Your First Job
A helpful guide to prepare you for your first job and beyond
A helpful guide to prepare you for your first job and beyond
Landing your first job is exciting and is often the perfect time to get all your banking needs sorted so you can get paid and take your first steps towards financial independence. Whatever your needs might be, we have services and accounts tailored specifically to help you bank the way you want when you're starting out.
We understand how overwhelming starting your first job can be. That's why we go to great lengths to help you on the journey. At BOQ, our first time job starters can benefit from:
Generally, your new employer will deposit your pay directly into your bank account. Bank accounts fall under two categories; savings and transactions, and generally most employers will pay employees into their nominated transaction account. We're here to talk you through all the steps to make banking easier.
Here's some quick tips to getting set up:
Before you even begin your first job, your new employer will send you some paperwork so they can pay you. One of those documents will ask you to supply your bank account details. Once you've nominated your transaction account you'll need to fill out the paperwork and submit it directly to your employer. Your employer will also need your TFN (tax file number). When starting your first job you'll need to obtain a TFN by completing a TFN declaration. This can be obtained from the ATO directly here. Your employer will then use your TFN declaration to determine how much tax to withhold from your pay. The tax year covers the dates from 1 July to 30 June, and the filing due date is 31 October.
Once you've received your first payslip your employer will disclose the amount of tax has been deducted from your wage.
While thinking about your superannuation might not feel relevant today, the reality is it will one day. Superannuation is one way for you to start saving for your retirement. Your new employer will pay part of your salary into your nominated super account. This is called a contribution.
Budgeting, understanding your payslip and bank accounts, knowing how much to spend and how much to save is important. Your savings could one day contribute towards bigger purchases such as a deposit for a car, overseas travel or even a home.
These calculators and tools are a great way to easily set budgets and help you work towards saving goals for your future, helping to simplify the sometimes complex process. These calculators can help you determine what you're spending and where, and how you can reach your financial goals faster while starting your first job.
Thinking about your financial future might not seem important, but maintaining a healthy credit rating now, will impact your ability to borrow money in the future. Credit can help us pay our rent, take a holiday, cover our general living expenses and even purchase your first car or your first home. When applying for credit companies will need to ensure you'll be able to repay them. Your credit score will be a number between 0 and 1,200 that directly indicates how reliable you are with credit. A score in the mid-600s is fair, 700-800 is very good, and above 800 is excellent. The higher your score, the more 'credit-worthy' you are.
Whether you're saving for travel, saving for a rainy day or budgeting for your first car - we're here to help you reach your financial goals.
Everyday banking with no monthly fees
Our simple, intuitive everyday transaction account, made even better for you with user-friendly features that help you make the most of your money.
BONUS INTEREST VARIABLE RATE FOR BALANCES UP TO $50,000 IF BONUS CRITERIA MET**
Our high-interest saver accounts for 14 to 35 year olds, with easy-to-earn bonus interest and no monthly account keeping fees.
Here are some more articles to help you out when you're starting your first job.
Conditions, Criteria and Fees Apply. You should obtain and consider the relevant Product Disclosure Statement (PDS), terms and conditions and Guide to Fees and Charges for the product before making any decision about whether to acquire or continue to hold it. Full terms and conditions are available online or at any Bank of Queensland branch.
^^Interest rates are variable rates and are subject to change at any time without notice.
**A Bonus Interest variable rate will only be paid if Bonus Criteria are met in the previous month. Bonus Criteria will be met where both the following conditions are met:
- a minimum of $1,000 is credited to the linked Everyday Account in the prior calendar month. This excludes amounts transferred from another one of your BOQ Accounts including any Account you may be linked to as an Authorised User or joint Account holder;
- at least 5 direct debit transactions, ATM withdrawals, BPAY payments, or purchases of goods or services from a Merchant are made in the prior calendar month by using your eftpos Card or BOQ Visa Debit Card associated with your linked Everyday Account. This does not include cheques written or deposited, branch cash withdrawals, transfers or payments to any BOQ account or to a non-BOQ account via Internet Banking, in branch or at ATMs, transfer of funds to accounts held at an overseas bank, pending Visa Debit Card transactions and BOQ Credit Card transactions.
Transactions that are not settled (are pending) do not count towards the Bonus Criteria. If a transaction is made but settles in the following calendar month then the transaction will be counted in the following calendar month.
The variable Base Rate always applies in the first month after opening an account. In the first month, Bonus Criteria on the transaction account is measured from the time the Saver Account is opened, not the full calendar month even if the transaction account was already existing. Interest is calculated on a stepped basis and paid monthly on the first day of the following month. If Bonus Criteria conditions are not met the variable Base Rate only will apply.