All Topics / Finance / Refinance when just turned self employed

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  • Profile photo of Old School SkataOld School Skata
    Member
    @old-school-skata
    Join Date: 2001
    Post Count: 52
    March 8, 2005 - 5:45 am

    I have a block of units in Mt Isa bought 16 months ago financed through a Fixed IO loan ($54K) and LOC ($78K) through Colonial.

    In October 04 i went from an employee to starting on a contract where the company i was working for started to pay me like a contractor – so essentially self employed – same job, same office just different pay arrangements.

    If i attempt to refinance my LOC on the units to draw down equity, will i run into trouble with Colonial because i am now self employed and have an application declined?

    Hope you can help

    OSS

    Profile photo of MortgagemanMortgageman
    Participant
    @mortgageman
    Join Date: 2004
    Post Count: 164
    March 8, 2005 - 6:08 am

    Hi Old School,

    It shouldn’t be a problem as long as you can provide details of the new contract and verification from the employer that you are essentially performing the same role but with different pay arrangements.

    Cheers,

    Mortgageman

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    March 8, 2005 - 6:58 am

    I think you shouldn’t have too much trouble, same employer etc.

    I’ve put someone through ANZ like this and was OK.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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

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