Hi everyone
Currently have a loan with St George bank for $375k on a 2 bed unit in Carlton-NSW and LOC for $73k.
I want to either upgrade to a house or sell up and invest elsewhere. Currently I am working on a contract/freelance basis and paid by a recruitment agency (Hays). When i approach the bank they want to see PAYG payslips from the company that i work at, is there any alternative lending?The plan would be to sell current property, walk away with $300k cash and purchase a small semi in the same area ($900k). In order to do this i would need to borrow an extra circa $200-250k
$375 current loan + $250 top up loan + deposit $135k + $73k LOC = $833k
Breakdown of new LOAN OF $833k – $300k cash = $533 total borrow
deposit only 10% as owner occupierHope this makes sense, and someone can help me out
Best regards
IanFinance for workers who are contractors isn’t that difficult – it just comes down to the way the contracting arrangement is structured and then finding the path of least resistance. Generally contractors will either be:
*fixed term employee contract (fixed hourly/amount for a set period of time, paid to a TFN as an employee NOT an ABN)
*day rate employee contractor (fixed hourly rate with no guaranteed hours, paid to a TFN as an employee NOT an ABN)
*self employed contract (paid in any variety of hourly, set amount of otherwise, paid to an ABN as a contracted business)Depending on how your exact situation is will determine the best way to present this and which lender – as some lenders are a lot better for these scenarios than others.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
Thanks for the advice Corey
I am the middle option (fixed hourly rate with no guaranteed hours, paid to a TFN as an employee NOT an ABN).
I am basically a freelancer. Can your company help me out in this situation, if so what do i need to provide as a starting point.
Best regards
IanThanks for the advice Corey
I am the middle option (fixed hourly rate with no guaranteed hours, paid to a TFN as an employee NOT an ABN).
I am basically a freelancer. Can your company help me out in this situation, if so what do i need to provide as a starting point.
Best regards
IanThat’s not too difficult – it reduces the options available but definitely still possible.
Feel free to contact us via http://www.precisionfunding.com.au/ and you can have your situation looked at.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
Contract employment is quite common – and certainly doesn’t preclude you from borrowing.
Factors that come into play are the size of your deposit, the length of time you’ve been in the industry you currently work in and the duration of your contract.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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