home loan for contract based workers?

Any general questions you might have in regards to loans and finance.
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afish
Posts: 63
Joined: Mon Jun 15, 2009 4:46 pm

home loan for contract based workers?

Post by afish »

Will I get accepted for a Home Loan if I'm only working on a contract base?
My wife is full-time employed, I'm contracted.

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Otto Dargan
Mortgage Specialist
Posts: 7729
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: home loan for contract based workers?

Post by Otto Dargan »

Yes it is possible to borrow up to 90% of the property value if you are a contractor and in some cases we are able to obtain a 95% loan however this is rare. You will be required to have 5% in genuine savings if you are borrowing over 85% of the property value.

Our main concern is the stability of your contract. Will it be renewed? Can you find other work if it isn't? We'll discuss this with you in depth to make sure that a home loan is suitable for you.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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