AU$20,290 is specified as the minimum amount required to cover living costs for a year, by the Australian Government. This figure is not inclusive of tuition fees and the two way cost to and from Australia. It only includes accommodation, commute to school, groceries and the daily miscellaneous expenditures. AU$20,290 is not a small amount specially for students who’ve come from different countries. Australia has fairly high cost of living and subsequently wages too are higher than other countries. Accommodation will always be the largest borne expense no matter where you choose to stay and power, gas, internet, phone and commute are your other unavoidable expenses. This implies that you have to find other expenses to save up from like entertainment and food budget. The weekly average budget may look this:
Rent $140
Groceries $130
Power & Gas $25
Phone & Internet $15
Public transport $40
Entertainment $40
Total for 52 weeks : $20,290
The higher end of accommodation costs are about $16000 for 12 months, which uses up most of $20290. This means you’ll sign a year long lease and stay throughout the holidays wherein it may be possible to rent at a higher price during the semesters and get a cheaper place during summer time. Either way, living will be your biggest expense.
In Melbourne, rent for a shared accommodation ranges from $150 to $300 per week, Generally, cheaper rent means more distance from the city, living with more people and a more run down accommodation. In a suburb like Melbourne ’s Bundoora where La Trobe University is located, the cost of a room in a shared house is about $150 a week. Prices will also vary depending on which city you choose with Sydney being the most expensive. Almost every residential tenancy agreement, in Australia, includes the payment of a rental bond which is common for long term leases and is required as a security deposit. The bond is usually needed to protect the owner against any damage done to the property or cover any debt you owe to the landlord although not every accommodation needs a bond, its important to keep it in mind before signing a lease.
The rental bond amount varies for each state.
Victoria – Max 1 month’s rent unless the rent is above $350, then any amount can be negotiated between parties.
Western Australia – If the weekly rent is $1200 or less, the maximum bond is the equivalent for 4 weeks’ rent.
South Australia– Max 4 weeks rent if weekly rent is $250 or less or 6 weeks’ rent if weekly rent is more than $250.
All other states and territories – Max 4 weeks’ rent.
There are plenty of ways to stretch your money further but you can make use of some budgeting tips to hold on to your dollars.