Can Airbnb save Australians facing the ‘fixed rate cliff’?

She explained that “the current environment is the worst possible mix for those locked into a fixed rate approaching its end of life,” with budgets set to squeeze as “these fixed rates wear off.”

In a surprising twist, some of these mortgage holders are turning to Airbnb and other STRA platforms, including Stayz, to boost their incomes by either moving back in with family so their home can permanently switch to Airbnb or providing services on the platform part-time, Ms Porter revealed.

“Savvy part-time Airbnb users simply do mini-stays with family and friends or go camping to free up peak times and maximise their revenue,” she said.

Income garnered from short-term rental accommodation leasing is dependent on several variables, including the property’s location and the time of year. However, if optimal conditions collide, home owners can potentially earn “hundreds or even thousands of dollars a night.”

“In the permanent rental market, you will typically get 3 per cent net returns, but rates are close to double this, so the return doesn’t even make a dent in the repayments,” she said.

“Airbnb can achieve much higher returns for the right property and the right location, helping some people cover their whole repayments,” she added.

However, she cautioned that short-term rentals are not a silver bullet to cure home owners’ present and looming financial woes. Ms Porter recommended those struggling to stay afloat be “upfront with [their] bank.”

“Don’t ignore the problem as it will only get you in deeper,” she said, adding that “now is the time to get your accountant involved to do a crisis cash flow management plan, which could be key to staying afloat.”

Despite market conditions suggesting a wider downturn is hitting the Australian property market, certain regions are holding strong, leading to a prime opportunity for home owners to approach their agent and gauge whether they’d be able to sell at a reasonable price.

“Consider selling as an option, but keep in mind there is no need to tell the agents you are in financial hardship.”

“This is the time to look at what else you can buy for less or look into renting and what this would cost you,” she said.

Ms Porter concluded that home owners shouldn’t “leave selling to the last minute or you will get a lower price” and to leave “as much time as possible to sell and factor in a decent marketing campaign.”