All Topics / Finance / Finance for a self employed sub contractor

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  • Profile photo of bobsybobsy
    Participant
    @bobsy
    Join Date: 2007
    Post Count: 1
    March 9, 2010 - 9:43 am

    Hi

    I was employed by a company for a number of years on a full time basis. I have since left and registered a company in order to work as a sub contractor which I have been doing for the past few months. The line of work is identical to what I was previously doing.

    I have a property which I would like to sell in order to purchase a larger property. Details are:

    Current PPOR
    Approximate value: $700000
    Amount owed: $440000
    Equity: $260000

    New PPOR
    Looking to purchase for $950000

    Given the above, would I require a low doc loan? If so I wouldn't be able to purchase the new PPOR as I can only get a 60% loan being a low doc. Is there a way of borrowing 80% even though I am self employed?

    Looking forward to your replies.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    March 9, 2010 - 11:55 am

    Hi bobsy

    I am not convinced that you would need to the loan as a lodoc loan and believe there are a couple of lenders who would do it as a full doc loan given that you are in the same industry.

    i am assuming of course that you Contract to a single employer rather than half a dozen firms and the Contract is for a set period i.e 6 months / year etc.

    There would be a few other areas which would need clarification but assuming you can demonstrate serviceability i cant see too much of an issue with the right lender.

    Richard Taylor | Australia's leading private lender

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