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Finance companies that are happy to deal with contractors?

Discussion in 'Property Finance' started by quoll, 4th Aug, 2015.

  1. quoll

    quoll New Member

    Joined:
    4th Aug, 2015
    Posts:
    2
    Location:
    Mid Coast - South Australia
    Just wondering if anyone has had good experience with brokers or actual companies that make it easier for IT contractors to jump through the hoops and get loans approved ?

    I've been bashing my head against the doors of the big 4 and a few smaller brokers with no luck.

    Cheers
    Graeme
     
  2. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    18th Jun, 2015
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    Location:
    Sydney
    A quality mortgage broker with independence from a major is an essential.
     
  3. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,107
    Location:
    Melbourne, Nationwide
    If you're shopping every bank, you're going to trash your credit score.

    IT contractors have very little trouble getting finance with most lenders as long as they've been consistently employed. I've had clients who have gone from one 3 or 6 month contract to another have little trouble getting finance, as long as they don't have an extended period of unemployment between contracts.

    The easiest way to show consistent employment is retain copies of your employment contracts and group certificates. Lenders will often ask for these types of documents for full time employees.
     
  4. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    18th Jun, 2015
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    Location:
    Sydney
    Questions:

    1. Are you getting paid as a PAYG or to your ABN?
    2. Is the LVR over or under 80%?