– By Julie McKewin, Director of Finance
While there may be exceptions to the rules, if you work in the world of contracting, below is a general guideline of how long you should be in your current role if you are looking to borrow money to buy a property;
* in your current role for a minimum of 6 months if working full-time.
* working on a casual basis, minimum of 12 months in the same industry with no gaps.
* if there is a probation period, you should wait until the probation period has passed.
* if you are borrowing more than 80% of the property value, which means you are in Lenders Mortgage Insurance territory, then you are looking at a minimum of 12 months in the same role or industry on a continuous basis and outside of any probation period.
If you operate under your own ABN, then you’ll need a minimum of 2 full years trading figures.
Everyone’s situation is unique and different.
If you would like to know if or how you can borrow to buy a property and what are your options, call me on 0497 999 901 for an obligation free assessment of your unique situation.
We have access to over 30 lenders and do home loans, first home buyer loans (including construction), investment & commercial loans, SMSF loans, asset finance, personal loans and general insurance.