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  • Profile photo of frostsamfrostsam
    Member
    @frostsam
    Join Date: 2011
    Post Count: 1
    September 25, 2011 - 8:13 am

    Hello All,

    I started work as an PAYG IT contractor 8 months ago and still got 10 months to go my contract. Before that I was a full time employee for 2+ years. I am currently renting at $350 p/w in Melbourne . I have been saving some money and would have 45K saved in about 6 months times. I am looking at buying property in $450K range in six months times. Is there any bank who will give loan to a contractor with 90-95% LVR for PPOR or IP ?

    Thanks for your time.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    September 25, 2011 - 8:40 am

    Hi Sam

    Firstly welcome to the forum and i hope you enjoy your time with us.

    On the basis your former employment was also in IT i can think of a couple of lenders who might do the deal everything else being equal. Ideally though you would want to keep at 90% less LMI but other than that should be good to go.

    Cheers

    Yours in Finance 

    Richard Taylor | Australia's leading private lender

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    September 25, 2011 - 10:30 am

    Agree with Richard – we've had a few of these cross the desk recently and none have posed a problem. The banks seem to like IT professionals :)

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

Viewing 3 posts - 1 through 3 (of 3 total)

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