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Tips for moving out of home

Moving out of the family home for the first time can feel like a liberating experience; however with the freedom also comes greater responsibility. Here are some things to keep in mind before making the big move.

Living with other people

Moving in with people who aren’t your family can take a bit of getting used to. But it can be fun – not to mention easier on your wallet when it comes to splitting expenses compared to living alone. However it’s important to set the ground rules, such as:

  • Who will have which bills in their name? It may be better not to have everything in the name of just one person. You’ll also need to decide how bills will be paid (by direct debit, for example).
  • What will happen if someone moves out early? Who will be responsible for finding someone else to move in? How it will affect the lease?
  • Will you shop and cook together or will you take care of your own groceries?

Taking care of the upfront costs

Moving into a new place involves a heap of new expenses – generally more so if you’re doing it for the first time. Some things you’ll likely need to come up with cash for include:

  • Bond
  • Furniture
  • Kitchenware, etc.
  • Connection fees (internet, electricity, gas etc)
  • Removalist costs.

Start thinking (and planning) for these costs as soon as you can.

What about ongoing costs?

One of the unfortunate realities of living away from home is that bills and expenses just keep on coming. Some of the most likely expenses include:

  • Rent
  • Food
  • Electricity
  • Gas
  • Internet
  • Mobile Phone
  • Transport.

It’s always wise to be on the front foot when it comes to knowing what your expenses will be. It might seem dull, but having a good budget can go a long way to ensuring you maintain your financial independence without falling behind (check out our guide to setting up a budget).

Bought new gear to furnish your pad? Insurance could offer peace of mind

You might not think what you own is worth enough to need insurance, but when you add it all up you could be surprised – particularly if you take into account laptops and other electronic devices. What would happen if the unthinkable occurred, such as a fire, and all your belongings were destroyed? Would you have money set aside to start again?

And if you think you’d be covered by the landlord’s policy – think again. Your landlord’s insurance policy is designed to cover their property; not your belongings.

Fortunately, there are insurance policies designed with renters in mind. Renters Contents insurance provides cover for your personal belongings while living in a rental property. It can also provide legal liability cover should someone become injured while visiting your home, and some policies may offer optional cover for valuables (such as jewellery and electronics) outside of the home. Taking out a contents insurance for renters policy could help put your mind at rest and cost far less than what you’d expect.

Read more

Renters insurance myths and tips

Think renting means you don’t need insurance, or think your landlord’s insurance will have you covered? Think again. It makes no difference if you live in your own place or rent - without contents insurance you could be leaving yourself open to serious financial stress.


How much home insurance cover do I need?

When it comes to insurance, many of us undervalue our home and all the things we've collected over the years, so it pays to invest a little time in working out their value accurately and keeping it up to date. Knowing what to include in valuing your home and contents can help you determine the right amount of cover.


Things you should know

The information contained in this article is general information only and is not specific to any product.  

It does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to your personal objectives, financial situation and needs to these factors before acting on it.

Terms, conditions and exclusions apply to any insurance product. Please read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding.

Cover is subject to your application for insurance being accepted.

Westpac Retail and Business Banking Financial Services Guide, Credit Guide and Privacy Statement (PDF 89KB)

Home and Contents Insurance Product Disclosure Statement (applicable to policies issued or renewed on or after 5 April 2021) (PDF 461KB)

Home and Contents Insurance Product Disclosure Statement and Supplementary Product Disclosure Statement (applicable to policies issued or renewed in the period between 1 July 2019 and 4 April 2021) (PDF 339KB)

View the Home and Contents Insurance Key Fact Sheets.

Home and Contents Insurance is issued by Westpac General Insurance Limited ABN 99 003 719 319 (except workers compensation cover where applicable). Westpac Banking Corporation ABN 33 007 457 141 distributes the insurance, but does not guarantee the insurance. This information does not take into account your personal circumstances. Read the Product Disclosure Statement to see if this insurance is right for you.