| Working on a contractual basis? Struggling to get | | | | no guarantee that the contract work will continue |
| a home loan approved because you don't have a | | | | in the long term. |
| steady income? These days the banks are | | | | Despite this fact, the right mortgage broker can |
| reluctant to lend to those who do contract work, | | | | help you find banks that are willing to lend to |
| even though they are often better paid and have | | | | those doing PAYG contract work, even if they |
| a higher income. Luckily there are mortgage | | | | can't prove that their future employment will be |
| brokers available to help you find the best lender | | | | stable. |
| possible to make sure that your loan gets | | | | Self employed contractors usually have to provide |
| approved with no hassles. | | | | full financial accounts of their business before |
| Typical work contractors are those working as | | | | lenders will approve their home loan. This can |
| either PAYG contractors, self employed | | | | often be a struggle. Luckily there are many home |
| contractors or sub contractors. Companies often | | | | loan options available for the self employed. Some |
| choose to outsource workers on a contractual | | | | banks treat the self employed like PAYG |
| basis during busy periods or sometimes to | | | | contractors. This means that you only need to |
| temporarily replace a permanent employee who | | | | provide proof that you have been self employed |
| has taken leave. | | | | for 2 years and that you have an income, profit |
| - PAYG contractors are employed by agencies on | | | | and savings. |
| either a short or long term contract. They are | | | | Sub contractors that work in the mining industry |
| similar to regular employees in that they receive | | | | are usually on a high income. However, the banks |
| normal benefits such as sick leave and | | | | view them as a 'higher risk' because there is a |
| superannuation. Often companies will pay tax on | | | | chance that when their contract terminates it will |
| the contractors behalf | | | | not be renewed again. However, brokers can |
| - Self employed contractors work for themselves | | | | ensure that your application for a home loan is |
| and not for a company. They deal with all the | | | | presented in the best possible way so that the |
| expenses of their business; pay their own wages | | | | banks can see that it is possible for skilled sub |
| and tax | | | | contractors to find alternate work in their industry. |
| - Subcontractors are those who perform duties | | | | Those working on a contractual basis and wishing |
| and obligations for a main contractor. People in the | | | | to get a loan for a home, investment or |
| mining industry are often under those terms of | | | | construction project should seek the right broker |
| employment | | | | to assist in applying to the banks. There are a |
| Those working on a contractual basis have | | | | variety of Low Doc loans on offer that mean |
| difficulty getting home loans due to their | | | | that minimal paper work needs to be provided in |
| fluctuating financial situation. The banks see | | | | order to secure the loan. A broker can assist in |
| contract work much like casual work and are | | | | finding a bank with the best rates that can help |
| often hesitant to approve home loans as there is | | | | get your loan approved with little stress or hassle. |