How much can a mining contractor borrow?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: How much can a mining contractor borrow?

Post by Otto Dargan »

Hi Onixpected. Welcome to the forum.

We specialise in obtaining finance for people like you who work in unusual employment situations at mining companies

There are 2 types of contractors and this will determine your borrowing power and which lender you can qualify with
  • self employed contractors, where you are contracted to one employer and you pay your own taxes or
  • Pay as you go (PAYG) contractor, where your employer pays your tax and superannuation expenses. Either way, we have lender's who will treat you as if you are PAYG.

    It seems your overall application is strong - long term industry experience, substantial savings and a good income. All of this will definitely help with your overall credit score.

    Moreover, there is the possibility of extending your contract which is a good sign.

    Please call us on 1300 889 743 or enquire online to discuss your situation with one of our specialists. We'll let you know if you qualify!
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: How much can a mining contractor borrow?

Post by Otto Dargan »

Hi Onixpected,

This means you are intending to borrow a loan of over 90% Loan to value ratio(LVR) or 90% of the property value.

Bear mind that since your LVR is over 80%, you usually have to pay forLenders Mortgage Insurance (LMI), a one of fee charged by the lender that protects them in the event that you default on your home loan.

Lending policy around contractor home loans changes regularly so it's important to speak with a specialist mortgage broker that can present a strong case to the right lender.

You can speak to us today on +612 8068 2257 if you’re outside of Australia or on 1300 889 743 if you’re in Australia or enquire online and one of our expert mortgage brokers will contact you to discuss your situation.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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