Things to think about/prepare for before moving in
Congratulations – your application has been approved! Moving into a new place can be exciting but also stressful; especially if you are living independently for the first time. We have created a Moving In Checklist to makes things a little easier to remember. Click here to download the checklist. (will be a word doc)
There are some important things to consider before you sign anything. Some things you need to think about include:
A bond is a type of security that the landlord will ask you for to cover costs if you leave without paying rent or cause damage to the property. If at the end of your lease you are up to date with your rent landlord is happy with the condition you leave the property in your bond will be returned to you when you move out. If you pay the bond, you must receive two copies of the condition report signed by the landlord. It’s important that you complete a condition report as this can be used as evidence if there’s a dispute about the condition of property.
Bond is usually around 4-6 weeks of rent. E.g. If a rent for a unit is $300 a week, then 4 x $300 = $1200 bond).
If you don’t have enough money you might be eligible to receive an interest free loan through the Rent Assist bond loan:
Go here to see if you are eligible: https://www.housing.vic.gov.au/rentassist-bond-loan
Rent in advance
In addition to the bond you are required to pay rent in advance. Rent in advance around 2-4 weeks of rent. In Victoria, if the rent is less than $350 per week you are not required to pay more than one month’s rent in advance.
For more information go here: https://flatmates.com.au/info/vic-rent-payments
To work out what your rent will cost per day, week, fortnight, monthly check out this Rent calculator:
A condition report is a document given to a tenant at the beginning of their tenancy that records the condition of the property on a room-by-room basis. The condition report takes note of the condition of the property before you move in for comparison when you move out. This report is then used to determine if there was any damage caused to the property while you were living there. When you move out, at the final inspection you and/or the real estate agent will refer to this report. You may be asked to pay for damages that occur during your lease so it’s important that you go through this report carefully before you move in. Important things to know:
- You must be provided with two copies of the signed report (or one copy if sending electronically).
- Fill in, sign & date the report within 5 business days after moving in.
- You can include comments within the report where you disagree with the description of an item and note anything which seems unsafe, insecurely fixed or needs repair.
- Take photos that show the condition of the items
Click here to download more information about condition reports.
Here is a useful link with more information: https://flatmates.com.au/info/vic-condition-reports
Residential Tenancy Agreement – “Lease”
A lease is the name for the contract that you and the landlord agree to when renting a place. When you sign a lease the landlord must give you a copy. Make sure you read it before you sign and ask questions if you are not sure or don’t understand.
Go here for more information about fixed lease vs periodic lease & what they mean: Signing a Lease | Youth Central