Hustling for a home loan? How shift work can help and hinder your application

“Side hustles” have long been a way to diversify and compliment your primary income stream and many of us who have felt the financial squeeze of COVID-19 may have looked to side hustles to help make up for sudden short falls in income.

So what effect, if any, do all those uber eats shifts have when applying for your home loan?

We asked two of our expert brokers to weigh in. The bad news If you’ve recently started a side hustle and were hoping to include it as an income in your home loan application, it is unlikely this will be a successful strategy. Amanda Denham, UNO broker, cautions “unless you have 2 years of ABN and tax returns it is very unlikely that lenders would consider side hustle incomes. Especially in the wake of COVID, restrictions with self-employed are even bigger and there is not much room for us to negotiate on that as lenders are updating their policies with stricter requirements, unless combined with a long term, stable PAYG income application.”

The good news

But it’s not all bad news for your side hustle, UNO broker, Jay Ahluwalia, says the upside to having a side hustle is “Where a side hustle can come in handy is to build up a deposit quicker or to pay down existing debts. A side hustle is something that can bear fruit with patience and planning. Set aside an account for everything you generate from the side hustle, to build a bigger deposit or knock out other debts. If you can bring down your LVR it can mean a better interest rate, less interest paid over the life of the loan and perhaps a lower LMI.”

The verdict

While you won’t be able to claim your recent side hustle as a reportable income on your home loan application, don’t put down your delivery bag just yet. Side hustles can accelerate your savings for a deposit and ultimately help you pay less over the life time of your loan. If you need help getting started with your home loan application, our expert broker team can help, click HERE to book a time to speak with one of our home loan experts. We’ve also compiled a helpful toolkit for First Home Buyers that answers all the important questions you need answers to – and more – to help you make sure you’re informed and in the best position possible when you’re ready to make the leap and buy your first home. Start your journey here with our Guide to Buying Your First Home. Book a call in with UNO

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What our customers are saying

Gabe Windsor
October 26, 2023
What a fantastic experience using UNO Home Loans. Mike Parsons and the team were exceptional. Such an easy, hassle free experience, cannot recommend them highly enough. Mike Parsons was in touch every step of the way, and with him doing all the leg work, the transition to a refinanced home loan was a very easy one. Thank you!
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July 1, 2023
Scott Wilkinson has been fantastic when dealing with my broking needs. He has held my hand through every step of the way and has made purchasing my first home a much more comfortable experience than I anticipated.
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July 1, 2023
Awesome team, Very reliable and friendly. Scott Wilkinson is very experienced and knowledgeable.He guided us throughout the process and was available to help.
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June 1, 2023
I have worked with Scott Wilkinson to get my home loan and he has been a massive help to navigate my first home purchase. He has taken care of all the financial details and I didn't need to worry about anything. Highly recommend him for his professionalism, patience and support!
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June 1, 2023
You won’t find any broker better than Anita at UNO. We’ve told all our friends and family about her and will be using her for all our mortgages in the future! A stress free process from the start. She listened to our needs and was always available.
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Ashley Morson
We are truly grateful for uno home loans and our broker Karis Churchill. This is our second time purchasing a home with the help from Uno and both times have been a very positive experience. Our recent purchase had many obstacles due to different factors however it was our dream home and we were up for the challenge. Our broker Karis was a true support and went above and beyond. She communicated so well with our solicitor and the real estate agents. She kept us updated through every step and kept us motivated when things seemed impossible. Uno is very fortunate to have Karis as a broker and we would highly recommend her to anyone. Our family are so happy we are now in our new forever home. Thank you so much Karis and to the uno team!!!
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Thank you Eren for your quick and efficient turn around time to getting an approval for a loan. Will be recommending you to anyone that needs a quick and reliable loan.
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