Finance for a self employed sub contractor

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.

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 - richard@tayloredfinancialsolutions.com.au Tel: 07 3720 1888
Residential Mortgage Broker providing structured home loan advice for investors and owner occupiers all over Australia.
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