Moving from Home
What are two common reasons young people move out of home?
To study further or start a new job
What is a lease?
A legal contract between a tenant and landlord regarding rental of a property
What are establishment and ongoing costs?
Establishment = one-off setup costs; Ongoing = recurring expenses like rent and bills
What is the person who pays for insurance called?
The insured
Name two options for purchasing a mobile phone.
Fixed-term contract and pre-paid plan
What is one advantage of continuing to live at home?
It helps you save money for future purchases like a car or property
What is the purpose of a condition report?
To record the state of the property when you move in to avoid losing your bond later
What percentage of wages must employers contribute to superannuation?
9.5% of wages (textbook)
12% as of July 1 2025
What does home contents insurance cover?
Damage or theft of household items like furniture
What are two main types of costs when owning a car?
Initial costs and recurring costs
What are three types of support organisations for young people leaving home?
Government, religious, and community organisations
What is a bond and why is it important?
A four-week rent payment held to cover damages or unpaid rent
What is a budget and why is it useful?
A plan for future income and spending that helps control finances
What is compulsory third party insurance?
Covers costs if a driver kills or injures someone in an accident
What are two advantages of paying with cash?
No debt and possible discount
Name one government and one religious organisation that support youth in need.
Government: Centrelink; Religious: Salvation Army
What should tenants receive before signing a lease?
A new tenant checklist, condition report, and bond lodgement form
What is the Medicare Levy rate in Australia?
2% of taxable income
What is the purpose of the Australian Consumer Law?
To protect consumers from unfair business practices
What are the four credit payment methods?
Credit sales, loan, credit card, lay-by/Afterpay
What key issues should young people consider before moving out?
Access to income, rent and bills, location, safety, paperwork, and homesickness plan
What should tenants do if landlords fail to make repairs or respect privacy?
Report the issue, keep written records, and if unresolved, contact the NSW Civil and Administrative Tribunal
Name three strategies to minimise financial problems when living with others.
Use a kitty, create a budget, and draw up household rules
Explain caveat emptor.
It means “let the buyer beware” — consumers must check products carefully before purchase
What is joint ownership and one issue that may arise from it?
Shared ownership of an item; conflict can occur if one person moves out