is usually equal to one calendar month's rent and is held on trust. This money can be released to the landlord if you don't pay your rent or refuse to pay for any damage. If there's no damage and no dispute, then the bond should be returned to you when the lease agreement is over and you move out. Security deposits for phone, electricity, water and gas Rent - you'll often have to pay one month in advance Fridge/ freezer Microwave Kettle Television Washing machine and dryer Iron and ironing board (In some units, drying clothes on the balcony isn't allowed.) Bed frame and mattress Table Sofa Crockery, cutlery, utensils and cleaning products. Remember that your first grocery bill's likely to be much more expensive than your ongoing bills. That's because you'll need to stock the pantry with a range of items that don't need to be purchased on a weekly basis. Back to top

Consider the likely start-up expenses

The Rental Bond - this is usually equal to one calendar month's rent and is held on trust. This money can be released to the landlord if you don't pay your rent or refuse to pay for any damage. If there's no damage and no dispute, then the bond should be returned to you when the lease agreement is over and you move out.
Security deposits for phone, electricity, water and gas
Rent - you'll often have to pay one month in advance
Fridge/ freezer
Microwave
Kettle
Television
Washing machine and dryer
Iron and ironing board (In some units, drying clothes on the balcony isn't allowed.)
Bed frame and mattress
Table
Sofa
Crockery, cutlery, utensils and cleaning products.

Remember that your first grocery bill's likely to be much more expensive than your ongoing bills. That's because you'll need to stock the pantry with a range of items that don't need to be purchased on a weekly basis.

Consider the likely ongoing expenses
Rent Transport (if you have a car, remember to put money aside for registration, fuel, service, maintenance and insurance costs) Groceries Entertainment Gifts (this is an area often overlooked. It's best to budget for birthdays and Christmas) Electricity Water Gas Phone and internet access Credit card payments Personal loan repayments Home contents insurance (another area that's often overlooked but can be costly if you suffer an uninsured loss) Medical bills & health insurance Sport and gym costs Personal expenses - such as clothing and haircuts. Remember to plan for who'll share the various household bills and how these will be shared. If you think you need further help check out our budgeting. If you're leaving formal or informal care to live independently, you may be entitled to government assistance as part of the Transition to Independent Living Allowance. Call TILA (Department of Education, Employment and Workplace Relations) 1300 761 961 to see if you qualify. Back to top

Consider the likely ongoing expenses

Rent
Transport (if you have a car, remember to put money aside for registration, fuel, service, maintenance and insurance costs)
Groceries
Entertainment
Gifts (this is an area often overlooked. It's best to budget for birthdays and Christmas)
Electricity
Water
Gas
Phone and internet access
Credit card payments
Personal loan repayments
Home contents insurance (another area that's often overlooked but can be costly if you suffer an uninsured loss)
Medical bills & health insurance
Sport and gym costs
Personal expenses - such as clothing and haircuts.

Remember to plan for who'll share the various household bills and how these will be shared. If you think you need further help check out our budgeting.

If you're leaving formal or informal care to live independently, you may be entitled to government assistance as part of the Transition to Independent Living Allowance. Call TILA (Department of Education, Employment and Workplace Relations) 1300 761 961 to see if you qualify.

Choosing your housemates
This is never easy. Sometimes you won't know people very well before you move in, at other times you may think you know someone but things can be different when you're living together and sharing various expenses. Try to evaluate whether you can trust, tolerate and even enjoy the company of your prospective house mate/s before you commit to moving in. Discuss the things that could make or break your relationship as co-tenants. There's no point a quiet person who loves peace and evenings knitting on the couch sharing with a total party animal who expects to entertain in the lounge room most nights! Talk about how you like the housekeeping done, which chores you're comfortable doing, and how you see the division of tasks in the household. Establish what the house rules will be about things like parties and friends staying over, or you could end up with an empty fridge and permanent couch surfers, or even a housemate's partner as an unexpected extra. Back to top

Choosing your housemates

This is never easy. Sometimes you won't know people very well before you move in, at other times you may think you know someone but things can be different when you're living together and sharing various expenses.

Try to evaluate whether you can trust, tolerate and even enjoy the company of your prospective house mate/s before you commit to moving in.
Discuss the things that could make or break your relationship as co-tenants. There's no point a quiet person who loves peace and evenings knitting on the couch sharing with a total party animal who expects to entertain in the lounge room most nights!
Talk about how you like the housekeeping done, which chores you're comfortable doing, and how you see the division of tasks in the household.
Establish what the house rules will be about things like parties and friends staying over, or you could end up with an empty fridge and permanent couch surfers, or even a housemate's partner as an unexpected extra.

Money matters
The other area to discuss is finances. Here are some things to consider. Who'll sign the lease and other documents, pay the bond, and how will you pay the bills? Food bills seem to be the source of so many grievances in share households, so rules and a budget might help avoid those awkward "but you ate my noodles" moments. A written agreement for housemates to sign is a good idea, as is keeping all paperwork, records and receipts of who pays what. Shop around for the items to kit your home out, with a view to saving money (garage sales, grandma's old couch, end of season sales). Cut phone and internet bills by comparing plans. Take out appropriate insurances for your belongings. If you're not sure about the share arrangement, perhaps ask to move in for a trial period, to see if things do work out. If someone moves out, make sure you finalise all expenses, including the bond. Be aware that if your name is on the lease and you paid the bond, even if your friends damaged the property, you're the person responsible. Helpful contacts There are a number of places to look for help when moving out and you'll find information about your rights and responsibilities as a tenant from the links below. Consumer Affairs Victoria NSW Office of Fair Trading Queensland Office of Fair Trading ACT Office of Regulatory Services Consumer Affairs and Fair Trading Tasmania Consumer and Employment Protection Western Australia at Office of Consumer and Business Affairs South Australia. Federal government assistance Make sure you're receiving any government support that's available to you. Depending on your circumstances you may qualify for Youth Allowance, Rent Assistance, Austudy, Abstudy or a number of other payments. You can find out more by contacting Centrelink. Back to top

Money matters

The other area to discuss is finances. Here are some things to consider.

Who'll sign the lease and other documents, pay the bond, and how will you pay the bills?
Food bills seem to be the source of so many grievances in share households, so rules and a budget might help avoid those awkward "but you ate my noodles" moments.
A written agreement for housemates to sign is a good idea, as is keeping all paperwork, records and receipts of who pays what.
Shop around for the items to kit your home out, with a view to saving money (garage sales, grandma's old couch, end of season sales).
Cut phone and internet bills by comparing plans.
Take out appropriate insurances for your belongings.
If you're not sure about the share arrangement, perhaps ask to move in for a trial period, to see if things do work out.
If someone moves out, make sure you finalise all expenses, including the bond.

Be aware that if your name is on the lease and you paid the bond, even if your friends damaged the property, you're the person responsible.

Helpful contacts

There are a number of places to look for help when moving out and you'll find information about your rights and responsibilities as a tenant from the links below.

Federal government assistance
Make sure you're receiving any government support that's available to you. Depending on your circumstances you may qualify for Youth Allowance, Rent Assistance, Austudy, Abstudy or a number of other payments.
You can find out more by contacting Centrelink.

How we can help
ANZ has a range of products and services that can assist people who are moving out for the first time or getting back on their feet. An A-Z Review^® - of your everyday banking with an ANZ Personal Banker could make your banking more convenient and find solutions to help you get the most from your money when you live with friends. Request an A-Z Review^® at your nearest ANZ branch. Personal loans - you may need finance to begin your new life. Perhaps you need a car, or some white goods and furniture. Find out more about ANZ Personal Loans. ANZ Home Insurance (Contents cover) - Great for renters, this covers your belongings including, appliances, computers, furniture and valuables, against damage or loss both in and away from home. Find out more about ANZ Home Insurance (Contents cover). Budget planner – Setting a budget you can stick to is easier with a budget planner. We'll help you follow the money trail to see where it all goes and how much of it you could be saving. Create a budget. ^® A-Z Review is a registered trademark of Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. ANZ Home Insurance is co-issued by OnePath General Insurance Pty Limited (ABN 56 072 892 365 AFSL 288160) (OnePath General Insurance) and QBE Insurance (Australia) Limited (ABN 78 003 191 035 AFSL 239545) (QBE). OnePath General Insurance is a wholly owned subsidiary of Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) (ANZ). ANZ is an authorised deposit taking institution (Bank) under the Banking Act 1959 (Cth). OnePath General Insurance is owned by ANZ – it is a co-issuer of the products but is not a Bank. These products are not deposits or other liabilities of ANZ or its related group companies and none of them stands behind or guarantees the issuers. The information provided is of a general nature and does not take into account your personal needs and financial circumstances. You should consider the appropriateness of the information having regard for your objectives, financial situation and needs. You should read the ANZ Home Insurance Product Disclosure Statement (PDF 1.05MB) and consider whether this product is right for you. Back to top

How we can help

ANZ has a range of products and services that can assist people who are moving out for the first time or getting back on their feet.

An A-Z Review^® - of your everyday banking with an ANZ Personal Banker could make your banking more convenient and find solutions to help you get the most from your money when you live with friends. Request an A-Z Review^® at your nearest ANZ branch.

Personal loans - you may need finance to begin your new life. Perhaps you need a car, or some white goods and furniture. Find out more about ANZ Personal Loans.

ANZ Home Insurance (Contents cover) - Great for renters, this covers your belongings including, appliances, computers, furniture and valuables, against damage or loss both in and away from home. Find out more about ANZ Home Insurance (Contents cover).

Budget planner – Setting a budget you can stick to is easier with a budget planner. We'll help you follow the money trail to see where it all goes and how much of it you could be saving. Create a budget.

^® A-Z Review is a registered trademark of Australia and New Zealand Banking
Group Limited (ANZ) ABN 11 005 357 522.

ANZ Home Insurance is co-issued by OnePath General Insurance Pty Limited
(ABN 56 072 892 365 AFSL 288160) (OnePath General Insurance) and QBE
Insurance (Australia) Limited (ABN 78 003 191 035 AFSL 239545) (QBE). OnePath General Insurance is a wholly owned subsidiary of Australia and New Zealand
Banking Group Limited (ABN 11 005 357 522) (ANZ). ANZ is an authorised deposit taking institution (Bank) under the Banking Act 1959 (Cth). OnePath General Insurance is owned by ANZ – it is a co-issuer of the products but is not a Bank.
These products are not deposits or other liabilities of ANZ or its related group companies and none of them stands behind or guarantees the issuers. The information provided is of a general nature and does not take into account your personal needs and financial circumstances. You should consider the
appropriateness of the information having regard for your objectives, financial situation and needs. You should read the ANZ Home Insurance Product Disclosure Statement (PDF 1.05MB) and consider whether this product is right for you.

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