Leaving Home & Renting
What is a residential tenancy (lease) agreement?
The legal document a tenant signs with a landlord that sets out the rules of renting a property.
What is a budget?
A plan that compares your income with your expenses over a period of time.
What is the minimum age to get a learner licence in NSW?
16
What is a contract?
A legally binding agreement between two or more parties.
What is a payslip?
The document from your employer showing your pay, hours and deductions.
What is a bond?
The money paid at the start of a tenancy as security against damage or unpaid rent.
What are fixed expenses?
Expenses that stay the same each period, such as rent or a phone plan.
What is CTP (Compulsory Third Party) insurance?
The compulsory insurance, known as a "green slip", that covers people injured in a crash.
What is the Australian Consumer Law (ACL)?
The national law that protects consumers across Australia.
What is a Tax File Number (TFN)?
The unique number you give an employer so tax can be correctly withheld from your pay.
What is a condition report?
The document completed at the start of a lease recording the state of the property, used to settle bond disputes later.
What is the 50/30/20 rule?
The budgeting rule that splits income into needs, wants and savings.
What is registration (rego)?
The yearly fee paid to the government so a car can legally be driven on public roads.
What is NSW Fair Trading?
The NSW government agency that helps consumers resolve complaints about businesses.
What is $18,200 (the tax-free threshold)?
The amount an Australian resident can earn each year before paying income tax.
What is four weeks' rent?
In NSW, the maximum bond a landlord can generally ask for, measured in weeks of rent.
What is a credit score?
A number that reflects how reliably you've repaid debts and affects whether you'll be approved for a loan.
What is comprehensive insurance?
The insurance that covers damage to your own car as well as other people's property.
What are consumer guarantees?
The automatic rights under the ACL that goods must be of acceptable quality, fit for purpose and match their description.
What is superannuation?
Money an employer must pay into a fund for an employee's retirement.
What is NCAT (NSW Civil and Administrative Tribunal)?
The NSW tribunal that resolves disputes between tenants and landlords.
What is compound interest?
The type of interest calculated on both the original amount and previously earned interest.
Name two ongoing costs of owning a car besides fuel.
Insurance, registration, servicing/maintenance, tyres, tolls, parking
What is the cooling-off period (10 business days)?
The period of time you have to cancel an agreement made with a door-to-door or phone salesperson.
What is gross income?
Your total pay before tax and other deductions are taken out.