Moving Out: Your Financial Checklist

Moving out is nerve-wracking and exciting. Whether you’re moving from one place to another or moving out of your parents' home for the first time, this is a drastic change that can be tricky if you’re not on the ball financially.

We’ve taken some time to compile a financial (and general) checklist for moving house.

On this page, we’ll unpack the following questions:

• The when and how of packing
• How much will it cost me to live?
• What ground rules should I set?
• Have I changed my address everywhere?
• Am I definitely packed and ready?
• What if I’m a little short?

Originally published by Jemima Kelly in August 2022.

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The when and how of moving 

It’s a good idea to figure out when and how you will move out at least a month before your moving date. Financially, consider these things when pondering logistics:

How will I pack all my belongings? 

If you know someone who recently moved, it could be an idea to shoot them a message and see if they have any packing boxes you could borrow or buy. If not, packing boxes can be bought from a multitude of places like Storage King, Officeworks and Bunnings.  

How am I getting the boxes to my new place? 

Organising transport for your belongings is integral at the beginning of any move. 

Friends: Do you have some helpful friends and family who’ll volunteer to load up their cars and lug some of your boxes to the new place? If so, maybe swing them $50 or shout them lunch for their kind efforts.

Ute/Van Renting: Need a bit more space for a couple of big items? You can rent a Ute or a small van to get those bigger items moved. This is a great option if you’re moving for the first time and don’t have masses of furniture. You can rent a ute from Bunning for just $67 for three days (which includes a 100km/day fuel allowance). UberCarshare is also a great option if you just need something for a couple of hours.

Moving truck/removalists: Are you moving more than a couple of cars can hold and don’t want to make multiple trips? It could be worth considering a moving truck. Prices for these depend on whether you hire just the vehicle or hire some professional removalists to help you pack and transport the contents.

Rail: Sending your belongings via rail when moving interstate can be a cost-effective and efficient way to transport them. Research and choose a reputable rail service provider that offers interstate moving services in Australia. They should be able to deliver your contents straight to your door. If you’d like more information and resources on the when and how of moving, Muval is a great online platform that provides quotes for people and businesses looking to compare and book moving services.

When are the move-out and move-in dates?

Moving can get tricky if you’re moving from one rental to another and the leases don’t quite line up. If your end-of-lease date at your old place and your start-of-lease date at your new place don't align, you may have some time in between when you don't have a place to live. Here are some options you can consider: 

Extend your lease: If possible, try to negotiate with your current landlord to extend your lease for a few days or a week.

Temporary accommodation: During the gap period, consider staying in a hotel, Airbnb, or with friends or family.

Storage: Rent a storage unit to keep your belongings in between moves. This can be a convenient solution, especially if you’re unsure of your new move-in date.

Rent a moving truck: Rent a moving truck and park it at a friend or family member's house or at a storage facility while you wait for your new place to become available.

How much will it cost me to live?

When you're moving, you must consider many expenses, and it's essential to have a budget in place to avoid unexpected costs. In addition to the costs of physically moving, there are other important ongoing and one-off expenses to consider.

Did you know? According to Muval’s Index for 2023, around 50% of Australians moved due to cost of living and rental increases in 2023.

Rent/mortgage payments

The first and most obvious cost of moving into a new place is your ongoing rent or mortgage payments. Before you move, make sure you map out and understand your monthly rental or mortgage payments, the date they finish (and begin at your new place) and how/who to pay them to. 

Need help creating a budget? Try using MoneySmart’s budget planner.

Rental Bond

When you rent a property in Australia, you'll typically need to pay a bond. This is a security deposit that protects the landlord against any damage you may cause during your tenancy. The bond is usually equivalent to four weeks' rent, depending on your state, and it will be returned to you at the end of your tenancy if the property is in good condition.

According to Jacaranda Finance’s data, the average amount borrowed to pay for rental bonds, the first weeks of rent and other moving expenses was $4,541 in 2023.

Utilities 

When you move into a new home, you'll need to set up utility services such as electricity, gas, water, and internet. Make sure you budget for these expenses, as they can add up quickly.

You can also check to see what utilities you can transfer over from your previous address. However, make sure you compare other plans when you move in, as they could represent a better deal.

Groceries

People often leave buying groceries to fill the pantry and fridge until the last minute or forget about it entirely. But settling into your new place after a hard day of moving and not having any substantial food around could be a recipe for disaster, so make sure to find some time to pick up a couple of things from the shops.

Parking permit

If you’re moving to a regulated parking permit street, organising a parking permit is something you may want to do ASAP. Adding a parking fine to your existing moving expenses is not ideal. 

Here are each council/government’s parking permit guidelines:

• Brisbane 
• Sydney
• Perth
• Darwin
• Melbourne
• Hobart
• Adelaide 
• Canberra

What financial ground rules should I set? 

If you’re moving in with housemates, consider setting some ground rules about the household finances from the very start.

Will you all buy your own groceries and have separate shelves to put them on? Will you all share the same milk? Who buys the milk? These questions are bound to pop up at some point, so it’s important to create open communication from the very start. 

Here are some tips for setting financial ground rules between you and your housemates: 

Determine shared expenses: Decide which expenses will be shared and how they will be divided. This can include rent, utilities, groceries, and cleaning supplies. 

Some sharehouses have a kitty where the housemates contribute any amount of petty cash and pool them together for shared expenses. 

Decide on payment methods: Make sure you have a clear understanding of who is responsible for paying bills and how payments will be tracked. 

If someone is paying the rent in a lump sum to the agency/landlord each week, consider assigning someone else to pay the electricity bill. Steps like this make the financial responsibility shared, and although all the housemates will (hopefully) pay those assigned people their share, this method takes the financial burden off just one individual.

Establish a budget: Create a budget that takes into account all of your shared expenses and makes sure everyone agrees to stick to it. You can use apps or spreadsheets to track expenses and ensure everyone is on the same page.

Furniture and white goods expenses: Talk through who will pay for certain furniture items like a dining set, fridge, or washing machine. Many sharehouses either split the cost or have one person purchase the item, which they can take with them when the lease ends.

You can also apply for a white goods loan and a furniture loan with Jacaranda.

And most importantly, establish open communication: Start by having an open and honest conversation with your housemates about your financial expectations and goals. Discuss what each person is comfortable with and what they expect from the living arrangement.

Have I changed my address everywhere?

Here’s who to notify about your new address when you move house: 

• Energy suppliers, such as electricity or gas
• Council and water rates
• Internet and telecommunications provider
• Your bank and credit card provider
• Your work/personnel dept.
• Your superannuation provider
• Car, health, and personal insurance

Make sure you also change your address for the following: 

• Driver’s licence
• Centrelink
• MyGov
• Medicare
• ATO
• Electoral roll
• Regular internet shopping sites
• Online payment services such as PayPal

*Print OR copy & paste this list so you can easily tick off each one as you go!

Am I definitely packed and ready? 

We know moving into a new home can be an expensive and daunting process sometimes, but it’s also a super exciting time to re-imagine and grow, whether it’s moving out for the first time, moving in with a partner or just moving to a new place! With the right preparation and consideration, you can focus on the excitement and stress less about financial burdens.

We hope this checklist has helped you be prepared for your next chapter, wherever you are.

What if I'm a little short?

Do you need a financial boost for your rental bond? Consider applying for a Jacaranda Finance Rental Bond Loan to cover the cost. Our Rental Bond Loans start from $3,000, with loan terms as short as 25 months.

With our flexible repayments, you can pay out your loan earlier with no extra charges. See below for more detailed information on rental bonds in each state/territory.

If you need funds quickly to secure your next rental property, you can apply in as little as 5-12 minutes¹ and receive an outcome on the same day². Even better, you can check if you qualify beforehand without impacting your credit score at all.