Forums / Getting Technical / Finance / Obtaining loan whilst contract working

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  • Profile photo of bricmanbricman
    Participant
    @bricman
    Join Date: 2008
    Post Count: 22

    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 occupier

    Hope this makes sense, and someone can help me out

    Best regards
    Ian

    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 963

    Finance 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 Me

    Investment Focused Finance Strategist - servicing Australia-wide

    Profile photo of bricmanbricman
    Participant
    @bricman
    Join Date: 2008
    Post Count: 22

    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
    Ian

    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 963

    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
    Ian

    That’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 Me

    Investment Focused Finance Strategist - servicing Australia-wide

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