Contractors as confirmed by other brokers are treated as self employed as so the best rates are after 2 years ABN (trading) and registered for GST (to show your turning over > $75k). Some lenders can provide after 12 months and some even after 3 months. So this is not necessarily about the rate but about having options.
Hi Saiprasad Thank you for your questionAs the others already mentioned there are difference factors to get a loanYour net income after tax is an important point, then how long are you a contractor with own ABN number, then how much own capital do you have. This are the main points before a correct answer to your questions could be done. Then how does your credit history look like? The position of the property in question would also be important, to establish how much deposit you need I would recommend you go to the HashChing enquiry page fill in the form and a broker close to you will contact you and answer all your question including the establishing of your maximum borrowing capacity Hope this is helping you All the best
Hello Saiprased, Thank you for your enquiry. We can accept 100% of your contract income as long as you have been at least 6 months in your current role or more than 12 months in same field. Your interest rate will be as low as 3.69% pa (4.11% pa Comparison rate) depending on your loan amount and the size of your deposit. Subject to eligibility. Standard lender terms and conditions apply. I will be more than happy to work through your current situation and financial position to establish your eligibility and pre approval.I look forward to serving you. Kind Regards, Evan
Hello Saiprasad, There is a number of factors that relate to your question.Length of time that you have been working as a contractor. Your current credit history. Cash funds available to put towards the purchase. How much borrowing you will need whether with in 80% lending value ratio (LVR) or higher which will require mortgage insurance.All these factors will determine the applicable interest rate. First we will need to have a full understanding of your financial position and also take into account your current and future financing objectives. Happy to discuss further with you.
Hi Saiprasad, there are various options available to you. The banks will want to know more about your income history ie how long you have been contracting, how secure is the contract. The best deal is really the one that suits your goals and objectives. It is best to discuss your financial position and objectives with a broker, if you would like to discuss further please contact me via my profile.
Hi Saiprasad. A good and very common question amongst us brokers. Short answers is yes you can get a fantastic rate for your first home. A few quick questions and we are good to go. I'm in Nth Melbourne if that helps :)Lee
Hi Sai, Hope you are well :)There are a number of options that will be available to you, the biggest factors that will impact the interest rates you will have access to will be:1. Loan Size2. Deposit Size3. Purpose for property (Place to live or Investment)Feel free to contact me and I am more than happy to give you a cost and obligation free consultation to run through your most competitive options!RegardsSelva Chetty
Hi Saiprasad, there are many options that may be applicable to you. However the best way to discovers this is by having an in depth conversation with a professional broker who can then recommend the best products to you.
I have a lot of clients in IT industry who are contractors. Happy to have a look at your employment contract and let you know which lenders may consider an application. Connect to us via HashChing if you would like to find out more.
Hi Saiprasad, you should be able to. The best lender will be determined by finding out a bit more about your employment history, for example how long you have been working as a contractor, how long your current contract is, the nature of your work etc and whether you need mortgage insurance for your lending requirements.
HI Saiprasad, Your issue isnt so much the rate but that your on contract, the banks will look to see how long you have been contracting for and what your credit history is like as well as how much deposit you have. The interest rate will be the same as for someone on a normal full time wage as long as they are satisfied with everything else. Feel free to call me if you want to go into it in more detail. Regards Chris
How long have you been contracting for? And were you PAYG before this. Depending on how you are set up, most lenders will treat you as self-employed so at a minimum may need 12 months History. There are exceptions to this rule, but a lender would need a full understanding of your financial position.
I can certainly look into this for you. Pleaseven get in touch and I will provide you with ano obligation free quote
LEO
Hi SaiprasadAs you can see by so many different responses, we all need to clarify some informationIf you are on a PAYG contract for at least 6 months , most lenders will accept your income, being a First Home Buyer means you can borrow up to 95% plus mortgage insurance (even with non genuine savings e.g. a gift from family) What is as important as interest rate , is can you service a loan (e.g. pass lenders serviceability) do you have sufficient savings of gifted mones and what features of a loan will be more beneficial to your situation. Once any broker determines all of these , then you can discuss interest rate If you message me I am happy to discuss in more detail as there are many factors to consider first