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Additional income to increase serviceability?

Discussion in 'General Property Chat' started by klabat, 17th Aug, 2016.

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  1. klabat

    klabat Well-Known Member

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    Hi guys,

    Just wondering what people are doing on top of their jobs to increase their income...


    For example, I have been taking up bartending on the weekends to kill some time and save for a deposit on my new house.
     
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  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    I've heard some people do Amway, but seems like a good way to lose friends.

    Bartending could be ideal for that situation. Also see if you can do overtime or earn bonuses where you currently are?
     
  3. Air_Bender

    Air_Bender Well-Known Member

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    You can say that again. A couple of friends of mine are currently promoting herbalife and worldventures on facebook and they're just inundating my inbox with meetups and how I'll be missing out on the opportunity of a lifetime if I don't get in now.

    ...yeah...right.
     
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  4. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Ask your employer for more money.

    Cheers

    Jamie
     
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  5. JohnPropChat

    JohnPropChat Well-Known Member

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    Things that didn't work for me:
    Making money out of apps
    Some ad-hoc work in the weekends. Too much work for not much money
    Buy low and sell high random stuff

    What did work for me:
    Go around work and finding simple solutions to general problems
    Putting in extra effort to get a pay hike.and bonus
     
  6. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Keep in mind that things like share trading, making money from an App, writing a book, etc, are all essentially ways of becoming self employed.

    Commendable and if it works out it can help generate cash flow and help save a deposit. It doesn't add to your serviceability until you can demonstrate it via a couple of tax returns. It's probably not going to help you borrow more to buy a more expensive property, rather it'll just help you get the deposit together.

    Many lenders will also want to see consistent employment over an extended period in a second job if you're trying to improve servicing that way. 12 months isn't uncommon.


    My wife and I traded shares to help get us into our first two properties. The market was dropping at the time, it made shorting tech stocks easy.
     
  7. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    Second and third job would be what I would be doing as well as OT with full-time job when available. Would rely only work if you where single with little or no responsibilities.

    I have a young Doctor client who works full-time in a hospital and as a Locum at night in order to get ahead, and that he is.
     
  8. trinity168

    trinity168 Well-Known Member

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  9. Taku Ekanayake

    Taku Ekanayake Well-Known Member

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    I do Uber on Friday nights after work and Saturday - generally do 15-20 hours per week. Pre-tax I make around $650-$800 over the weekend.

    It's so easy to make money in your spare time these days. Other new concepts such as Deliveroo, Airtasker, list goes on...
     
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  10. Air_Bender

    Air_Bender Well-Known Member

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    I picked up a second casual position on top of my full time job back in the days when I seriously started to save for a house. That casual position turned into a permanent part-time role which I'm still doing to this day even after purchasing my PPOR.

    I'm currently hammering down the mortgage through additional payments and still putting money away for an investment property sometime in the near future.

    No secrets here. Just hard work.

    :)
     
  11. Beelzebub

    Beelzebub Well-Known Member

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    I gave some serious consideration to this; in the end I was too concerned about issues with insurance etc.
     
  12. Mac Fields

    Mac Fields Well-Known Member

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    Not sure about the current tax rates but aren't second, third jobs etc taxed at 50% rate??

    Lots of great ideas here.
     
  13. Taku Ekanayake

    Taku Ekanayake Well-Known Member

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    @Beelzebub there is insurance specifically for Uber drivers - only a handful do it incl. NRMA and Allianz

    I use Allianz and pay $90/month. Only $30/month more than my regular insurance.
     
  14. House

    House Well-Known Member Premium Member

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    Depends on your total taxable income but it will be taxed at the marginal tax rate (48%) and after income is normalized you could get a refund if you pay excess tax.

    Looked into a second job for an extra $20k per year but after tax it was only working out at an extra $200/wk after tax to give up a year of weekends... So looked at where I could save money instead and decided to start bringing lunch to work and a few other things like that but also gave up my one vice of the weekly bottle of expensive single malt scotch. Saved the $200, kept my weekends and stayed on my partners good side :D
     
  15. Indifference

    Indifference Well-Known Member

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    What the....? 48% tax you say...pffftt... No.

    You pay tax at your marginal rate. For example if Job 1 pays you $90,000 then the first dollar of Job 2 is effectively dollar 90,001 so that's 37c tax plus medicare for that dollar. Unless your income is already at 180k, then you won't be at the top marginal rate of 45c (plus current levies) until that threshold is reached.
     
  16. bob shovel

    bob shovel Well-Known Member

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    Im working with the census. ..Unfortunately things didn't go to plan so there's some down time atm :(
     
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  17. Indifference

    Indifference Well-Known Member

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    Are you trolling or do you geniunely have no clue about the basic premise of the Australian tax system for individuals?

    Where does this 50% tax rate idea come from? Please stop talking to clueless idiots at the local pub..... and I suggest you Google "individual income tax rates" and select the ATO link.......
     
  18. ellejay

    ellejay Well-Known Member

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    That looks like a good gig, along with voting. Not a bad way to earn quite decent extra cash for what seems like little effort. Wouldnt help servicability though? Apart from the whatsit would you recommend it?
     
  19. bob shovel

    bob shovel Well-Known Member

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    Yeah it's been fun. Not huge dollars but interesting enough. Good use of apps for us working on census, no orators issues for me, enter the address and scan a barcode. Well thought out i think.

    I'm in 20% of the country that got the forms delivered by hand, not just the net login page that was mailed in the city. So i got to pound the pavement delivering and chatting to elderly ladies and chased by a few dogs! :)

    I think the city officers now go out door knocking to give everyone a hurry up and leave a reminder
     
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  20. ellejay

    ellejay Well-Known Member

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    [QUOTE="bob shovel, post: 265550, rs but interesting enough. Good use of apps for us working on census, no orators issues for me, enter the address and scan a barcode. Well thought out i think.

    I'm in 20% of the country that got the forms delivered by hand, not just the net login page that was mailed in the city. So i got to pound the pavement delivering and chatting to elderly ladies and chased by a few dogs! :)

    Chatted to a retired guy doing the voting in Bateman's Bay. He was livin' the dream ;) Seriously you're falling over opportunities in Aus to make extra pocket money. I honestly think you can retire pretty cheaply and live extremely well.