Mick G.
Elwood, VIC
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I’ve been a contractor for a number of years with regular clients and stable income. My question is why is it so difficult to get a home loan as a contractor?
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Mick, it shouldn't be that difficult. Lenders want to be able to evidence your earnings capacity to ensure you have the ability to repay their loan. The structure of your contractual work will depend on the requirements you need to show the lender that you have the ability to repay the loan. Usually you show 2 years tax returns & providing the income is consistent & adequate then it should not be too difficult. Plus there are other ways of structuring the loan.
Happy to discuss options with you.
Peter Dall
Mortgage Choice home loan broker
0414 583 233
Great question.
Self employed income is viewed by lenders as less stable and predictable than PAYG income.
There are lenders who cater for the self employed market however on average interest rates are higher.