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In the current cost-of-living crisis, home owners are boosting their income from side jobs and relying on help from family to keep up with their mortgages.
The latest instalment of the No Place Like Home report from Great Southern Bank (GSB) has revealed that Australian home owners are getting creative when it comes to paying off their home loans in the face of increasingly challenging economic conditions.
The bank highlighted that a “significant 67 per cent of home owners have started or are considering a side hustle, hobby business or a second job to help with their home loan repayments”, according to a survey of 2,000 Australians.
This trend is most popular among Millennial home owners, with GSB relaying 40 per cent of respondents plan to start a side hustle or hobby business, and 11 per cent plan to start their own small business alongside their current full-time job.
An improved sense of financial security is particularly prevalent among Generation Z respondents, with 42 per cent of respondents stating that they are better off now financially than they were two years ago.
Confidence also ran notably high among home owners, with 90 per cent of home owners surveyed expressing confidence about being able to pay off their home loan.
Chief customer officer at Great Southern Bank, Megan Keleher, said the bank’s latest findings indicated “continued hope and resilience among Australian home owners, despite current financial and economic pressures”.
“We know many small business operators are also home owners, so it is not surprising more Australians are considering side hustles or ideas for their own business,” she said.
Saving on housing expenses has manifested itself in different ways, with the bank also reporting that 7 per cent of Australians have either moved back in with family, or had their own adult children move back home.
A whopping 39 per cent of Baby Boomers still have adult children living with them and are “happy for them to stay forever”.
Looking towards the future, 58 per cent of parents with children at home believe their children will be able to buy a home between the ages of 26 and 35, with one in 10 home owners stating they will consider downsizing in the future in order to help their kids achieve home ownership.
“More than before, we’re seeing would-be home owners looking for ways to save money and achieve their financial goals, even if it means taking a longer-term view,” said Keleher.
“Our research confirms many home owners also want to be in a position to help their family members have the long-term financial security that home ownership brings,” she concluded.
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