All Topics / General Property / Contracting and finance

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  • Profile photo of cameronsmithauscameronsmithaus
    Participant
    @cameronsmithaus
    Join Date: 2005
    Post Count: 14

    Just curious if anyone knows what the go is if you were contractor with getting loans for investment purposes. I am currently employed full time with a private company but a contracting position has opened up at the place I am sub-contracted to which would be alot more money and could really help me out with getting deposits together. I was just wondering what the effect would be on myself getting loans for investment properties. I currently do not own any properties and wanted to hear from some contractors about their views on this issue.

    Cheers
    Cam

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    You would technically be self employed and would have to show tax returns for the last 2 years. I spoke to ANZ and St george this week about this topic and both indicated they would look at someone after 12 months.

    Homeside appear to be more lenient and will look at someone straight away if they are in the same industry as before and can prove they were earning similar money to before they were a contractor.

    Terryw
    Discover Home Loans
    Parramatta
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 2 posts - 1 through 2 (of 2 total)

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