Transcript

Can Contract Workers Get A Home Loan?

HOW TO GETA HOME LOAN IF YOU'RE A Contractor or Freelancer How much can you borrow? 90% 95% 100% of the purchase price. of the purchase price (if you are in a strong financial position). of the purchase price (if you have a guarantor). 5 types of contractors that can qualify for a home loan. If you're self-employed and contract to one main business: Did you know? Medical professional contractors may qualify for waived LMI and other What you need: Last 3 months invoices. significant home loan discounts! Last 3 months bank statements. Learn more about contractor home loans. 2 If you're self-employed and on a fixed term contract: Short to long term contracts are common for pay-as-you-go (PAYG) contractors. You will need: 2 most recent payslips. A copy of your contract. Are you an IT contractor? Are you a fly-in fly-out mining engineer? We'll go with a lender that understands that you can find new work if your fixed term contract ends. IT contractors are the most common type of white collar contractor that we work with and we consider them to be a low risk, We'll use your year to date income instead of your fluctuating FIFO pay as it better represents your income. Did you know? 1. An IT consultant in NSW can earn as much as $1,500 a day. Did you know? (ICT Salary & Employment Index, Peoplebank, Spring 2014) The average mining engineer contractor working in an underground coal mine in New South Wales earns between 2. Most people don't actually understand what you do at work so you must be important! $145,000 and $160,000. (Stellar Recruitment Salary Guide 2013-14) Find out why we're experts in IT contractor home loans. Mining engineers are eligible for discounted interest rates and waived LMI! 3 If you contract to multiple businesses: What you need: Last 3 months invoices. Last 3 months bank statements. Our mortgage brokers may ask for more documents. 4 If you're a subcontractor: You will need to provide: 2 years tax returns. Taxable income should be averaging the same. If you charge a daily rate, you don't have staff, and don't pay for materials then you won't need to provide many documents. 5 If you're a freelancer: Our lenders will assess you as a sole trader. You will usually need to provide: Last two years tax returns. If you're borrowing less than 80% of the property value, some lenders will accept an employment letter. Did you know? If you can't prove your income there's always a low doc loan. Our brokers are self-employed contractors themselves so they understand your situation! CALL US NOW and find out how we can help you get a home loan. HomeLoan 1300 889 743 experts info@homeloanexperts.com.au www.homeloanexperts.com.au

Can Contract Workers Get A Home Loan?

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Many Australians have chosen to take the leap into contracting and freelancing not only to secure better pay but to have the flexibility to work their own hours in an organisation that will better app...

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