Your income is one of the key factors that determines your eligibility for a home loan. No surprises there, after all, you need to meet the loan repayments as well as cover the other costs of home ownership – and still have money to live on

If your current career doesn’t offer sufficient pay or prospects for wage growth, it could be time to devise a Plan B. It may be the ace up your sleeve that gives your income a boost while you enjoy a more rewarding role.

What is a career Plan B?

The days when we worked in the same job for life are over. Researchers estimate we could have as many as three jobs per decade, covering as many as five different careers before we finally hang up our work boots.

Having a Plan B for your career lets you take an organised approach to switching between jobs, roles and even industries. It may mean improving your current skills or broadening your talents through multi-skilling. But even if you’re not ready to embark on a new career just yet, learning new skills can mean better job prospects and better pay as well as delivering a boost to your confidence and self-esteem.

Working out your career Plan B

The first step to developing a Plan B for your career is to work out which of your skills can be transferred to other careers.

When you’re listing your skills, remember to include talents developed in previous jobs, or through sporting or community groups or even hobbies. For example, you may have acted as treasurer for your local soccer club. This has likely given you skills in budgeting and bookkeeping, which can be of value across a broad variety of careers.

Your Plan B may also involve developing specialist skills that complement your existing skill set. As a guide, recruitment experts say the growing influence of technology is increasing demand for finance workers who also have strong IT skills.

Bear in mind that ‘soft’ skills like leadership, good communication and team building qualities are just as highly valued as technical skills. Don’t be afraid to emphasise the transferability of these skills when you’re applying for new roles.

Upskilling and multi-skilling

Any gaps in your technical skill set can be filled through formal training, and there is no shortage of courses that can be completed remotely or in the evenings after work.

Vocational education and training (VET) can be a way to gain recognised qualifications across a variety of industries. However, you need to be sure you are investing in skills that will remain relevant. The rapid rise of technology and automation is likely to see the growth of jobs requiring specialist skills and specialist knowledge, and a useful guide of in-demand skills is the national skills shortage lists published annually by the Department of Jobs and Small Business.

Working towards a new career while you’re in your old job

There are other factors to think about for your next career beyond the prospects of a bigger pay cheque. Consider what matters to you and your family, and what steps you’re prepared to take to embark on a new career. Training and upskilling can call for an investment of time and money – be sure you’re prepared to commit both.

Lack of experience can be a stumbling block to switching between careers. Ask different companies if you can undertake some work experience, or consider joining a volunteer group to put your new skills into practice.

When you’re ready to embark on your career Plan B, put feelers out among friends and family and let them know you are hoping to break into a new field. Or pick up the phone and contact employers – many new jobs are never advertised.

For more practical tips on making the move to your next career take a look at the MySkills website or visit What’s Next.

Head to an expert for your home loan

The start of a new career can be exciting. But it pales in comparison to the thrill of buying your own home.

Talk to your local Aussie Broker to know exactly how your borrowing power may be impacted by a new career, and for expert help finding the home loan that’s right for your needs.