Renting

You’ll need to understand both the costs involved in setting up and your ongoing expenses. While every situation is different, we’ve listed some costs of renting to get you thinking about your budget. In many cases you may be able to pick up bargains at garage sales or on eBay.

The Rental Bond 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.

Initial expenses can include the following:

• 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
• 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.

Ongoing expenses will include:

• 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 mobile, internet access
• 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.

If you’re leaving formal or informal care to live independently, you may be entitled to government assistance of up to $1,500 as part of the Transition to Independent Living Allowance. Call 1300 761 961 to see if you qualify.

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.

Only you know where you want to live, but some general things to keep in mind when searching for a place include:

• Is it close to public transport and shops?
• Will it be easy to get to work and/or university?
• Is the entertainment you enjoy nearby?
• Is it safe?

As for the search, four major sites are:

• www.realestate.com.au
• www.myhome.com.au
• www.domain.com.au
• www.rent.com.au

If you’ve found a property, you’ll be asked to fill out an application. It may be called a Residential Tenancy Application, which asks for a range of information and references, and it's in your interest to supply as much information as possible. But make sure there is a privacy clause and that you know how your personal information can and will be used.

Sometimes you could be asked to provide a holding deposit. Be careful about exactly what this means. In some cases it may not actually improve your rights to rent the property but it may lock you into an agreement.

You should know that when it comes to signing a lease or a residential tenancy agreement, it’s a legal contract that you’re entering into. Make sure you know what you’re signing, and never sign a blank document or an agreement with important details still to be defined by the landlord.

If you’re not sure about any of the details, seek professional advice.

Before you move in, check that everything is in working order and record any existing damage to the property or areas that are in need of maintenance. This should all go into a condition report that both you and the landlord sign.

When you move out, there’ll be another inspection. Being thorough the first time round could save you from paying for existing damage to the property.

If you need legal assistance, you can obtain help at the Law Society (or Institute) in your state or territory. They will not recommend a solicitor but can provide names of specialists in your area.

• Queensland
• NSW
• Western Australia
• Victoria
• Tasmania
• South Australia
• The Northern Territory

Your rights as a tenant vary between each state and territory and should be outlined in the rental agreement you signed when you first moved in. Regardless of location, you cannot be discriminated against on the basis of sex, race, religion, sexual orientation, political beliefs, disability, or if you have children.
In general, renting a property means paying the rent on time and keeping the property clean and without damage.

In exchange, the landlord must ensure the property is safe, kept in good repair and generally fit for living.

In general, you have the right to refuse anyone, including the landlord, entry to the premises or the room you’re renting. However, the landlord or the landlord's representative will generally have the right to enter the home or room at agreed times to make regular inspections.

Sub-tenant

If you’re renting a room from a person who, in turn, is renting from a landlord then you may be either a lodger or a sub-tenant. If the person you’re renting from has gained written permission for you to have 'exclusive possession' of your room you should also have an agreement in writing and generally enjoy the same rights as a tenant. However, if this is not the case, you may be considered a lodger and not have the same rights.

Boarder or lodger

If you’re living in a home with the owner, you may well be a boarder or lodger. What's the difference? It's a fine line, but in basic terms, if you’re staying at someone's home and paying rent and receiving meals, you are most likely a boarder. If you’re paying rent and not receiving meals you’re most likely a lodger.

Regardless of whether you’re a boarder or lodger, you will not have the same rights as a tenant.

This could include not having the right to stay for an agreed period of time and not having the right to refuse the owner entry to your room. However, you can sign an agreement to define your rights and responsibilities.

For more information about your rights as a boarder, lodger, tenant or sub-tenant, contact consumer affairs in your state or territory.

Consumer affairs:

• Victoria
• NSW
• Queensland
• Tasmania
• Western Australia
• South Australia
• The Northern Territory

If you’re renting you may have the goal to save and one day buy a home, or you may need help protecting your belongings.

ANZ MoneyManager is a free online budgeting tool that updates and categorises your financial data daily. It also provides detailed reporting and alerts to help you get a clearer picture.

ANZ everyday accounts are designed to make your banking easier and more convenient. You can link most ANZ accounts to ANZ Internet Banking so you can check your account balances online, change your contact details, pay your BPAY^® bills, transfer money overseas and much more¹.

ANZ savings accounts: you may be saving for something special, like a holiday or perhaps to stop renting and buy your own home. No problem we have a range of saving option to suit you.

• ANZ Progress Saver pays bonus interest if you save regularly and don’t withdraw. It also provides branch access².
• ANZ Online Saver: if you’d rather bank online then this could be the savings account for you. It offers easy access to your savings, no minimum balance and no monthly account service fee³.

ANZ Insurance: ANZ offers a comprehensive range of insurance solutions to suit your needs, including contents insurance, which can be great for renters as it covers your appliances, computers, furniture and valuables against damage or loss⁴.

An A-Z Review^® with an ANZ Personal Banker: whatever your situation at home and your plans for the future, speaking with an ANZ Personal Banker could help you reach your goals. They can help ensure your everyday banking and insurance suit your needs, and help you develop a savings plan to perhaps buy your own home sooner. Request an A-Z Review^®.