I am desperate for some quick money raising ideas to pay my home loan arrears. So far I have sold a lot of items on Marketplace. I am on a pension and my interest rate has risen. I have been struggling so much lately. This is my last hope for ideas. So please help with sensible suggestions. If I can't sort this out, I've had it. Everything I worked so hard for will be gone.
Mod Note: Removed link - Solicitations for donations for personal causes and crowdfunding campaigns are not permitted.
Home owner asking the whole bunch of “statistically” renter for donation is a new kind of lolz.
I have only heard good things about the debt help line ( government operated debt advisory service). It might be best to speak with them before speaking with your financial institution. I'm sure your bank would be agreeable to restructuring your loan as long as you haven't defaulted on your obligations this far. Good luck.
Maybe OP prepared for the pension using all tools to get rid of assets to receive this income . eg Its fine to have millions in equity on the pension .
And Op made a slight misjudgement on his mortgage (especially with the interest rate rises ) to help this process.
Do you have any other assets/ real estate assets?
I've heard of many cases in my professional career where banks not foreclosing/ evict a pensioner with only the owner occ as their sole property. Media attention is not worth the while + the court is very sympathetic towards those crowd of people.
Long story short, talk with your bank and apply for hardship. Worse case, threaten to complain to AFCA for whateveryou don't like about them. AFCA regularly hold the Banks by their balls.
@berry580
My friend who has submitted a claim to Centrelink's home equity access scheme has been trapped in an interest only loan (line of credit) for 30 years.
Back then, NAB were spruiking the loans to owner occupiers as a fast way to pay of a mortgage compared to traditional principal and interest.
His current interest rate is 8.5%.
Sounds like irresponsible lending to me. 🤔
Interest only as the fastest to pay a mortgage?
Sounds like a lot have been lost in translation.
The quoted interest rate is within the ballpark of the current market environment. They can always ask for a rate review, it's free, easy and doesn't hurt.
If your friend genuinely feel like they've been wrong, I'd encourage them to talk with their bank directly first. If there isn't satisfactory resolution, touch base with AFCA.
Thanks I'll pass on your advice. 👍
Can you rent a room in your home? Quickest way to earn money.
Ok so this is a troll post people!
This is the only post they’ve ever made and they were trying to get people to donate to their personal charity account.
Honestly mods, you should remove this post completely. The OP disappeared as soon as you took his scam link away!
Troll posts are at least funny, sometimes. This is just a downright scam and absolutely scummy. Community should stop wasting their time trying to help this ratbag. I understand there’s a chance I may have it wrong, but lets be realistic.
Create a new account, put a sob story with a gofundme page and then disappear. Seeing a lot of these ones on Facebook/Twitter etc Scammers continue to evolve and find new ways of taking your money.
OP had certainly gone quiet….
Maybe send me money instead?
I…just want to say I like your username.
I'm toooooo oooolllddddd
I think the most cruel aspect of all these interest rate rises are the economists and media already broadcasting interest rate drops, some even starting by the end of the year. All the people in way over their heads with repayments are now just treading water just desperately waiting for the rate relief rescue boat that will probably never arrive. Ugh.
These rate rises have basically made my entire invested nw return 0.
They probably should have made better life choices.
Anybody affected by interest rate rises has been (probably unknowingly) stepping on the heads of others, so there is a limit to how much pity i feel.
All mortgages are money-creation tools, so by taking out a mortgage you are devaluing the currency. The banks are of course the primary culprits, but all us mortgage-owners are complicit.
Sure, "everyone does it" (me too), but the ~40-50% of australians that don't own their home and may not ever get a mortgage are getting their currency devalued on top of not ever getting their own home, so they've got it worse by default.
Prob gotta work for Uber or something
I'm actually happy to see a post like this. It means we are near the end of the rise cycle. Fingers crossed.
As for OP - call your bank and get put onto financial difficulty. They have many options, including payment pause, IO, rate reduction etc. They don't want to foreclose. You can get on a pause or tiny payment plan for ages. The consequence is an entry on your credit history.
Sell your boat.
Bikes… And the Perth Mint
OnlyFans
*OnlyGrans
Wow this guy posts yesterday gets all these suggestions and not even one response or thanks. This is no different from a phone scammer asking you to send money via western union etc.
The mods should ban this guy straight up.
He hasn't even come on since then. He's probably just posting same shit multiple places hoping to get lucky.
Uber eat driver, Do it.
Dont sell the house, then what? rent lol
Oh…I think this was some kind of Scam :/
Have you tried painting your toe nails and selling feet pics online?
How would one enter that market?
Asking for a friend.
onlyfans, heaps of ppl do it, 0.001% make it
As others have said. talk to bank NOW, waiting till you are in default is the worst thing to do and limits what can be done to help you. Get on the front foot with the bank and getting financial advise ASAP.
If you have a car, Uber can be a good side hustle however I am assuming it will impact your pension.
I would not sell the house. Rent is not exactly cheap either. Can a family help? How much are you behind?
Move to the country, far cheaper and nicer place. And yes theres plenty of jobs, country people in small towns arent starving, they are living better than all city people.
Get a job.
As others have said,get a job.
get your missis to join only fans, start off by getting her popular on tik tok or instagram, then link her onlyfans to those accounts, you will be rolling in the cash before you know it
also, get a job you excuse making (profanity), if you are younger than 70 get a job, don't say some bullshit like due to a back injury you can't work or some shit like that, the truth is, you are (profanity) lazy, now get a job, and stop smoking pot, if you are older than 70, please ignore this message, but if you are younger, no excuses, shame on you
I though OP retired at 30 and was worried about hiding his assets to get the pension in his house .
I think OP just wants to know the quick ways to make money. The rest just seems to be fabricated.
What sort of pension?
If your physically able to go back to work a couple days a week there is plenty of casual jobs out there.
Where i work there are 2 older gents sharing a full time postion and another guy who works for a few weeks then disappears for a month or two caravanning then comes back to see his kids and grandkids work a bit more then off he goes again.
Sorry but a quick fix isnt going to happen sounds like you should have been looking for a real solution 6 to 12 months ago.
Best solution in my opinion is get a part time or casual job, rent a room out and maybe some financial advice.
Looking for some other solution is just wishful thinking.
Some have suggested government housing but the waiting list for that is in years. I know someone who works in housing in Victoria and currently there's 7000 applications still waiting to be processed and I would suspect the vast majority are in a more dire situation.
Quickest way to raise cash is to sell, thereby avoiding more losses, but most of all to gain some peace of mind. Then, dust yourself off and sign a long lease on a property that is not quite big enough not up to your usual standards. This will save you rent, give you a buffer, and you can focus on appreciating what you have.
Genuine advice. Good luck.
Geez I've heard stories recently of someone with 7 rental properties and another one who's a single parent earns 130k a year and can't afford the repayments.
Op must be in deep
Rent out a room?
Live elsewhere for a time and rent entire property out on airBnB?
Fiverr?
Sell mini Dutch pancakes at a local market?
Sell property?
What would happen if everyone stopped paying their mortgages? They cant possibly evict us all? 😀
Sell your house mate, this is the intended purpose. Bring the housing market crashing down!!
Whilst inflation will never get fixed as businesses just keep raising their prices on false claims of "increasing costs"
More like "protecting their profit and growth at the expense of everyone else"
We all know costs arnt increasing, because like many of you all here I havent had a meaningful pay rise since before covid
OP has done a runner
Go bankrupt so I can buy your house for half what you paid for it. Why are interest rates increasing so slowly? Put them to 20% right now where they should be.
There are many ways to make money.
OP you would need to tell us your skills and past work for a useful discussion.
Whatever you do, don't post a link wanting donations as a digital beggar with a mortgage. That's not cool.
If you are half decent with numbers and have no interested in gambling then learn matched betting. Done properly you can earn 10s of thousands. There are 100 bookies and lots of tax free $ out there to be got. You will run out of things to sell and need something more sustainable.
This is going to be one of those classic, 'OP never replies, OZBargainers fight among themselves' posts isn't it?
As OP has not logged in since posting, commenting will now be closed.
650-700k property value!
Surely he has enough equity to buy a $350k property in a rural town (or smaller city) outright, without another mortgage, and live a slower paced life with savings in the bank.