Welcome

Moving out of home for the first time can be exciting, but also an overwhelming experience.  It can also be a steep learning curve when it comes to financial management. If you're planning to live with others or rent a place solo, it's important to be prepared to make your big move as seamless as possible. 

 

Start thinking about moving out of home 

We understand how overwhelming moving out of home for the first time can be. The great unknown is filled with endless stumbling blocks and difficult decisions to be made. That's why we've gone to great lengths to help you navigate your moving journey. At BOQ, we're here to help you simplify your decision-making process.

Here are some of the benefits of banking with BOQ when you're moving out of home: 

  • 24/7 contact centre to help you with your needs 
  • Access to competitive interest rates across a range of products, to help you find the one to suit your needs
  • Easily manage your account via your internet banking to keep track of your moving expenses 

Step 1: What to consider when moving

First steps for moving out

Moving out of home for the first time can be an expensive venture with many challenges along the way. Maybe you've also just started your first job, purchased your first car or you're studying, either way we're here to simplify the process.  Once you've found a suitable rental property there are many decisions you'll have to make either with your new roommates or by yourself. 

Here are some key points to consider when you're moving out of home:
  • Set yourself a moving budget 
  • Understand the upfront and ongoing costs of moving out of home
  • Consider how long you intend living at the property
  • Understand the breakdown of household duties and monthly bill paying 
  • The time of year you move could affect some costs as most people tend to move in January and February, making it a generally more expensive time of year to move 
  • Understand the impact of your rental agreement eg. lease-breaking fees 
  • Do you need contents insurance to protect your valuables? 

For more saving tips when moving check here

Step 2: Setting a budget for moving

Costs of moving out of home

Once you've decided to move out of home it's important to set a budget so you can keep track of what you're expecting to spend during this exciting transition. Setting a budget will also help you understand if you can afford not only the upfront costs of moving, but also the ongoing costs too. When organising your budget don't forget to also include what you plan on saving per month to help you work towards any future financial goals you might have. BOQ Money can also take the hassle out of budgeting by allowing both BOQ customers and non-customers to easily find out where their money is being spent.

When starting your budget here are some important costs to consider when moving out of home:
Upfront costs
  • Rental security bond - usually the equivalent of four weeks rent
  • Utility connection fees - usually for internet, electricity and gas
  • Obtaining a parking permit for your street 
  • Moving costs eg. boxes, removalists, hiring of trucks or vans
  • If the property isn't fully furnished you'll need to purchase your own furniture, in addition to towels, linen, white goods, cutlery and crockery

Ongoing costs 

  • Monthly rent 
  • Utility bills eg. internet, electricity, gas and cable tv 
  • General maintenance eg. cleaners or gardeners 
  • Contents insurance to protect your valuables 

For a budget planner tool check here

 

Helpful tools for moving out of home

Get moving faster with our budget calculator 

These tools make it easy to calculate how much you can save based on your income and expenses. These calculators can also help you determine what you're spending and where and how you can monitor your monthly expenses to make your move easier. 

Step 3: Open your bank accounts

Next steps for moving out of home

So now you've outlined your budget by understanding your monthly expenses, it's time to think about saving for the future and the best way you can achieve this. Your savings account of choice is an important way to get you motivated about watching your money grow and also investing in your future. You'll want two types of bank accounts when moving out of home; a transactions account and a savings account

Here are our tips to help make the process as easy as possible: 
  • You'll want to set up a transactions account for paying monthly bills and also sending and receiving funds to and from your roommates 
  •  Having a transactional account when moving can also help you understand exactly where your money is being spent and also help you pay your bills on time to avoid late payment fees and charges
  • You can also set up automated payments to help you keep on top of regular monthly payments that won't alter eg. rent 
  • Organising a savings account is important not only for future investments, but also unexpected costs that can occur when you're living out of home eg. buying a new fridge 
  • Your savings account will also help you make a regular commitment towards your future financial goals 

For more money saving tips check here 

Step 4: Planning for your financial future 

Setting goals and making plans 

While you're renting there are many things you might want to consider. Maybe you'll want to save a deposit for your first home? Your first car? Or even an overseas holiday? Either way setting up a financial plan for the future is an important next step to take. Creating a structured savings plans to help you achieve your long term goals is an easy way to make your future plans a reality.

When thinking about saving for the future here are some things you may want to consider: 
  • Nominate a weekly allowance towards savings eg. $40 per week towards your first car deposit  
  • Sell unused belongings and bank the cash into your savings account 
  • Monitor all account keeping and transaction fees
  • Revisit your monthly budget to understand where you're spending the largest portion of money and try to reduce your spending 
  • If you've just landed your first job try to save a portion of your weekly pay eg. $50 per week into a high yield savings account 

For more savings tips check here 

Step 5: Other financial considerations when moving

Maintain a healthy credit rating

Thinking about your financial future might not seem too important today, but maintaining a healthy credit rating now, will impact your ability to borrow money in the future. Credit can not only help us pay our rent, take a holiday, cover our general living expenses and even purchase a car or home. When applying for credit, companies will need to ensure you can repay them. Your credit score is a number between 0 and 1,200 that indicates how reliable you are with credit. A score in the mid-600s is good, 700-800 is very good, and above 800 is excellent. Basically, the higher your score, the more 'credit-worthy' you are. 

When selecting a credit card here are some things to consider: 
  • Know your various payment options to ensure your payments are always made on time 
  • If you borrow money you should aim to repay your loan as soon as possible as this will assist in minimising interest and fees
  • When you make purchases on your credit card log on to the app to ensure the correct amount has been charged 
  • Aim to stay on top of your bills and credit card payments as falling behind maybe result in a negative impact on your credit score 

For more credit score tips check here

Our popular account for moving out of home

Everyday banking with no monthly fees

Day2Day Plus Account

The Day2Day Plus Account is the everyday bank account that frees you to live the way you want, each and every day.

  • Easily manage your daily transactions and bills through internet banking
  • Unlimited deposits, withdrawals, BOQ balance enquiries, funds transfer and BPAY transactions
  • Contactless payments and secure online purchases through Visa Debit

BONUS INTEREST VARIABLE RATE FOR BALANCES UP TO $250,000

Fast Track Saver Account

Fast track your savings with a high interest savings account that rewards you for using your linked Day2Day Plus Account.

  • Earn ongoing Bonus Interest variable rate by making monthly deposits of $1,000 or more into your linked Day2Day Account
  • No minimum balance to start earning interest
  • No monthly account maintenance fees

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