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23 Cards in this Set
- Front
- Back
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Bond
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money that is lodged with the Rental Bond Board. It is used to cover any damages or cleaning costs if the rented premises are left in an unsatisfactory condition.
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Centrelink
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the main federal government welfare agency. It provides financial assistance as well as counselors and social workers to those in need.
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Condition report
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details the exact condition of a property when new tenants move in
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Debit card
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plastic card that allows you to buy goods by electronically transferring money out of your account and into the store’s account. It can also be used to obtain cash.
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Establishment costs
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one-off costs for setting up a new place to live or a business (rental bond, telephone connection)
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Exclusions
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the things that an insurance policy will not specifically cover
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Inclusions
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the things that an insurance policy covers
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Insurance
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the payment of an amount of money that covers a person or property in the event of loss, damage or accident so that the person does not suffer a severe financial setback
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Insured
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the person who is covered by the insurance policy
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Insurer
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the company that is providing the insurance
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Kitty
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a central fund
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Landlord
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the person who owns the premises being rented
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Lay-by
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the system that allows a customer to purchase a good by paying a deposit and then making regular repayments for a set time. You obtain the good when the final payment is made.
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Mortgage
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a loan for goods or a property. If you fail to make your loan repayments, then the mortgagee will repossess the goods and sell them.
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Ongoing costs
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those costs that keep on recurring such as rent, mortgage and electricity bills
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Premium
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the amount of money to be paid to receive insurance cover
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Reservation fee
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usually one week’s rent that will reserve the premises for a person while their application for tenancy is being considered
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Residential tenancy agreement
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the standard agreement between tenants and a landlord when a house or flat is being rented
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Tenant
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the person who rents a property from a landlord
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Warranty
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a promise to repair any defects that are in a product
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Reasons for leaving home? |
- Further education - Seek employment - Establish an independent lifestyle - Due to disagreements with parents |
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Issues of leaving home? |
- The cost of financing the move and supportingyourself - Finding a safe place to live - Having all the paperwork required - Overcoming any homesickness you may feel |
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What are the steps in arranging a lease? |
1. - Determine exactly what type of premises you require;for example, size and location. - You then need to locate the available suitableproperties using newspapers, bulletin boards, real estate agents or theInternet. 2. - Obtain a copy of the residential tenancy agreement from the agent. - The landlordand tenant both have rights andresponsibilities in relation to the renting of the property and these should beset out in the agreement. 3. - Complete the conditionreport. - It is extremely important as any disputes regardingthe state of the property when you leave can be related to the conditionreport. - For example, worn carpet, paint chips and anybroken/damaged fittings should all be recorded in the condition report. 4. - You may be asked to pay a reservation fee, usually 1 weeks pay 5. - Sign the lease after reading it and checking itthoroughly. 6. - Pay a rentalbond, usually four weeks’ rent. 7. - A tenant must pay the rent in advance from the firstday of tenancy. - Most landlords or their agents require two weeks’rent in advance. 8. - The final step is to take possession of thepremises. - This involves obtaining the keys and moving in withyour belongings. |
