How Much Money Required to Settle in Australia?

The financial requirements of relocating to Australia must be well understood if you are thinking about settle in Australia.

Relocating to a foreign country can be both thrilling and difficult, particularly when it comes to setting up a budget for your new lifestyle.

Let’s explore the major costs you should budget for when preparing for your move, from daily expenses to accommodation and visa fees.

How much money required to settle in Australia?

1. Visa Fees

Getting a visa is the first step to becoming a permanent resident of Australia.

The cost of a visa differs based on the kind of visa you are applying for, from one for temporary travel to one for permanent residence.

Indeed, the cost of skilled migration visas is usually higher than that of tourist visas.

2. Accommodation Costs

Accommodation is one of the biggest costs that you will face.

Housing costs can differ significantly depending on some factors, including location, property type, and size, whether you are purchasing or renting when you decide to settle in Australia.

You should expect to pay more for rent in urban areas like Sydney and Melbourne than in smaller towns.

Rent for a one-bedroom apartment (city centre): AUD 1,700 to AUD 2,800 per month

Rent for a one-bedroom apartment (outside city centre): AUD 1,200 to AUD 2,000 per month

Rental bond (typically four to six weeks’ rent): Varies depending on rent amount

3. Utilities and Household Expenses

You will also need to factor in costs for utilities like gas, electricity, water, and internet in addition to lodging. As these ongoing costs can mount up quickly, budgeting is essential.

To exactly estimate your monthly expenditure, research the average utility costs in the area you have chosen.

Electricity, heating, cooling, water (per month for 2 people): AUD 200 to AUD 300

Internet (unlimited data, per month): AUD 60 to AUD 100

Mobile phone plan (per month): AUD 30 to AUD 60

4. Transportation Expenses

In Australia, having a car is usually necessary, especially in places where public transportation is limited.

Set aside money for things like buying or renting a car, insurance, fuel, registration, and upkeep.

Alternatively, include monthly passes or fares if you use public transportation in your budget.

Public transport (monthly pass): AUD 130 to AUD 200 (varies by city)

Petrol (per litre): AUD 1.40 to AUD 1.80

Car registration (per year): Varies by state, typically AUD 500 to AUD 800

Read: Which Australian Visa Has No Age Limit?

5. Healthcare Costs

Medicare, Australia’s public healthcare program, offers subsidized medical services, but you might still have to pay for treatments and medicine out of pocket.

If you need more coverage, especially for services like dental and optical care that Medicare does not cover, think about getting private health insurance before settle in Australia.

Private health insurance (per month, for a single person): AUD 100 to AUD 200

GP visit (without Medicare): AUD 70 to AUD 100

Prescription medication (per item): AUD 5 to AUD 40 (subsidized with Medicare)

6. Groceries and Daily Living Expenses

The price of groceries, eating out, entertainment, and other daily expenses should not be disregarded. The cost of living in Australia varies based on where you live and how you live.

To effectively manage your expenses and make certain you are living within your means, create a monthly budget.

Groceries (per month for 2 people): AUD 400 to AUD 600

Dining out (per meal, inexpensive restaurant): AUD 15 to AUD 25

Entertainment (movie ticket): AUD 15 to AUD 25

7. Education Expenses (if applicable)

Plan your finances for educational costs like extracurricular activities, school supplies, and uniforms if you have kids.

During settle in Australia, with different costs and fees linked to each, Australia provides options for both public and private education.

Public school fees (annual): Varies by state, typically AUD 0 to AUD 500

Private school fees (annual): AUD 5,000 to AUD 30,000 (varies by school)

8. Emergency Fund

Finally, having an emergency fund is important for covering unexpected expenses and financial setbacks.

For complete financial security during your transition to Australia, try to save enough money to last for a minimum of 3 to 6 months without an income.

Bottom Line

The amount of money needed to settle in Australia may vary greatly based on your unique situation and lifestyle preferences.

It is important to conduct complete research, speak with experts when necessary, and make sensible choices to guarantee a smooth adjustment to your new life in Australia.

Read: Does Australia Give 10 Years Tourist Visa?