What I Learned About Australia Once I Moved There

We all have our own visions of what life in Australia could look like – sunny beaches, great weather, the occasional encounter with a deadly animal, and hopefully some great opportunities to make some money and create a nice little life too. 

If you’re thinking about making the move, we’ve put together a few things to look out for money-wise, so you don’t catch any surprises as you save up and build your budgets: 

The surprise cost of moving in

If you’ve done your research already, you know that Australian major cities have some of the highest rents in the world. Arguably the amazing location and high quality of living make up for it, but that’s not what we’re here to discuss today. One of the trickier things to come to terms with is the additional costs associated with moving in. If you’re planning on renting a place in Australia, you could be required to have up to two weeks’ rent in advance, plus an additional 4 weeks’ rent that will become your security deposit or ‘bond’. 

If you were planning on renting a place in Sydney, sharing the rent and bond with one other person, based on the median weekly rent of $750 a week, you’d need $2250 ready to go, for half of two weeks’ rent as well as the bond. If you’re renting an unfurnished apartment, you’ll need some extra money on top to make sure you actually have somewhere to rest your head on too! 

Healthcare in Australia can get complicated

You might be travelling from somewhere with a fully publicly-funded healthcare system, or maybe one which is totally privately run, so Australia’s combination system could be a bit of a head-scratcher to begin with. Australia’s public health system is called Medicare, and it helps pay for treatment which is deemed ‘medically necessary’. This can include being treated at a public hospital, certain medicines and some private surgeries or ‘bulk billed’ community health services. Around ½ of Australia’s population is also covered by some form of private health insurance, which can help to supplement coverage provided by Medicare and reduce total healthcare costs. 

Depending on the country you arrive from (such as the UK, Sweden, Norway, Netherlands, Belgium, Republic of Ireland and NZ), your visa could mean that you get covered by Medicare, but otherwise you may want to take out some form of private health cover or travel insurance.
 

Student Loans

Aussie education also has a bit of a public-private mishmash, where Australian citizens (and some special visa holders) have the option to take out a student loan with the Australian Government, which they begin to pay off once their income reaches a certain threshold. Unfortunately for international students, this system isn’t available, so you may be required to pay your tertiary education provider fees up-front. 

Moving to a new country can take a bit of adjustment, but when you know what you’re in for, it can make the transition a whole lot easier. So with these tips you’ll be able to plan and prep for your move without any nasty surprises. 

If you want to learn more tips for managing money and saving while abroad, check out Ready For Take-Off, our brand-new travel academy!