All Topics / Finance / Migrant + Contractor or 1st loan

Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of annieleeannielee
    Participant
    @annielee
    Join Date: 2011
    Post Count: 4
    March 23, 2012 - 9:11 pm

    Hi,

    I’m new to the forum and hope to get some advise on my 1st property that i would like to purchase in 6 months time…

    Some of my info as below…

    I got my PR in 2008 and came to Oz and started working as IT contractor for 1.5 years (2 different job), then i went back to my home country due to family issue for 2 years..(but found an IT job in a reputable MNC) Came back to Oz recently, and got a job as IT contractor (again)..

    My concerns is whether can i get a loan in 6 months time ? I do have some savings over the year, will have about $40k and hope to get a $400k loan .. but worry about my employment history and im still a contractor now..

    I dont have a credit card or loans now..but i do when i first came here in 2008..(already cancelled) not sure whether that will be counted or not..

    Thanks in advance…

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    March 23, 2012 - 10:28 pm

    Hi Annie Lee

    If you can provide a couple of years of constant work history within the IT industry than you should be able to get around that hurdle. It will also depend on the length/conditions of your contract.

    Having said that though – you're looking at a 95% lend on an IP, so your application needs to be very strong.

    I assume your either a permanent resident/citizen given that you purchased a PPOR in 2008?

    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]

    Profile photo of annieleeannielee
    Participant
    @annielee
    Join Date: 2011
    Post Count: 4
    March 23, 2012 - 10:35 pm

    Hi Jamie,

    Thanks for your prompt reply..

    I’ve been in the IT industry for about 8 years..but only accumulated 2 years (by the next few month) in Oz and its contractor for 6 months and 1 years contract only..which im afraid will be worrying for the banks..

    Sorry, i’m still trying to read most of the post here, but what is PPOR ?

    I’m looking to borrow 90% since i can afford for 10%….

    Thanks in advance..

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    March 23, 2012 - 11:53 pm

    Hi Annie

    PPOR is Principle Place of Residency – an owner occupied house.

    I've confused you because I read "PR" above as PPOR – but of course you meant Permanent Residency.

    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]

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    March 24, 2012 - 12:50 am

    Annie, even at a 90% lvr some lenders / mortgage insurers will have a problem with less than 2 years contracting.

    Easy answer is to flick Jamie an email when you are ready to go and get him to sort it out for you.

    Why not get a professional on the job.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of annieleeannielee
    Participant
    @annielee
    Join Date: 2011
    Post Count: 4
    March 24, 2012 - 1:19 am

    Hi Jamie,
    Thanks for your clarification, yes it will be my PPOR.

    Hi Richard,
    Not that i dont want to get a full time job, but most IT companies prefer contractor..(i guess) I dont mind getting a perm job even with lower pay than my contractor pay..

    Thanks..

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    March 24, 2012 - 1:57 am

    Hi Annie

    Yes i fully understand. 

    I have dozens of IT clients in the same boat and a lot that have come over from the UK and have only been contracting for 12 months or so. As i say i dont think it is an issue it is just not accepted by a lot of lenders.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of annieleeannielee
    Participant
    @annielee
    Join Date: 2011
    Post Count: 4
    March 24, 2012 - 9:27 am

    Thanks for your advise, Richard..

    I’m praying i will get converted to perm later.. :-)

    Guess i can only buy next year, if that’s the case..

Viewing 8 posts - 1 through 8 (of 8 total)

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