How to Increase Your Income to Pay More Into Your Mortgage
When you’re in the market for a home loan or even paying off a home loan, you will realise that your borrowing power and how quickly you can pay off your loan all boils down to the state of your finances.
Your income will determine how much you can borrow and afford to pay towards your mortgage. But there are a few steps you could take to boost your income to reduce your home loan faster or even to improve your cash flow for a more comfortable lifestyle.
Turn your spare room into spare cash
Have you considered cleaning out that spare room or transforming the granny flat at the back into an Airbnb style accommodation? Or even renting out your house on Airbnb when travelling overseas could make you extra cash.
Check if you’re being underpaid
A good way to find out if your salary is on par with current market rates, is to research your industry. Speak to recruiters in your field to get an estimate of the salary range for your skill set in the marketplace. That could give you some leverage to make a case for a pay rise at your next performance review.
Acquire new skills
Don’t let a lack of skills hold you back from finding better paying job opportunities. Invest in yourself and learn new skills in your area of work. You could enrol in remote learning in your spare time and make yourself more marketable in the job space.
Get a new job
It can get comfortable in your job when you’ve got an established routine. But that could also mean you could be overlooked for a raise till you ask for one and your salary remains unchanged for a long period of time. And if your boss says “no’ to a pay rise, it may be time to get pro-active and look for a higher paying job.
Take up a second job
Look at turning your skills and spare time over the weekends into cash-earning opportunities. Could you drive an Uber in your free time or provide your skills on Airtasker? You might be surprised how much you could earn with your under-utilised talents.
Maybe it’s time for a career change
Sometimes it takes a complete change of career direction if your current role has limited prospects for career development and a higher income. With planning and research, you could feel confident about making a switch to a more lucrative career.
These tips are meant to be idea starters to get you thinking about ways you can improve your income. We hope you find them useful.
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of buying a home, you can contact us for information about the best options for you when it comes to your mortgage.