Video Transcription
Renting things for your home – Take a minute with your money
Renting things for your home. How consumer leases work. (sings) Take a minute with your money.
Hey kids, let’s check out washing machines in this shop here. Hey, do you guys need a washing machine? It’s your lucky day. I’ve got an amazing deal. For today only, you can get a flat-screen TV for only a little extra, and I can throw in a dryer for a little more. I’ll also add an Xbox for the kids for a special price. Sign right here, and you can rent it today.
Hold up, Bub! Hey, Aunty B! Always take a minute with your money, ’cause getting ripped off ain’t funny.
When you’re renting things for your home, remember these three things. Renting can be expensive. It might sound like a cheap option, but if you’re paying a little bit every fortnight for a few years, that can be really expensive. If you rent a $350 washing machine for two years, it can cost you more than $3000. And if you stop paying, you might have to take it back.
Only rent what you came for. Remember, you only came for a washing machine. Know your options. There are other ways besides renting to pay for things.
You could save for it ahead of time, or you might be able to get a Centrelink advance or NILS Loan.
What’s a NILS loan, Aunty B? That’s the No Interest Loans Scheme. That mob can lend people money to buy things they really need, like a fridge or a bed. Best of all, you only gotta pay back exactly what you borrow! To find out more about No Interest Loans, check out their website or call their hotline.
Great advice, thanks Aunty B. Look, Aunty B, we got a NILS loan to buy the machine.
Well done, bub. Now with money saved, maybe the kids can get that Xbox, and in the meantime, they can just play with this here box… he he he.
If you’re having problems renting something for your home, there are people who can help. Go see your local financial counsellor, lawyer, or financial capability worker. You mob might know these as money management workers. You can also visit ASIC’s MoneySmart website for more money tips or call ASIC’s Indigenous Help Line on 1300 365 957.
Video by Money Smart
