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Author: Greater Bank

Keep your New Year's resolution and move out of home

Planning to move out in 2020 and want to make sure your budget is on track?
Use our Budget Planner

If you're looking to move out of home, there's a good chance you're feeling a little stressed about it. A lot of things are going to need to change when you move - from finding a new transport route to work, to working out how to cook healthily for yourself each night. On top of these things, you're probably worried about the cost of moving out. In fact, that may be the very thing stopping you from committing to your plan and making it happen. To help you with this, we’ve put together a guide on how to manage your finances during the process, hopefully making your big move less stressful.

Moving costs

If you're moving out for the first time, then you may not have thought of all the potential costs involved. It's good to work out exactly what these are so you don’t put yourself under financial pressure later on. So, here's a quick reference guide for both the upfront and ongoing costs you might have to pay when moving out:

  • Internet bills + initial connection fees
  • Utilities bills + initial connection fees
  • Furniture
  • White goods
  • Bed linen, pillows, and towels
  • Cooking utensils
  • Eating utensils
  • Crockery 
  • Holding deposit
  • Rental bond
  • Rent
  • Removalist service / removal truck rental fee
  • Parking permit
  • Home contents insurance
  • Lifestyle items (e.g. television, stereo, etc.)

You may not need to pay all of these costs if you're moving into a furnished dwelling or shared accommodation, and some things just won’t be necessary for other reasons. But before you begin to budget your move, take the time to make a list of each of the costs that are applicable to you.

Moving out of home budget

By budgeting your projected moving expenses, you can give yourself a clear savings goal. This should give you a lot more confidence in taking further steps to move out, since you'll know you can afford it and that you are well prepared. It might also be a good idea to set up a dedicated savings account in advance and set yourself weekly or monthly savings goals.

Budgeting can also help you work out exactly what your priorities are. For example, it might be non-negotiable for you to buy a really good bed, which may mean that you need to save money in other areas. It's a good idea to start with a baseline figure of what you think you can afford to spend on the move, and then factor in your main priorities. Once you've done that, you'll have a better idea of how to shuffle your other costs around to fit within the overall budget. Doing this may also cause you to reconsider your priorities, and this can be helpful too.

You can also check out Greater Bank’s budget planner calculator to help you work out your finances in preparing for the move.


It may be that you really have to move out of home but don’t have the time to save up for it. This may particularly be the case if you are relocating for work or study, or need to move for personal reasons, such as a relationship. Moving loans or rental loans can provide an economical way of getting quick access to the funds you need, without having to sacrifice financial or personal opportunities.

You need to make sure that the terms of the loan you are considering are going to be appropriate for you in the longer term. The interest rate represents the primary cost of the loan. You should take the time to compare personal loan interest rates on the market before deciding. Check out Greater Bank’s competitive current rates on unsecured loans.

You should also consider whether the personal loan you are looking at comes with a lot of fees. Personal loans typically come with an initial upfront fee for taking out the loan, but you want to check that there are no further hidden fees, like monthly or annual administration charges. You should also check what the fees are for late repayments - you may experience short periods of financial trouble after moving and high repayment fees can make a loan unaffordable.

On the other hand, you might also want to find a personal loan that won’t charge a fee when you make additional repayments. Making additional repayments will decrease the interest you pay over the life of the loan, which could help you become debt-free more quickly. Some lenders will penalise you for paying your loan back faster, since they earn less interest from you if you do. All of Greater Bank’s personal loans allow free additional repayments.

How to move out of home with no money

To help with your budgeting and saving, you should also consider ways in which you can cut your moving costs. There are a number of different ways to do this.

Buy second hand

If you're moving to an unfurnished house or apartment, consider buying your furniture from second-hand retailers, including charity stores. You can usually pick up really cheap deals on things like dining tables and sofas. Often, they're better quality than what you might find at a budget retailer. | Greater Bank

Moving out of home costs

Refurbished white goods

White goods are also an expensive necessity, but there is a market for refurbished white goods that come with a warranty. They also usually come at a fraction of the cost of brand new items.

Online marketplaces

You might want to check out online marketplaces like Gumtree or Facebook. You could find good quality items in your local area and save a lot of money.

Friends and family

You might be surprised what your family or friends have packed away in their garage unused. By asking around, you could save a lot of money on things like cooking utensils, eating utensils, crockery and furniture.

Shared accommodation

Living with others is a really good way to lower the costs of moving out. There are some costs that will remain the same whether there are four people or just one person living in a house, such as internet access, lighting, and furniture. By sharing accommodation, you can immediately cut these costs in half or more.