Wednesday, February 13, 2008

Starting a New Tenancy in the New Year!

December through to March are said to be the busiest times of the year for starting new tenancies. Particularly for students whom are preparing to commence a year of study. This can lead to high demands for available properties and strong competition between applicants!

Once you have chosen your desired location, picked a price range and number of bedrooms you require etc. follow these tips to help you secure your desired property.

Be sure to send in a great application!
To be good it must be COMPLETE with all names, phone numbers and 100 points of identification (eg. A passport, current visa, Medicare card, drivers licence and a bill equals 100 points) also, make sure you sign where necessary and include important details of lease commencement dates and tenancy length.

Make sure you can afford the property
If you have a healthy salary show it with pay slips, (Rule of thumb should be, your after tax weekly earnings are double the weekly rent.) If you are a student without such an income try to show a healthy bank statement (eg minimum of 3- 6 months rent in savings) and look at having a parent join you on the lease. Overseas students may even be able to have parents sign parental rental guarantees for them.

Present yourself well
Be polite and well dressed when you go to see properties and talk on the phone. Often receptionists will be the ones checking your application and recommending you to the property managers. Landlords will be looking for responsible/neat people, so don’t stand around smoking or be late to an inspection! Most agencies when you borrow keys to inspect properties require a $50 cash deposit and photo ID.

Know the availability

Ring the agent and ask when the property is available to inspect and when they want someone moved in by. Ask if it you can apply before inspecting the property. Often if your application is then not successful the agent may find you another property. Most landlords will not be flexible on the move in date by more then 1-2 weeks and require a 12 month lease at the beginning of the year.

Overseas Students Visas
Be sure to include copies of current visas that remain valid though out the length of the lease (e.g. if you are signing a lease until January 2009, make sure your visa does not expire in 2008!)

For further advice and information you can download the Victorian Consumer Affairs booklet which is really easy to understand and very helpful from http://www.consumer.vic.gov.au/. Read the Business Person review of the Minister for Consumer Affairs.

Good luck!

Business Nerd of the Month! MP Robinson


Born 9th May 1962 in Melbourne, Robinson is the Mitcham member of the Australian Labor Party in the Legislative Assembly. As well as looking after the portfolio of Consumer Affairs he also manages the Gaming portfolio and holds the position as Assistant to the Premier on Veterans' Affairs! This busy guy is also married with two children and has been serving Victoria for over 10 years.


Having carried out his schooling first at St Leo’s Box Hill and then a Bachelor and Masters in Business Administration at Monash University. Robinson lists his interests as including Horse racing, fishing, home brewing and blood donor. What a nice guy?


Robinson describes his role as Minister for Consumer Affairs as being ‘Committed to protecting and promoting the interests of consumers, particularly those who are vulnerable and disadvantaged. I am also committed to helping make markets work better for consumers.’


One of Robinson’s larger contributions to the Fair Trading Act includes the introduction of 'Lemon Laws' for motor vehicles and other major purchases.


Any suggestions or queries about this portfolio? Contact him directly, that’s what they’re there for! tony.robinson@parliament.vic.gov.au

Number Crunch!

Calculating Monthly Rentals
Take advertised weekly rent e.g. $350 per week.
Multiply by 52 (Weeks per year) e.g. $350 x 52 = $18,200
Divide by 12 (Months per year) e.g. $18,200 ÷ 12 = $1516.66
$1516.66 is rental per calendar month

Bonds
If rent if under $350 a week bond is usually 4 weeks rent
If rent if over $350 a week bond is usually 6 weeks rent

Average Rental Price Range
Rental per week in Melbourne inner city

Bed-Sitter
Fully Furnished $200-350
Un-Furnished $150-300

One Bedroom
Fully Furnished $310-450
Un-Furnished $280-390

Two Bedrooms
Fully Furnished $400-$600
Un-Furnished $350-$500

Three Bedrooms
Fully Furnished $550-750
Un-Furnished $500-$680

Car Park $30-80