Hi all,
Im new to property investment, and im looking to purchase an investment property with view to renovate and sell for profit.
Currently employed in a permanent position with my current firm for over 2 years.
Im looking to get pre-approval for a loan with my girlfriend who is also in a fulltime role.
The current issue I have is I wish to change jobs, and in my field there are alot of Contracting Roles on offer for 3 or 6 month projects.
Does anyone know how the bank will look at me if im in a contract role? Contracts usually pay higher wages, but there is that risk that contract may be terminated, or not renewed.
Am I crazy to consider moving out of a permanent role for contract work?
CLoSeR
They will generally treat you as self employed and all you need is the last 2 years tax returns.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Will it matter if I havent been self employed for the past 2 years?
no, they won't actually know. As long as you have held the ABN for 2 years at least and are registered for GST for 1 year at least.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Actually they will know from the tax return – the location of the income. But if you have been contracting on and off and paye in between it should be ok.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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