Side hustle earning Aussies more money than most
One side hustle that’s quickly growing in popularity is paying off big time for plenty of savvy Aussies.
With limited rental vacancy and rising housing costs, some Aussies have turned their spare room into an income stream that could make more than the average side hustle.
Housing costs were listed among the top three most stressful expenses according to 41 per cent of respondents in Finder’s survey.
The survey found that 77 per cent of respondents had at least one spare room, yet only 3 per cent were renting the room to a housemate.
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Richard Whitten, home loans expert at Finder said now is a great time to cash in if you have an extra room to rent.
“You could be missing out on thousands of dollars by not making use of your extra room,” Mr Whitten said.
The average cost of renting a room out is $300 a week, according to finder.
With many Aussies struggling to keep up with cost of living and rate increases, Mr Whitten said living with a house mate was better than missing monthly mortgage repayments.
Aussies are making more money than other side hustles including rideshare drivers, tutoring, dog walkers and selling pre-owned goods, according to Finder’s survey.
Food delivery drivers were found to make an extra $909 per month.
Respondents who were renting out their room were charging well below the average $300, at only $147 per week.
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Putting the money from renting out a spare room into your mortgage each month could significantly reduce the term of the loan.
At $147 per week and contributing that to the average loan size of $580,000 at an interest rate of 5.32 per cent, mortgage owners could decrease the term of a loan by 9 years and mortgage holders could save $205,000 in interest.
Mr Whitten warned doing your due diligence was important before taking on a roommate.
“Having a roommate isn’t for everyone, and the onus is on you to ensure it’s the right decision for your personal situation,” he said.
“Remember there are also other ways to make your mortgage repayments more manageable,”
Refinancing home loan with a new lender can potentially shave hundreds of dollars a month off your mortgage, according to Finder.
“You could also ask your current lender for a lower rate. Lenders often have better deals for new borrowers, while leaving existing customers on higher rates. It never hurts to ask,” Mr Whitten said.
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Originally published as Side hustle earning Aussies more money than most
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