Are You Eligible For A Contractor Home Loan?
Wondering if you qualify for these benefits? Here’s what you need.- Employment: PAYG contractors typically need 12 months in their role, while self-employed contractors require 2 years of income evidence.
- Citizenship: You must be an Australian citizen or permanent resident.
- Financial History:A clear credit history with no defaults is essential.
- Property Type:The property should be a standard residential home in an eligible location.
- Deposit: A minimum 10% deposit is required, plus around 5% for upfront costs like stamp duty and legal fees.
- Contracted Employees: Fixed-term workers with PAYG-like conditions, receiving regular wages with taxes, deductions, and super managed by the employer.
- Independent Contractors: Self-employed professionals operating under an ABN or ACN, paid for services or results, like freelancers.
Documents Checklist
PAYG contractor
- Provide your three most recent payslips (dated within the last month of your application).
- Payslips should include Year-to-Date (YTD) income or base salary.
- Older payslips (up to 4 months) are acceptable if supported by an additional document.
- Submit a recent bank statement (last 3 months) showing salary deposits and account activity.
- If YTD income isn’t shown or reflects less than 2 months, include a PAYG summary.
Self-Employed Contractors
- Provide as many invoices as possible.
- For the cheque account where payments are received, include the most recent
- Older payslips (up to 4 months) are acceptable if supported by an additional document.
- A copy of your contract.
- A letter from your employer.
Employment Contract standards
- Applicant name.
- Remuneration amount.
- Offer of employment date.
- Employer name and ABN (where applicable).
- Evidence of contract acceptance.
Why Choose Home Loan Experts?
At Home Loan Experts, we specialise in securing mortgages for contract professionals. Here’s why you should trust us:- Flexible Lending Solutions: We match contract workers with lenders who appreciate your income structure, helping you access competitive rates and maximise borrowing potential.
- Comprehensive Support: We guide you through gathering and presenting the right financial documents to strengthen your loan approval chances.
- Proven Success: Trusted by hundreds of contract workers, with proven results in securing home loans across diverse contract employment scenarios.
- Personalised financial strategies: Receive detailed loan comparisons, cost analyses, and cash flow management strategies designed specifically for teacher salaries and employment contracts.
- Broker for life: Our relationship doesn’t end at settlement. We’re here for the long haul, assisting with refinancing, accessing equity, making extra repayments, and any loan variations you might need.
See what our clients have to say
We had a very complicated case, I am a contractor on a casual contract and my fiance was looking after our little one full-time. The Home Loan Experts team handled our case from start to finish and the service was EXCEPTIONAL!
I’m thankful to Home Loan Experts for their excellent service we received. Although our situation was not easy and we had a contractor situation, they looked into our situation very thoroughly. They were very responsive whenever you called them or wrote an email, they provided regular updates on the application progress. I strongly recommend Home Loan Experts as your mortgage broker.
I have been asking for advice from Home Loan Experts for over 2 years as I am a contractor and securing a loan from the bank is quite complex. I actually was researching and discussing options with 3 other brokers at the same time, and Home Loan Experts mortgage broker was always the most caring and provided the best products. I got a better rate than I thought possible, and the team really put my mind at ease.
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Enquire with us.
Fill out our online assessment form o see if you qualify for the Contractor Home Loan benefits. Prefer a chat? Call 130 889 743 to speak with a friendly expert today -
Understand your situation.
Our team includes home loan specialists who are well-versed in the unique financial challenges and opportunities faced by contractors. They will guide you, assess your eligibility, and answer any questions you may have. -
Secure your perfect home loan.
Your unique employment situation as a contractor requires a specialised home loan. We’ll work with our network of lenders to find the perfect fit, so you can move into your home faster.