Hi Nicola,
I am no longer active on the HUBB because of selling my bike in the UK before coming over to Australia to study for a few years and find a way to stay over here... but a friend sent me your post. Welcome!
Indefinite travels... now that is the way to do it!!
I got my motorcycle license in London in my mid-20s, bought a bike (which had to be test rode by a friend's boyfriend, because they wouldn't let me take it out, what with being such a newly-licensed rider), and was travelling around Europe and Eastern Europe a few weeks later. I travelled initially with a female friend, but did the bulk of my journey solo.
Your EU passport will make travelling in Europe very easy - so make sure it's in a safe place!
I ensured that I was equipped to travel offroad if need be (I never want to be in a situation that I couldn't go somewhere because of being limited by my bike). I ended up doing very little offroad though, which was fine by me because of my inexperience.
Bike maintenance was a bit of a worry for me because, like you, I also didn't know much at all. I did what I could before travelling to make sure that I could do a basic service on the bike (oil, filter, spark plug change) and knew how to maintain the bike to make sure that it would get me everywhere safely (just chain lubrication, tyre pressures and regular oil checks). I just crossed my fingers and was of the view that I really wasn't going to be anywhere remote enough not to get help if something happened and I needed help. Get your bike serviced and checked before you head off, mentioning to the mechanic that you are setting off on an adventure and are a green, girlie biker (they are usually very helpful and make sure that the bike is looked at properly for you). I had a small tool kit with me, which wasn't really used. If you are sticking to the roads you may not even need to worry about replacement inner tubes (which I had with me all the way and gave them away when I sold the bike).
Your daily budget of 60Euro will be okay if you are thrifty and camp most of the time (eating out can get through a fair whack of that, so organising your own food will make that last a lot longer). I preferred camping because it meant that I could be totally self sufficient. Camp sites can sometimes be a bit removed from the main cities though (or have been completely built over and no longer on the map lol). Are you travelling with a GPS? I used paper maps... and wished regularly for a GPS
Your bike: I would seriously consider buying one over there with the view of selling it before you head back to Aus. I have looked into getting a bike in Australia (many times lol... lots of daydreaming) and there are many more options in London and it will be cheaper (the bike will be cheaper and you won't have to pay shipping = more money for travelling Yay!). Also, distances in Europe are a lot smaller compared to those in Australia, so bikes there tend to have lower mileage and are generally not put through quite as much as their Australian counterparts.
Your travel plans are totally possible! If you can dream it, you can do it
I'm not regularly on the HUBB, but you can absolutely email me if you would like to (michelle underscore underscore clark at hotmail dot com).
Happy travel planning! (so exciting!)
Shells
(thanks to Mick for sending me Nicola's post)