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Topic 4: Moving out of homeMoneysmart Rookie - Educator guide

Financial literacy for young people

Topic 4: Moving out of home

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Table of contentsIntroduction................................................................................................................................................ 4

Overview............................................................................................................................ 4ASIC’s role in financial literacy...........................................................................................4ASIC’s Moneysmart Rookie education initiative.................................................................5Who is the Educator guide for?..........................................................................................5How to access the Moneysmart Rookie resources.............................................................5Facilitation options..............................................................................................................6Knowledge levels...............................................................................................................6Reflection questions...........................................................................................................6Additional resources...........................................................................................................7

Sub-topic: Can you afford to move out of home?..................................................................................8Key messages.................................................................................................................... 8Activity 4.1: Housemate wanted!........................................................................................9Activity 4.2: Can Katie afford to move out?.........................................................................9Check for understanding..................................................................................................10

Sub-topic: Formal and informal living arrangements...........................................................................11Key messages.................................................................................................................. 11Activity 4.3: True or false?................................................................................................12Activity 4.4: Will, Eddie and Mia share a home.................................................................13Check for understanding..................................................................................................13

Sub-topic: Different contracts................................................................................................................14Key messages.................................................................................................................. 14Activity 4.5: Rental contract excerpt.................................................................................15Activity 4.6: Signing up – ask the right questions.............................................................15Activity 4.7: Identify the rookie errors................................................................................15Activity 4.8: Cleo moves into the red................................................................................16Check for understanding..................................................................................................16

Sub-topic: Financial problems...............................................................................................................17Key messages.................................................................................................................. 17Activity 4.9: Identify the rookie errors................................................................................18Activity 4.10: José can’t afford to pay...............................................................................18Check for understanding..................................................................................................19

Worksheets: Moving out of home..........................................................................................................20Worksheet 4.1: Housemate wanted!.................................................................................20Worksheet 4.2: Can Katie afford to move out?.................................................................21Worksheet 4.3: Moving out of home.................................................................................22Worksheet 4.4: Will, Eddie and Mia share a home...........................................................23Worksheet 4.5: Rental contract excerpt............................................................................24Worksheet 4.8: Cleo moves into the red...........................................................................25Worksheet 4.10: José’s can’t afford to pay.......................................................................26

Additional lesson 1: Freedom at last — what does that mean?..........................................................27Lesson description............................................................................................................27Additional activity 1(a): Moneysmart Rookie – ‘Moving out’ video....................................27Additional activity 1(b): Moving out of home considerations.............................................28Additional activity 1(c): Share housemate compatibility case study..................................29Additional worksheet 1(b): Moving out of home considerations mind map.......................31



Additional worksheet 1(c): Share housemate compatibility case study............................32

Additional lesson 2: Moving out of home — the fine print...................................................................34Lesson description............................................................................................................34Additional activity 2(a): Revision pair-up...........................................................................34Additional activity 2(b): Basic budgeting 101....................................................................35Additional activity 2(c): The fine print on leases...............................................................36Additional activity 2(d): 'Moving out of home' practice conversation.................................37Additional worksheet 2(b): Basic budgeting 101...............................................................38Additional worksheet 2(c): The fine print on leases..........................................................39

Introduction to ‘moving out of home’Moneysmart’s Rookie series helps people aged 16-25 avoid expensive mistakes or ‘rookie errors’ when they make their first financial decisions.

This topic is about the costs associated with moving out of home.

It will help young people:

understand the costs associated with moving out of home understand the difference between formal and informal living arrangements understand the types of contracts young people will need to sign know what to do if they have problems paying.

Overview Year level: 9-12 Duration: 5 hours (Educator guide – approx. 3 hours + Additional lessons - 2 hours) Learning areas: Economics and Business, English Audience: Youth and community workers, student advisers, mentors.

TopicsThe Moneysmart Rookie education initiative covers six topics:

1. Car ownership 2. Credit and debt 3. Mobile phone ownership 4. Moving out of home 5. Online financial transactions 6. First job

Rookie resourcesThis Educator Guide for Topic 4: Moving out of home will be used in combination with the following digital resources which have been designed to suit the various levels of knowledge and understanding of students.

Video: Moving out (7:03 mins) Digiactivity: Digital Convo – Moving out of home


https://moneysmart.gov.au/teaching-resources/rookie-moving-out-of-home-digital-convo?utm_source=teaching-resource&utm_medium=download&utm_campaign=rookie-educator-guide


http://www.youtube.com/watch?v=qqMnHW3x7U4


Optional video: Goodbye family hello bills (0:29 sec)

Optional video: Sophie rents using credit (1:15 mins)

Students have a conversation with a friend about buying their first car.

Optional resources Rookie: Moving out of home – Teaching resource page which includes the Curriculum alignment Student life and money section on Moneysmart Teaching resources (filter by year) on Moneysmart

Knowledge levelsWhat content will suit your students? The level of information you use will depend on how much understanding your students have of a topic. The following describes the content that best suits different levels of understanding (1, 2, and 3):

Your audience has this level of knowledge Description

Level 1: No or a limited understanding

If your students cannot answer any of your questions or can only answer them a bit, they have no or a limited understanding.You can help them to understand more by showing the Moneysmart Rookie videos for the topic. You can also go through the Level 1 activities in the guide.After watching the video, see if your students have developed some understanding of the topic by asking them to answer the questions again.

Level 2: Some level of understanding

If your students answer one or more of your questions, they have some level of understanding.You can show them the Moneysmart Rookie videos to review the topic.You may wish to pause the video in sections and discuss key issues shown.You can also go through the Level 2 activities and stories in the guide, as these are for students with some level of understanding.

Level 3: Good level of understanding

If your students are able to answer all of your questions, they have a good level of understanding.You can show them the Moneysmart Rookie videos to review the topic.You can also go through the Level 2 and 3 activities in the guide, as these are for students with a good level of understanding.

Note: Educators can use these levels as progressions, starting points and extensions to suit students’ needs.

Reflection questionsAt the end of each session, educators can use these questions to reflect on the effectiveness of the session:

What worked well? What did not work well? Did the students understand the key messages? Did the activity engage the students? How could the activity have been more effective? What questions unexpectedly emerged and how did you handle them? What might you do differently next time?


https://moneysmart.gov.au/teaching-resources?utm_source=teaching-resource&utm_medium=download&utm_campaign=rookie-educator-guide

https://moneysmart.gov.au/student-life-and-money?utm_source=teaching-resource&utm_medium=download&utm_campaign=rookie-educator-guide

https://moneysmart.gov.au/teaching-resources/rookie-moving-out-of-home-educator-guide?utm_source=teaching-resource&utm_medium=download&utm_campaign=rookie-educator-guide

http://www.youtube.com/watch?v=LXFyTICCd4g

http://www.youtube.com/watch?v=BuxijK0v-Ts


Sub-topic: Can you afford to move out of home?

Key messages There are one-off and ongoing costs associated with moving out of home A budget helps you know the costs associated with moving out of home A budget helps you keep track of what you are spending A budget helps you plan for unexpected and ongoing expenses.

Notes for the educatorMoving out of home offers young people a real taste of independence – but the freedom comes with financial responsibilities.

Beyond rent, there are a number of additional living expenses young people need to consider when deciding if they can afford to move out of home.

A young person needs to know how much they can afford to pay:

For one-off expenses, such as:

Removalist fees/cost of hiring a moving truck Rental bond Connection fees for utilities (gas, electricity, internet, home phone) Furniture, linen and appliances.

For annual and ongoing expenses, including:

Rent Utility bills Food Entertainment Transport Parking Home contents insurance (optional)

Young people may benefit from doing a budget before moving out. This will help them to work out if they can afford to move out of home and meet their new living expenses. It will also help them to keep track of what they are spending and to plan for unexpected and ongoing expenses.

It is a good idea to set aside money each month to budget for these ongoing expenses, as well as a bit extra for household emergencies.

To make a budget, students can go to Moneysmart’s budget planner and:

complete the budget planner online download the Excel version.


https://moneysmart.gov.au/budgeting/budget-planner?utm_source=teaching-resource&utm_medium=download&utm_campaign=rookie-educator-guide


Activity 4.1: Housemate wanted! Level Duration Resources needed

1 20 mins Worksheet 4.1

This activity requires the students to recognise that there are one-off and ongoing costs with moving out of home.

DescriptionAsk the students to answer the following questions and complete the worksheet:

1. Apart from the $150 in rent, what are examples of additional costs you would need to pay if you moved into this house?

2. Which of these costs are one-off?3. Which are ongoing expenses you would need to budget for?

Suggested answers1 Examples of additional costs:

Bond Removalist costs New furniture, linen and appliance

costs Utility bills (electricity, gas, home

phone, internet, Foxtel) Parking permit Transport costs (petrol, car

maintenance, public transport) Groceries Home contents insurance

2 One-off cost examples may include: Bond Removalist costs New furniture, linen and appliance costs

3 Ongoing expense examples: Utility bills (electricity, gas, home phone, internet, Foxtel) Parking permit Transport costs (petrol, car maintenance, public transport) Groceries Home contents insurance

Activity 4.2: Can Katie afford to move out? Level Duration Resources needed


This activity uses Katie’s story as an example for the students to think about how much they can afford to spend on moving out of home.

StepsAsk the students the following questions:

1. What is Katie’s total weekly costs, according to her estimated expenses?2. How much money does Katie have left over to pay for rent and other expenses?3. Do you think that Katie can afford to live in this apartment? Why or why not?4. What kinds of unexpected expenses might come up for Katie?5. How could Katie meet these expenses with the left over $40 a week she has?



Suggested answers1. $160 per week ($80 + $20 + $30 + $30 = $160)2. $340 per week (‘$500 - $160 = $340)3. There may be different answers to this question:

No – Katie would only have $40 spare each week, which isn’t much money for other things she likes doing or saving for. Also, she wouldn’t have much money left over for emergencies or unexpected costs.Yes – but she will have to be very careful with money and have a plan for what to do if her income changes.

4. Rise in rent, rise in utility bills, a new pair of shoes for work, illness.5. Consider seeking help to set up a payment plan (if relevant) or use credit – though this might lead to a

cycle of debt.

Note: Highlight to students that credit can end up costing a lot of money (much more than borrowed) and take a long time to pay off. This might lead to a cycle of debt.

Q: Katie decided to move into a much cheaper apartment. She still has a budget to follow. What can Katie do to help her keep track of her spending and stick to her budget?A: Record in her budget what she spends her money on.

Check for understanding After completing the activities, you can check the students’ level of understanding and knowledge by asking questions such as:

What kinds of one-off costs are there when moving out of home?A: Removalist fees/cost of hiring a moving truck, rental bond, connection fees for utilities (gas, electricity, internet, home phone), new furniture, linen and appliances.

What kinds of ongoing costs are there when moving out of home?A: Rent, bills for utilities, food, entertainment, transport, parking permits, home and contents insurance.

How can you ensure that you can afford to move out of home?A: Do a budget and determine how much you can afford to pay when moving out of home. Calculate a savings plan for each month to cover unexpected and ongoing expenses.



Sub-topic: Formal and informal living arrangements

Key messagesFormal

1. There are different contracts you will need to sign

2. There are binding financial and legal obligations3. Do not sign anything you do not understand4. You may affect your credit rating if you do not meet all your financial obligations.

Informal1. It is unlikely that you will be asked to sign contracts in an informal living arrangement2. You still need to pay your way, but you have no legal ties

Notes for the educatorYoung people moving out of home often choose to share with housemates to save money.

For example, splitting rent and household expenses in a four-bedroom house with three other flatmates could be cheaper than renting a one-bedroom unit alone.

Housemates need to agree on formal arrangements such as:

Who signs the tenancy agreement (lease) Whose name/s will appear on utility bills Optional contents insurance cover

They will also need to discuss informal arrangements like:

Splitting the cost of utility bills Dividing the rent and bond How bills and rent will be paid How to cover the cost of furnishing the home Sharing the cost of groceries or buying individually Responsibilities for household chores

The key thing to remember is that formal living arrangements involve contracts that need to be signed. These contracts include binding financial and legal obligations.

For example, even if the cost of the water bill is equally split between housemates, the person (or people) who signed the contract is legally responsible for paying the total bill. If the bill is not paid within an amount of time, the debt may affect the credit rating and future renting references for whoever has signed the contract.

It is important that young people understand and agree to all terms and conditions included in formal contracts, and that they do not sign a contract until they do so.

Informal living arrangements are simply agreements made with a shared understanding between housemates. People can generally change their mind about the arrangements without legal consequences. There are normally no contracts and no legal ties.



Activity 4.3: True or false? Level Duration Resources needed


This activity enables students to apply basic knowledge about formal and informal living arrangements.

Step oneDistribute the worksheet to each student and ask them to:

1. Review the Fact sheet (You may need to explain some words to the students – such as ‘formal’, ‘binding’ and ‘terms and conditions’).

2. Review the statements in the table and write either ‘True’ or ‘False’ in the answer column of the worksheet.

Step twoAsk the students to explain why they chose either ‘True’ or ‘False’ and debrief by referring to the ‘Suggested answers’ table below.

Suggested answers

# Statement Answer & explanation

1. If you sign a rental agreement and don’t keep up with your rent payments, it could affect your credit rating.

True

If you get behind on your rent and owe a landlord a debt you cannot pay, you may have trouble getting a lease on another property or getting a home loan or a credit card in the future. You may also be visited by a debt collector to try and recoup what you owe.

2. You have to sign a written agreement to have a legal right to stay in a house as a tenant.

True

The written agreement states your and the landlord’s rights and obligations.

3. If both you and a housemate signed the lease, you do not have to pay for their part of the rent if they don’t pay up on time.

False

As tenants, you can all be held responsible if all or some of the rent is overdue, even if you have already paid your part of the rent.

4. If your name is on the lease but your housemate or someone else damages the property, you may have to pay for it even if it wasn’t your fault.

True

As tenants you can all be held responsible to pay for damage to the property, even if it was caused by another tenant or someone else.

5. A friend of your housemate is staying with you for a month, and you have an agreement that you will all split the rent. If they do not pay their share, there is

True

You have an informal agreement in place for the rent payment for this month – no contracts are signed, and



nothing legally you can do. your housemate’s friend has no legal obligation to pay.

6. A rental agreement is the only contract associated with living in a house’.

False

Other contracts may include utilities such as electricity, gas, Foxtel, internet, home phone.

Activity 4.4: Will, Eddie and Mia share a home Level Duration Resources needed


This activity uses Will, Eddie and Mia’s story as an example for the students to think about:

Comparing formal contracts and informal agreements, and Responsibilities for payment as per contract terms and conditions.


1. What are examples of informal living arrangements the group has made?2. What could happen if Eddie and Will don’t transfer their share of money to Mia’s credit card account

on time?3. What advice would you give to the group about the living arrangements they have made?

Suggested answers4 a Will and Mia offering to pay more rent in the short term.

b Eddie doing more household chores as outlined in the written roster (this is not a legal contract).

c Transfer of funds to Mia each month for rent and utilities.

5 a Mia is ultimately legally responsible for the payments.

b If she does not make the total payments within a period of time, her rental history and references may be affected.

c If she does not make the credit card repayments on time, she will default and her credit rating will be affected.

6 a Mia should not sign the Foxtel contract – all of the other utilities are in her name, as well as the rental agreement. Either Eddie or Will should have their name on the Foxtel bill instead.

b They should consider having Will and Eddie’s names added to the lease.

c They should perhaps agree what ‘short term’ means when Mia and Will offer to cover some of Eddie’s rent to ensure that Mia and Will can afford the extra rent for a specific period of time.

Check for understanding After completing the activities, you can check the students’ level of understanding and knowledge by asking questions such as:



What should be carefully considered in formal living arrangements?A: Deciding who signs the tenancy agreement (lease), whose name/s will appear on utility bills, who will sign up for optional insurance cover.

What are examples of informal living arrangement decisions?A: Agreeing how to split the cost of utility bills, divide rent and bond expenses, pay bills and rent, cover expenses for furnishing the home, share the cost of groceries or buy individually, divide responsibilities for household chores.

What are the key differences between formal and informal living arrangements?A: A formal living arrangement involves a signed contract/s with binding financial and legal obligations. An informal living arrangement is simply a shared understanding of an agreement between housemates. There are no legal ties, and it is unlikely that contracts will be signed.

Sub-topic: Different contracts

Key messages A contract is a legal agreement There are different types of contracts you may need to sign You cannot cancel some contracts because you change your mind Do not sign anything you do not understand Get help to understand the contract.

Notes for the educatorWhen a young person is moving out of home, there will be different types of contracts they may need to sign. A contract is a legal agreement.

A rental agreement or lease is a form of contract. Once a young person signs a rental agreement between themselves and the landlord, it’s legally binding.

Other examples include contracts for utilities, such as water, gas, electricity, internet or Pay TV. There are some utility contracts that you can agree to over the phone. Verbally agreeing to the contract is the same as signing a contract.

Contracts always have terms and conditions and set out the rights and responsibilities of each party.

Before signing any contract, young people need to understand the terms and conditions of the formal agreement. Once signed, a young person may not be able to terminate the contract without incurring costs for all or part of the contract terms and conditions.

Young people should seek help understanding the contract by ensuring that they:

Ask for clarification or examples of terms and conditions, roles and responsibilities – never assume. Get a second opinion – from family, friends, the local tenant union or advocacy group. Check the lease term (length of time) – does it suit their circumstances?

They should also keep copies of any contracts they sign in a safe place.



Activity 4.5: Rental contract excerpt Level Duration Resources needed


This activity requires students to review a sample extract from a Residential tenancy agreement in the worksheet and identify key terms.

Steps1. Ask the students to review the document and identify some of the key terms that specifically relate to a

contract for renting a home (e.g. residential premises, condition report, tenant, landlord, security deposit, excess water).

2. Ask the students which terms were new to them – refer to the Residential tenancy agreement sample.

Activity 4.6: Signing up – ask the right questionsLevel Duration Resources needed

1 10—20 mins Digiactivity: Digital Convo – Moving out of home

The students interact with a real estate agent in a text and audio simulated conversation. Students receive feedback on their choices, such as the questions they choose to ask. Students can go back to change their actions.

The conversational tool supports the student to develop confidence in dealing with a real estate agent. It also highlights the importance of asking questions to find out whether a potential purchase or contract meets their needs.

This activity is aimed at Level 1 but can be undertaken by all levels and should take approximately 10 to 20 minutes.

Activity 4.7: Identify the rookie errors Level Duration Resources needed

2 15 mins Video: Moving out (7:03 mins)

In this activity, the students review the Moneysmart Rookie: Moving out video and discuss the story of a young person who has signed a rental agreement and now has legal obligations to meet.


1. Why does Vicki have to pay for the damage that her housemate did to the property?2. If the damage isn’t paid for, what might happen to Vicki? 3. What would happen if Vicki’s housemate stopped paying his part of the rent?4. If all of the rent is not paid, what might happen to Vicki?





Suggested answers1. She is responsible for the damage to the property because her name is on the lease.2. The landlord might take Vicki to a court or a tribunal to get an order saying she has to pay. She may

also be evicted from the property and will probably not receive a good reference for the next place she wants to rent.

3. She is responsible for paying all the rent because her name is on the lease.4. The landlord might take Vicki to a court or a tribunal and she might be evicted. Vicki may also receive

a bad credit rating which can affect her future credit and rental applications.

Activity 4.8: Cleo moves into the red Level Duration Resources needed


In this activity, students reflect on Cleo’s story and consider what advice they would give her.


1. If you were Cleo’s friend, what would you caution her about?2. What advice would you give her about what to do next?

Suggested answers7 a Cleo should have read the lease agreement carefully to be clear about her legal obligations before

signing it.

b Her assumption about moving out early to save money is incorrect – it is likely she will still owe rent money for the remaining 2 months of her lease.

8 a Cleo should contact her real estate agent or landlord to discuss her situation – they may agree to allow her to move out without paying the remaining rent if Cleo or the agent/landlord is able to find another tenant quickly.

b If Cleo still decides to move home, she should arrange disconnection of her utilities before she leaves, or else she will need to continue paying for those too.

Check for understandingAfter completing the activities, you can check the students’ level of understanding and knowledge by asking questions such as:

What is a contract?A: A legal agreement.

What are examples of contracts you may need to sign when moving out of home?A: Rental agreement or lease, utilities.

Where can you get help to understand these contracts?A: Local tenant union or advocacy group, family, friends.



Sub-topic: Financial problems

Key messages Get help if you are experiencing financial difficulties You may have legal problems by not paying what you owe There may be long-term effects for you if you do not pay what you owe

Notes for the educatorIf a young person carefully reads and seeks help to understand the terms and conditions of a rental agreement and other contracts, they should be clear about how much money they will owe each month.

This will help them to budget accordingly and hopefully avoid financial difficulties.

Despite this, unexpected costs, or changes in income and personal circumstances may impact a young person’s ability to make required payments or manage debts.

By not paying what they owe, the young person may have legal problems. Not only could they end up owing more money, due to late payment penalty fees, but they may also be evicted from the property.

In addition, there may be long term effects for the young person if they do not pay what they owe. They may also have problems applying for rental properties in the future, as their references will reflect a poor payment history.

When renting a property, a young person may experience problems such as:

Being behind with their rental repayments or other debts like a credit card or personal loan Being unsure about a contract they have signed Being unable to pay their rent Facing legal action because of debt

If this occurs, the young person should:

Act quickly – contact the agent or landlord to discuss short or long-term repayment arrangements and keep paying whatever they can. Ignoring the problem will make things worse.

Contact their local tenant union or advocacy group. Get help from a free financial counsellor, who will help them manage their budget, debt and

repayment options. They will also explain the young person’s legal obligations. Visit the Moneysmart website and search for ‘financial counselling’ for information about support

services such as free financial counselling and legal assistance.


https://moneysmart.gov.au/managing-debt/financial-counselling?utm_source=teaching-resource&utm_medium=download&utm_campaign=rookie-educator-guide


Activity 4.9: Identify the rookie errors Level Duration Resources needed

2 15 mins Video: Moving out (7:03 mins)

In this activity, the students review the Moneysmart Rookie: Moving out video and discuss the story of a young person (Vicki) who has problems paying their rent and bills.

Step oneTell the students there is more to Vicki’s story:

Vicki’s story continued

Next, her housemate suddenly decides to move out. It’s been four weeks and Vicki is still struggling to find a new housemate. Her housemate refused to pay for the following month’s worth of rent and he’s refusing to pay money he owes for bills. The bills are now overdue and rent was due three weeks ago, but Vicki could not afford to pay it all. Now the real estate agent has told her they plan to evict her for being in ‘rent arrears’.

Step twoAsk the students the following question:

9 Besides friends or family, who can Vicki go to for help with her situation? What can they do to help her?

Suggested answer10 A lawyer at a community legal centre or a tenant advisory service may be able to help Vicky negotiate

with the landlord or the real estate agent for extra time to pay, or to pay off the rent that is owed gradually. They could also give her advice on other options, like breaking the lease or assigning the lease to a new person. While her housemate does not have any legal responsibility to pay what he owes Vicky, the lawyer could give her advice on how she might be able to get the money off her housemate.

Vicki could also see a free financial counsellor to help negotiate more time to pay her bills, or set up a payment plan.

Activity 4.10: José can’t afford to payLevel Duration Resources needed


In this activity, the students reflect on José’s story and consider what advice they would give to José about how to handle his financial problems.


1. If you were José’s friend, what would you caution him about?2. What advice would you give him about what to do next?

Suggested answers




11 a José should have asked his boss about working more shifts. He also should have spoken with his housemates about his money problems – being embarrassed and continuing to ignore his situation only makes things worse, and may cause legal problems.

b He may have to pay late penalty fees, in addition to the amount he owes on his credit card.

c His credit history and rating will probably be affected, so next time he applies for credit or wants to put his name on a rental agreement, he may have difficulty.

12 a Act quickly – discuss his situation with his family or relative. José may need to either borrow money to pay this month’s rent, or move back home if this is an option. He should also discuss his situation with his housemates so that they can plan their own finances in case José can’t pay his share of bills and/or rent this month.

b Immediately contact the bank to see what repayment options he has – he may be able to pay a reduced amount in the short term and make new arrangements if and when his job situation changes.

c Consider seeing a free financial counsellor to work out how to best manage his income and expenses on his reduced shifts.

d Talk with his boss to explain his situation and see if he can work more shifts, or look for another job.

Check for understandingAfter completing the activities, you can check the students’ level of understanding and knowledge by asking questions such as:

If you do not make repayments as specified in a rental or credit contract, what can happen?A: You may be evicted if your name is on the lease, your housemates will be responsible for covering your share of rent if they are on the lease, your credit rating and history will be affected (impacting future ability to apply for credit and be accepted in a rental application), late payment penalties may be applied, and you may face legal action.

Where can you go for help?A: Free financial counsellor, free legal advice, family, friends, relatives, and your credit provider.



Worksheets: Moving out of home

Worksheet 4.1: Housemate wanted!

NAME:

Housemate Wanted!Share 4 bedroom house with 3 others$150 rent per week (plus bond and share of bills)Large bedroom (unfurnished)On street parking available (apply for permit from council)WiFi internet and Foxtel connected

Questions13 Apart from the $150 in rent, what are examples of additional costs you would need to pay if you moved

into this house?

14 Which of these costs are one-off?

15 Which are ongoing expenses you would need to budget for?



Worksheet 4.2: Can Katie afford to move out?

NAME:

Kate’s story

Now that she’s got her first job, Katie can’t wait to move out. She earns about $500 a week in her part-time job. She’s got her eye on a one-bedroom apartment she can have all to herself. The rent will be about $300 a week. Katie’s not sure if she can afford it, so she has calculated what her essential weekly living expenses might be:

Groceries $80

Mobile phone $20

Gas and electricity $30

Train tickets $30

Questions16 What are Katie’s total weekly costs, according to her estimated expenses?

17 How much money does Katie have left over to pay for rent and other expenses?

18 Do you think that Katie can afford to live in this apartment? Why or why not?

19 What kinds of unexpected expenses might come up for Katie?

20 How could Katie meet these expenses with the left over $40 a week she has?



Worksheet 4.3: Moving out of home Fact sheetNAME:

Young people moving out of home often choose to share with housemates to save money.

For example, splitting rent and household expenses in a four-bedroom house with three other flatmates could be cheaper than renting a one-bedroom unit alone.

Housemates need to agree on formal arrangements such as:

Who signs the tenancy agreement (lease)

Whose name/s will appear on utility bills

Optional contents insurance cover

They will also need to discuss informal arrangements like:

Splitting the cost of utility bills Dividing the rent and bond How bills and rent will be paid How to cover the cost of furnishing the home Sharing the cost of groceries or buying individually Responsibilities for household chores

The key thing to remember is that formal living arrangements involve contracts that need to be signed. These contracts include binding financial and legal obligations.

For example, even if the cost of the water bill is equally split between housemates, the person (or people) who signed the contract is legally responsible for paying the total bill. If the bill is not paid within an amount of time, the debt may affect the credit rating and future renting references for whoever has signed the contract.

It is important that young people understand and agree to all terms and conditions included in formal contracts, and that they do not sign a contract until they do so.

Informal living arrangements are simply agreements made with a shared understanding between housemates. People can generally change their mind about the arrangements without legal consequences. There are normally no contracts and no legal ties.

True or false? - Renting a house or flat

# Statement True or false?

1. If you sign a rental agreement and don’t keep up with your rent payments, it could affect your credit rating.

2. You have to sign a written agreement to have a legal right to stay in a house as a tenant.

3. If both you and a housemate signed the lease, you do not have to pay for their part of the rent if they don’t pay up on time.

4. If your name is on the lease but your housemate or someone else damages the property, you may have to pay for it even if it wasn’t your fault.

5. A friend of your housemate is staying with you for a month, and you have an agreement that you will all split the rent. If they do not pay their share, there is nothing legally you can do.

6. A rental agreement is the only contract associated with living in a house.



Worksheet 4.4: Will, Eddie and Mia share a home

NAME:

Will, Eddie and Mia’s story

Will and Eddie are friends who are studying at university together. Another friend, Mia, asks if they would like to move into her share house, as her current housemates are leaving to travel overseas. They agree that this is a great idea and go out for dinner to have a ‘house meeting’. Eddie is waiting to hear back about a part-time job he has applied for, so Will and Mia offer to pay more rent in the short term if Eddie does more household chores. They discuss this and draw up a written roster to stick on the fridge. Since Mia already lives in the house, her name is on the rental agreement and all of the current utilities. The housemates will transfer rent and bills to Mia’s credit card account one week before they are due to be paid each month. Will really wants to arrange Foxtel – Mia has already enquired about the cost options for this, and says that she will take care of having it connected next week.

Questions21 What are examples of informal living arrangements the group has made?

22 What could happen if Eddie and Will don’t transfer their share of money to Mia’s credit card account on time?

23 What advice would you give to the group about the living arrangements they have made?



Worksheet 4.5: Rental contract excerpt

NAME:

A section from a Residential tenancy agreement

This Agreement is in 3 parts: Part 1 sets out the Agreement terms. Part 2 Sets out the additional terms. Part 3 Contains the Residential Premises Condition report.

Definitions‘Bond’ means money paid by the tenant to the landlord at the start of a tenancy that is held in trust for the tenant for the duration of the tenancy.

‘Landlord’ means the person who grants the right to occupy residential premises under a residential tenancy agreement, and includes the person’s heirs, executors, administrators and assignees.

‘Real estate agent’ means a person who acts as the agent of a landlord and who carries on business as an agent for:

a the lettering of residential premises, or

b the collections of rents payable for any tenancy of residential premises.

‘Tenant’ means the person who –

a is granted the right of occupancy of residential premises under a tenancy agreement

b has a right of occupancy of residential premises because of an assignment from a former tenant or sub tenancy; or

c has a right of occupancy or residential premises, otherwise than as a landlord.



Worksheet 4.8: Cleo moves into the red

NAME:

Cleo’s story

Cleo is moving interstate for around 6 months to care for her sick sister. Fortunately, she has been able to get a temporary transfer at the retail franchise she works in. She needs to find somewhere to live in 3 weeks. Luckily, Cleo’s friend’s cousin is moving out of an apartment to move in with his brother, so Cleo immediately decides to take over the remaining lease. The apartment is great, because it is close to Cleo’s work in the city and has cafes, shops and a train station nearby.

After 4 months, Cleo’s sister is better, and it is time for her to move back home. She still has 2 months remaining on her lease, but Cleo plans on moving out early so she doesn’t have to pay rent in two places.

Questions24 If you were Cleo’s friend, what would you caution her about?

25 What advice would you give her about what to do next?



Worksheet 4.10: José’s can’t afford to pay

NAME:

José’s story

José moved into a spacious, 3 bedroom apartment in the middle of the city with two friends. His friends are working full time and José is working in a casual bar job and going to uni full time.

The bar owner decided to employ a few permanent staff and reduced the shifts of casual staff. In the past 5 weeks, José has only worked four shifts. This barely covered his rent last month, so José used his credit card to pay for his share of bills, as well as groceries.

José didn’t want to admit to his friends that he couldn’t really afford to go out, so he used his credit card to cover the cost of this too. José has now maxed out his credit card, and can’t make his repayments.

Questions26 If you were José’s friend, what would you caution him about?

27 What advice would you give him about what to do next?



Additional lesson 1: Freedom at last — what does that mean?

Year level: Year 9 and 10 Duration: 60 minutes Key learning area: English, Mathematics, Economics and business

Lesson descriptionStudents explore and investigate the consumer rookie errors associated with moving out of home. Learning begins with watching the Moneysmart Rookie: ‘Moving out' video. Students then discuss and reflect on the financial positives and negatives of moving out of home, including their investigation of rental leases and bonds, living expenses, household budgeting, share housemate compatibility, and tenancy rights and responsibilities.

In the second part of the lesson students complete an activity worksheet to investigate the necessary knowledge and precautions required to avoid making rookie errors when moving out of home. The lesson concludes with the opportunity for students to apply their knowledge and skills in an interactive practice conversation using the ‘Moving out of home’ convo.

Long-term understanding/deep learnings: There are costs and considerations related to moving out of home. You can save money and avoid common 'rookie errors' if you consider rental leases and bonds, living

expenses, household budgeting, share housemate compatibility, and tenancy rights and responsibilities before moving out of home.

You can access help from tenant unions, advocacy groups and government consumer agencies when lease and tenancy issues arise from moving out of home.

Additional activity 1(a): Moneysmart Rookie – ‘Moving out’ video

Level Duration Resources needed

N/A 20 mins Video: Moving out (7:03 mins)

Task 1: Watch the Moneysmart Rookie – ‘’Moving out’ video *Teacher tip: This video has mild sexual references and you should view it and assess its suitability before showing students.

Task 2: Discussion of key messages from video Ask students, “What were the seven key messages of the Moneysmart Rookie – 'Moving out’ video?”

Answers should focus on:

Signing a rental agreement – if your name is on the lease, you’re legally required to pay rent, bond, any expenses for property damage and special requirements such as gardening

Bond – usually four weeks rent paid before taking up tenancy




Living expenses – food, gas/electricity, internet, furniture Budgeting – you generally need twice your monthly rent costs to cover living expenses Share house advantages/disadvantages Basic tenancy rights and responsibilities Where to seek advice if you struggle to pay your living expenses such as your rent.

Discuss responses as they are suggested.

Additional activity 1(b): Moving out of home considerations Level Duration Resources needed

N/A 30 mins Additional worksheet 1(b)

Task 1: Identifying considerationsDistribute the worksheet mind map. Ask students to write in the centre circle ‘Moving out of home considerations'. Ask students to write six main considerations related to moving out of home in each of the connecting circles:

Living arrangements Rent Food Furniture Gas/electricity/water/internet costs Budgeting Tenancy advice

Ask students to elaborate by writing three dot points for each main consideration (within each connecting circle). Points could include:

Lease – who signs? Legal liability, length of lease, lease terms, bond Share house – sharing costs, tenants' responsibilities, housemate compatibility Rent – monthly costs, bond payment, payment difficulties Food: monthly costs, value for money and nutritional value, perishable items (for example, bread milk

meat/vegetables) versus non-perishable items (for example, cleaning products, canned food, personal items such as toothpaste)

Furniture – essential item costs, e.g. bed, chair, fridge – versus non-essential items, e.g. PlayStation/computer, microwave). Buy new/second-hand/bring from home?

Gas/electricity/water/internet costs: monthly expenses – who pays? How are the costs shared? How to keep costs down.

Budgeting/tenancy advice – income stream. How are you going to pay the bills – job, parents? Budget planning, where to seek budget/tenancy advice?

Task 2: Advantages and disadvantages of sharing a rental propertyAsk students to identify three advantages and three disadvantages of sharing a rental property with one or more people.

Example responses:Advantages

Great way to meet new friends, develop social networks (particularly for rural students), and it may be safer.



Sharing the bills reduces living costs. Each house member can bring various pieces of furniture/whitegoods to share, reducing costs.

Disadvantages

Squabbles and arguments over who pays what share of living expenses. Arguments over lifestyle factors such as cleaning, entertaining and the use of the kitchen, bathroom or

television. Legal liability issues regarding property damage, bond repayments, failure to pay rent.

Make the observation that getting along with the people you plan to share a house with is an important factor in making the move out of home a success. Compatible lifestyles are important as well as a common understanding of shared financial obligations.

Additional activity 1(c): Share housemate compatibility case study Level Duration Resources needed

N/A 20 mins Video: Moving out (7:03 mins) Additional worksheet 1(c)

Task 1: Case studyIn this task students will read and discuss a case study based on Vicki from the 'Moving out' video. Vicki learnt some hard lessons about the costs of moving out of home as well as the importance of having reliable housemates in a share house. When the 'party animal' moves out she decides to make sure that the new housemate is compatible with the other people living there. First of all Vicki answers some questions about herself. She then asks the same questions of the people who apply to move in to work out if they are compatible.

Ask students to read the case study and then in small groups of three or four students discuss which person would make the best housemate for Vicki.

Ask the class if there are any other questions they would ask to check housemate compatibility.

*Teacher tip: If you have time, ask the students to develop responses to the ten questions for themselves reflecting on whether they would make a compatible housemate for Vicki.

The case study is based around the questions below.

1. How will you pay your share of the rent and household bills each week?

2. Have you ever lived in a share house before?

3. Can you bring any furniture or electrical appliances to the share house?

4. Will you have a job or be studying?

5. What do you think is important to think about when you share a house with other people?

6. Is it important to pay the bills, or would you just have fun with friends and catch up on bills with the next pay?

7. What would you enjoy doing on weekends if you had no money because bills and rent had to be paid?

8. Could you get money from your parents or someone else to help pay rent or bills if you needed to?

9. Do you just guess how much money you should put aside from each pay, or do you have some kind of budget to help you work it out?

10.Do you like the idea of having a 'share house meeting' every couple of weeks to bring up any problems and discuss expenses?




Extension activityHave the students break up into groups of three or four. Have each group develop a set of questions that they think would be suitable to ask of a prospective new housemate. Remind them that financial compatibility is the main aim for this exercise. They will need to create at least four open ended questions that will give them the information they need to find someone suitable.

One person from each group moves to another group as an 'applicant' to be 'interviewed' by the next group of students who are role playing as the current occupants of a share house who are looking for a new housemate. At the end of the exercise the interviewers will need to decide if the applicant is suitable or not. To give the interviewers more choices the applicant could move on to the next group and apply to be housemate with another group.

Reflection (5 minutes)1. List three things that you learned today about moving out of home.

2. In your opinion, which of these components is the most important to you?

3. What else did you learn about moving out of home today?

Conclude Moving out Lesson 1 by flagging the next lesson's use of an online conversation tool. Students will participate in a simulated conversation with a real estate agent to learn about rental agreements. They will also explore:

Moneysmart’s budget planner Reading the fine print on leases Landlord/tenant rights and responsibilities.




Additional worksheet 1(b): Moving out of home considerations mind map

NAME:

Complete the following mind map by writing ‘Moving out of home expenses’ in the centre circle and listing the six main expenses related to moving out of home in the other circles. Further explain each consideration by listing dot points for each one.



Additional worksheet 1(c): Share housemate compatibility case study

NAME:

The 'Moving out' video features Vicki who learnt some hard lessons about the costs of moving out of home as well as the importance of having reliable housemates. When the 'party animal' moves out and a room becomes vacant Vicki decides that this time around she will interview prospective housemates to find out who would be a 'good fit' or compatible with the other members of the household.

First of all Vicki lists ten questions which she thinks will help decide the right housemate. She then answers the questions herself to understand more about what she is like to share with.

Instruction/sCompare Vicki's answers with those of the two people interviewed and decide which person would be a compatible housemate.

Are there any other questions you would ask to check housemate compatibility?

Vicki's questions:

1. Will you have a job or be studying?

2. How will you pay your share of the rent and household bills each week?

3. Have you ever lived in a share house before?

4. Can you bring any furniture or electrical appliances to the share house?

5. What do you think is important to think about when you share a house with other people?

6. Is it important to pay the bills, or would you just have fun with friends and catch up on bills with the next pay?

7. What would you enjoy doing on weekends if you had no money because bills and rent had to be paid?

8. Could you get money from your parents or someone else to help pay rent or bills if you needed to?

9. Do you just guess how much money you should put aside from each pay, or do you have some kind of budget to help you work it out?

10.Do you like the idea of having a 'share house meeting' every couple of weeks to bring up any problems and discuss expenses?

Vicki1. I am studying full-time and working part-time in a restaurant, with a lot of evening shifts. I love a good

party, but I also need to pass exams and make it to work on time, so I can't share with people who like to party all night every night.

2. I earn good money so paying the rent and bills is not a problem. At first, I didn't realise how much money was needed after rent but I am on top of that now and have learnt that having a budget is important. Each housemate pays their part of the rent into a savings account when they get paid so it is ready to pay on rent day. We split the household bills evenly but pay for our own groceries because we eat really different foods and I often eat at the restaurant where I work.

3. I have been living in a share household for six months and really love it. It's great to have people around all the time as there is always someone to talk to.

4. We have all the basic household appliances between us with a fridge and furniture although a washing machine would be good as we have to use the laundrette to do washing.



5. I think we all need to pull our 'weight' with money. We once had this guy who had a big party when the rest of us were away for the weekend and there was heaps of damage with a $3,000 bill! I was really shocked to find that everyone on the lease had to pay for this damage when the guy 'skipped' out of town. And although I am not a neat freak, dirty dishes and hair all over the bathroom is really yuck.

6. We once didn't pay the electricity bill on time because it was around New Year and we were all broke and kept putting it off. Then the lights went out and even worse all the food in the fridge was spoilt. We've learnt our lesson and pay the bills on time now.

7. Well there is always free stuff to do like going to the beach.

8. I try to not ask my folks for any money. After all, I have moved out of home and keep telling them I am an adult! But if I was in a tight corner I might ask to borrow money and pay them back from my next pay.

9. I learnt the hard way that I need to budget because I had no idea how much money I actually needed to move out of home.

10.Having a share house meeting was my bright idea. After the 'party animal' moved out we had to sit around the table and actually work out how we were going to pay for the damages and who was going to talk to the landlord about paying in instalments. So far it is working well.

SamI work full-time and would make a good housemate as I have lived in about four other share houses. I have a washing machine and am happy for everyone to use it. I like to have a good time and be with people who are fun. My favourite weekend activities are clubbing and sleeping, although during the week I keep regular hours. I put aside money for rent but sometimes run out of money for the bills. It's okay if they are a few days late as you get a reminder notice. I never ask for money from my parents or friends. A meeting sounds a bit formal. Could we just catch up when we need to?

JoI study full-time and work part-time which makes things a bit tight with money, but I manage. I have lived in a share house before. I don't have a washing machine but would be willing to buy a second- hand one which we could all use. I like to have a good time and to be with people who are fun. My favourite weekend activities are partying and sleeping although during the week I keep regular hours. I have to be careful with money as my parents need me to stand on my own feet, so I pay rent and bills first and then can spend whatever is left. I would like to travel overseas in two years’ time so will need to start saving. A meeting sounds formal, but I'll give it a go.



Additional lesson 2: Moving out of home — the fine print

Year level: Year 9 and 10 Duration: 60 minutes Key learning area: English, Mathematics, Economics and business

Lesson descriptionStudents will continue to explore and further investigate the previously identified range of rookie errors associated with moving out of home by revising their learnings from the previous Moving out lesson.

In the second part of the lesson students complete activity worksheets to delve more deeply into the underlying complexities of common rookie errors and financial pitfalls of moving out of home. Students are shown where they can locate information about where to get help when lease and tenancy issues arise from moving out of home. The lesson concludes with students applying their richer knowledge of moving out of home rookie errors through the related Moneysmart 'Moving out of home' convo, in which they learn about tenancy arrangements.

Long-term understanding/deep learnings: There are costs and considerations related to moving out of home. You can save money and avoid 'rookie errors' if you research the one-off and ongoing costs related to

moving out of home. A rental lease is a legal agreement and you may have legal problems if you cannot pay the monthly

rent. You can access help from tenant unions, advocacy groups and government consumer agencies when

lease and tenancy issues arise from moving out of home.

Additional activity 2(a): Revision pair-upLevel Duration Resources needed

N/A 5 mins N/A

Ask students to turn to the person next to them and tell them the most important thing they learnt about moving out of home in the previous lesson.

Task 2: Discussion Seek a range of suggestions from the class and write them up on the board. Possible responses will include:

there are a number of costs and living expenses involved with moving out of home lease and bond costs living expenses housemate compatibility issues.

Comment that some of these costs include utilities, phone, food, car, furniture, removalist fees, bond and connection fees. We are going to explore these expenses in more detail today.



Additional activity 2(b): Basic budgeting 101 Level Duration Resources needed

N/A 2 mins Additional worksheet 2(b)

‘Rental bonds and leases’ page on Moneysmart found on the ‘Student life and money’ section.

Moneysmart’s budget planner

‘Simple ways to save money’ page on Moneysmart

Task 1: Distribute worksheet.Explain instructions to students. Students will be looking at the of the ‘Student life and money’ section on Moneysmart and using the Moneysmart budget planner.

Students use the instructions and the hypothetical expenses on the worksheet to complete the budget planner. Students add the expenses by clicking on each tab.

*Teacher tip: Allow students to change or personalise the expenses on the worksheet if they wish.

Once students click on the ‘Summary’ tab they will see a breakdown and a summary of their annual spending. Point out to students that:

earning more income than expenses is referred to as a surplus if you spend more than you earn, it is referred to as a shortfall or deficit.

*Teacher tip: Some students will need assistance with transferring the deficit figure from the budget planner to their worksheet. They may also need help with dividing the figure by 52 to determine the weekly income they require.

Students should have calculated a deficit/income required of $2,880 (or $440/week).

Students should begin to realise that moving out of home is very expensive. This reinforces one of the messages in the Moneysmart Rookie ‘Moving out’ videos - that ‘you need to

almost double what you pay in rent to survive’.

Students then add other costs to their budget. After calculating a new annual deficit/income required, students are required to answer the question, “What can you do to improve your budget?”

Looking at the ‘Simple ways to save money’ page will assist them with their answer.

Possible suggestions include:

looking for somewhere with cheaper rent earn more money/get another job keep living expenses to a minimum house share (split the rent between two or more people) seek government housing assistance.


https://moneysmart.gov.au/saving/simple-ways-to-save-money?utm_source=teaching-resource&utm_medium=download&utm_campaign=rookie-educator-guide



https://moneysmart.gov.au/student-life-and-money/rental-bonds-and-leases?utm_source=teaching-resource&utm_medium=download&utm_campaign=rookie-educator-guide


Task 2: Discussion If appropriate or necessary, discuss the suggestions with the class. It should be noted that paying for living expenses using a credit card is not a good idea, unless you can afford to pay the debt off. You might find yourself still paying for this year's food in two years’ time!!

Also point out the list of other costs which may not have been included in the students’ budgets which include removalist fees, bond and connection fees.

Additional activity 2(c): The fine print on leases Level Duration Resources needed

N/A 20 mins Additional worksheet (c) ‘Rental bonds and leases’ page on Moneysmart found on the

‘Student life and money’ section.

Task 1: Distribute Worksheet.Students go to the ‘Rental bonds page. Ask them to click on the link for the Government rental bond office which is relevant to their State or Territory. Students can use the information they find on the relevant website to help answer the following questions:

1. What is a ‘lease’ or ‘tenancy agreement’?

2. Outline what a lease or tenancy agreement covers.

3. Explain the main types of leases or tenancy agreements.

4. What responsibilities do landlords and estate agents have?

5. Explain what to do if you want to end a lease or tenancy agreement.

6. Explain what landlords or owners need to do if they want to end a lease or tenancy agreement.

Students complete all of the questions on the worksheet.

*Teacher tip: Students may need a demonstration of where to find information on each state or territory’s Government consumer agency/fair trading office website.

Task 2: DiscussionDiscuss answers with students. Point out that:

a lease or tenancy agreement is a legal contract between tenants and landlords. leases or agreements are usually for a fixed-term or period. landlords are generally required to give tenants a copy of the signed lease and information about the

rights and obligations of the tenant and landlord. landlords ending a lease generally need to do so in writing and the timeframes differ according to the

reasons and state or territory. tenants are also expected to provide a written notice to vacate and the timeframe also varies

according to the reasons and state or territory (periods of 14, 21 or 28 days are common).

Summative assessment Students could be assessed by collecting then assessing Worksheet 2(c).



https://moneysmart.gov.au/student-life-and-money/rental-bonds-and-leases?utm_source=teaching-resource&utm_medium=download&utm_campaign=rookie-educator-guide


Additional activity 2(d): 'Moving out of home' practice conversation Level Duration Resources needed

N/A 10-15 mins Digiactivity: Digital Convo – Moving out of home

Extension or homework activity Ask students to conduct an interview with a parent or family friend about their moving out of home for

the first time. Students should find out if their parents or family friends made any rookie errors. Ask students to conduct an interview with the school welfare co-ordinator or a local youth services

worker about moving out of home. Students could ask them for their ‘Top 5 tips’.




Additional worksheet 2(b): Basic budgeting 101

NAME:

Congratulations. You have been planning to move out of home for ages and you have just found the perfect place. A bargain, with rent at $250 a week! Two bedrooms, a garage and plenty of room to do your own thing! But can you actually afford it? You will need to do a budget.

Go to Moneysmart’s budget planner. Add the weekly rent into ‘Home and Utilities’ cell. Add the following expenses by clicking on the various tabs and finding the appropriate cells:

Electricity $20Gas $10Water $10Internet $10Mobile $10Supermarket $30Fruit/veg $10Car insurance $20Car registration/licence $20Petrol $50

As you enter numbers you will notice the amount on the ‘Summary’ tab changing. When you have finished, click on the ‘Summary’ tab. This shows you a breakdown of your annual spending and a summary of your annual spending. Because you haven’t entered any income yet, you will have a shortfall. Write that amount in the space below.

The amount of money you will need to earn each year to cover these expenses? $

Divide this number by 52 to determine how much each week you will need to earn.

Write that amount here: $/week. $

Wow! That’s a lot. Do you earn that much now? Yes/No

Note that your budget doesn’t include furniture, clothing, car maintenance, public transport, education costs or entertainment. Add in any other expenses which you think you might have to pay. These might include movies/music, loans you might be repaying, medical or dental expenses, hairdresser, gifts, restaurants and so on. You need to be honest!

What is your new shortfall? (How much do you need to earn each year to cover it?) $

Divide this number by 52 again to determine how much each week you will need to earn

Fill in the new amount/week: $

.

There sure are a lot of expenses (both one-off and ongoing) involved in moving out of home!

What can you do to improve your budget? Go to the Moneysmart website and search ‘simple ways to save money’ for some tips.




Additional worksheet 2(c): The fine print on leases

NAME:

Go to the Moneysmart website and search ‘rental bonds and leases’. Scroll down to the heading ‘Paying the rental bond’. Click on the link relevant to your State or Territory. Use the information you find there to help you answer the following questions:

1. What is a ‘lease’ or ‘tenancy agreement’?

_____________________________________________________________________________

_____________________________________________________________________________

2. Outline what a lease or tenancy agreement covers.

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

3. Explain the main types of leases or tenancy agreements.

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

4. What responsibilities do landlords and estate agents have?

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

5. Explain what to do if you want to end a lease or tenancy agreement.

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

6. Explain what landlords or owners need to do if they want to end a lease or tenancy agreement.

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________



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