It's normal for older leaves to yellow and die off, as long as you're getting new ones at the top. When it comes to watering it's best not to go by regular intervals. As weather fluctuates water evaporation rates change as does plant up take of water. You need to check moisture in the soil and water as needed. It's best to have fast draining potting soil as then it's more difficult to actually over water the plant. You can also give it an occasional good flush with water to prevent build up of excess mineral salts from fertiliser. I'd use the slow release fertiliser when repotting, they don't need a lot. With the vagueries of Melbourne weather I'd be careful about leaving it out all the time this time of year. (I'm in Darwin but know how it can be down there).

The Bamboo Palm is Chamaedorea seifrizii and it's a multi trunked palm, so it will keep growing more trunks/stems (I have some with stems over 4 metres long). The Parlour Palm is Chamaedorea elegans which is a single trunked palm. So you have multiple plants in that pot. Due to competition from so many of them growing crowded together you'll have to expect some of the weaker ones to die off. That's normal. Otherwise, they're a good indoor palm and fairly slow growing. They can get up to a couple of metres tall, but you won't have to worry about that for quite a while.

Thank you for your reply!

I have been sticking my finger into the soil and going by that on roughly when I should water them, so I guess I'm ok in that department I just better not go to crazy. Is it ok to spray water on them aswell or is that to much?

I might go get some draining soil as suggested and repot the bamboo palm into that pot. Any tips on that or just pull it out and change it over. I have no idea what soil is used in them at the moment I just got them from the nursery.

I love my palour palm! It's awesome. I want it to stay that big forever.

A wooden skewer pushed down into the soil usually gives a good indication of moisture lower down. Spraying water is okay, some people put them in the shower. If your water is "hard" it can dry leaving stains/marks on the leaves. Putting them out in the rain is good, when temperatures are okay. Plants tend to really thrive in rain water, unless it's been heavily polluted. Nurseries sometimes pot in heavy soils to save on watering, reduces labour costs. But long term that can be detrimental to the plant. You can gently wash all the old soil out from the roots and replace it.

It's Parlour Palms (plural) so, as mentioned before, expect some thinning out over time.

Awesome thanks heaps for your advice tropicbreezent!

I will go with what you have said for the time being and see how i go! Hopefully i dont kill them lol.