Loans for the Self-employed Contractor

April 15th, 2010 42 Comments
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Running a business is very unpredictable with its highs, lows & unique challenges.   Every good businessman knows that sales cannot be up all the time, and that while you may be down and out now, a possible opportunity for solid profits can be just around the corner.

There are times that it is very difficult for those who are running their own business to get a home loan.  The income earned may vary, and because of this, banks and lenders see these contractors as too high a risk, unless they can provide the requisite documentation and proof of regular income.

When compared with those who are regular PAYG earners, these contractors will have a hard time getting a variety of loans.  In fact, PAYG earners often have more loan choices than ever, while those who have their own businesses can rely only on a few types of loans that are usually low doc loans that require minimal documents but have high interest rates.

This is an interesting situation considering that many self employed contractors working in either the Mining or IT industries. Both of these industries are renowned for their constant labour shortages! Is there really a risk to a bank that you will be out of work? The real problem is that because you invoice your employer and don’t have any “guarantees”, you simply don’t qualify for the requirements that the banks look for.

However this does not mean that contractors who are self-employed cannot possibly get a loan.  Some banks will offer low doc loans to self employed contractors & freelancers. In addition to this some specific lenders can offer a contractor mortgage, on a full doc basis, based on your current contract, recent invoices and history of employment.

There may be times when income will be at an all time low, and there may be times where your business will be turning in a windfall of profits.  Through the good and bad times the Home Loan Experts can advise you on what possible types of loans can be made available to you.  They can likewise help in getting you the best loan possible for your needs.

Enquire now and get a self employed contractor home loan from specialist mortgage brokers The Home Loan Experts.


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