Those living in Sydney, Melbourne and Brisbane are at the top of list when it comes to mortgage stress, according to new data.
Let’s face it – we’re all feeling the pinch as the cost of living and interest rates continue to rise.
A new article from financial website Mozo says everyday Aussies are finding it harder than ever to deal with tightening economic conditions.
Commenting on figures from Otivo, Mozo says the spread of borrowers who are mortgage stretched has “affected a sizeable portion of earners across different income brackets, from those on about $1,133 up to $4,633 per week.”
“Pressure is building on more Australians after yet another hike in the cash rate was announced by the RBA,” it states.
“To make matters worse, according to a report by fintech Otivo, more than 100,000 Australians are set to fall victim to mortgage stress with the wealthiest suburbs set to be hit with the brunt of it.”
So, what can you do to help combat these increases – from the petrol bowser, to the checkout, through to mortgage payments and bills?Pulling back retail spending and tightening budgets is one way to address these financial stresses. However, the reality for most households is that they are already doing this.
Key to more savings: the side-hustle & second job ideas
More and more Australians are turning to second jobs (with the bonus of flexible work conditions where you can choose your own hours) to help combat mortgage stresses.
From rideshare gigs like Uber to food delivery services like DoorDash, people are able to boost their bank accounts, without compromising their work-life balance.
Laundry Lady is another work from home business option gaining popularity.
Established in 2012, the mobile laundry service has gained momentum in recent years thanks to a raft of award wins and wide range of customers (including busy families, businesses, sporting teams, and NDIS participants).
How it works – launch your own business today and start earning more
Laundry Lady is a pickup and delivery laundry service, where contractors (Laundry Ladies and Lads) work from their own homes using their own equipment.
After filling out the easy, online application form, prospective contractors are taken through the streamlined onboarding process, which includes comprehensive training and ongoing administrative support.
You take care of the laundry jobs (washing, drying, folding and ironing) and Laundry Lady takes care of the marketing and bookings through its award-winning portal and website.
What makes Laundry Lady different?
Unlike other franchise models which require significant up-front financial investment, Laundry Lady operates on a quick-start, independent contractor model.
For a one-off payment of $399, mums, dads, individuals, part-time workers and students can kickstart their WFH business dreams, all with the big-brand backing. Choose your own work days and hours, work part-time or full-time.
Laundry Lady has featured at national events like the Franchising and Business Opportunities Expo, and has taken home top accolades on the business awards scene.
Last year, Laundry Lady was named Trades and Services winner (large business) at the Sunshine Coast Business Awards, category finalist in Telstra’s Best of Business Awards (Outstanding Growth), and CEO Susan Toft won Corporate Business Woman of the Year at the 2022 Sunshine Coast Business Women’s Network Awards.
So, if you’re ready to beat the mortgage stress and boost your bank account, head over to the Laundry Lady Join the Team page and fill out the easy application form today.
With a team of 100+ contractors now working Australia-wide, we are looking to double our team. Ladies, Lads and partnership teams are welcome to apply.
