towards independence

Question 1

what are reasons young people may have for leaving home/living independently?

Answer 1

-going to college/uni
-employment-to find or start a job
-desire to be independent
-disputes with family

Question 2

moving out pros

Answer 2

independence, privacy, no rules, new friends

Question 3

moving out cons

Answer 3

cost-rent & bills, managing finances, chores-cleaning & cooking, dealing with roommates

Question 4

issues with moving out

Answer 4

cost/affordability
mental health

Question 5

what are some essential documentation when moving out?

Answer 5

medicare card- to access free medical treatment or claim a rebate on private treatment
birth certificate
photo ID- a drivers licence or an alternative to a drivers licence

Question 6

organisations that provide support when moving out of home

Answer 6

government: department of social services, centrelink
religious: salvation army, anglicare
community: lifeline, community centre

Question 7

what are the steps in renting a property?

Answer 7

1. find the property
2. obtain the residential tenancy agreement
3. complete condition report
4. pay a reservation fee
5. read and sign the lease
6. pay the rental bond
7. pay rent in advance
8. take possession and move in

Question 8

define residential tenancy agreement

Answer 8

the standard agreement between tenants and a landlord when a house or flat is being rented

Question 9

define landlord

Answer 9

the person who owns the premises being rented

Question 10

define tenant

Answer 10

the person/s who rent a property from a landlord

Question 11

define reservation fee

Answer 11

usually one week’s rent that will reserve the premises for a person while their application for tenancy is being considered

Question 12

define a bond

Answer 12

money that is lodged with the Rental Bond Board. used to cover any damages or cleaning costs if the rented premises are left in an unsatisfactory condition

Question 13

what is a condition report

Answer 13

details the exact condition of a property when new tenants move in

Question 14

define “quite enjoyment”

Answer 14

the landlord cannot interrupt the tenant unannounced

Question 15

what should a tenant be provided with by the landlord or agent?

Answer 15

-new tenant checklist
-your lease
-2 conditional reports
-a bond lodgement form
-your keys

Question 16

define a kitty

Answer 16

a central fund of money that has been contributed by a group of people every week, ongoing costs fund

Question 17

common problems for tenants

Answer 17

-failing to carry out repairs to the property
-failing to respect tenants’ privacy
-excessive rent increase (due to high demand)

Question 18

shared accommodation pros

Answer 18

meet new friends, develop social networks, reduces living costs

Question 19

shared accommodation cons

Answer 19

arguments over who pays what, arguments of lifestyle factors (cleaning), legal liability issues regarding property damage, failure to pay rent

Question 20

identify some one-off establishment costs

Answer 20

street parking, bond, furniture, moving van, home suppliances

Question 21

identify some ongoing costs

Answer 21

rent, groceries, internet, water & electricity bills, rent, streaming services, insurance, entertainment

Question 22

what are strategies to minimise financial problems?

Answer 22

monitoring spendings - keeping records of everything and avoid impulse buying
superannuation - to have money for retirement
budgeting - a list of planned income and expenditure over a period of time

Question 23

how do you manage your taxes

Answer 23

make sure is has been calculated correctly and do an annual return to not have under or over paid

Question 24

what is insurance?

Answer 24

used by people to be financially secure to face any type of problem in life

Question 25

what types of household insurance?

Answer 25

home- covers the building against natural disasters and accidents
home contents- covers the belongings against accidents and damage

Question 26

what are types of motor vehicle insurance?

Answer 26

compulsory third party (green slip)- needed to drive car, pays compensation if you kill or injury someone in a road traffic accident
third party property damage- pays compensation to others if your damage their property
comprehensive- compensates for loss or damage to your own vehicle as well as others

Question 27

what are the types of personal insurance?

Answer 27

life- pays compensation to you next of kin (family) if you die
health- pays for additional medical services not covered by things such as medicare card

Question 28

what is a quote?

Answer 28

an estimate of premium for the insurance coverage you selected

Question 29

what is a premium?

Answer 29

the amount of money to be paid to receive insurance cover

Question 30

what is an insurance policy?

Answer 30

a document detailing the terms and conditions of a contact of insurance

Question 31

define insurer

Answer 31

the company that is providing the insurance

Question 32

what is a lease

Answer 32

a legal contract between a tenant and a landlord that allows the tenants to use the landlords property in return for rental payments

Question 33

what is the importance of tax return

Answer 33

-its the law
-you might be entitled to a refund
-if you’re due to make a payment you can be fined for late or non-submission or false declaration