How difficult is it for contractors to get a home loan?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: How difficult is it for contractors to get a home loan?

Post by Otto Dargan »

Hi ryanh,

Contractors are typically treated like casual employees by the banks. This is probably one of the reasons why your friend was declined by the bank.

Contract workers are considered to be in a very unstable employment arrangement with a high chance of having their contract cancelled, even if they are employed through a major contractor management firm such as Contract1 or Ambit.

However, assessment also depends on what type of contractor you are, e.g. a subcontractor and your specific employment situation. As long as you can prove your income as well as future employment stability through a letter of employment, you should not have any major problems applying for a home loan.

If you want know more about these then you can check out our website. You can also speak with one of our expert mortgage brokers directly by calling 1300 889 743 or by filling in our free online assessment form. Same goes for your friend :)

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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