• The place to find the right expertise and make better decisions
  • Find the right expertise
Mick G.
Mick G.
Elwood, VIC

I’ve been a contractor for a number of years with regular clients and stable income. My question is why is it so difficult to get a home loan as a contractor?

3 years ago

Great question.
Self employed income is viewed by lenders as less stable and predictable than PAYG income.
There are lenders who cater for the self employed market however on average interest rates are higher.


Mick, it shouldn't be that difficult. Lenders want to be able to evidence your earnings capacity to ensure you have the ability to repay their loan. The structure of your contractual work will depend on the requirements you need to show the lender that you have the ability to repay the loan. Usually you show 2 years tax returns & providing the income is consistent & adequate then it should not be too difficult. Plus there are other ways of structuring the loan.

Happy to discuss options with you.

Peter Dall
Mortgage Choice home loan broker
0414 583 233

Hi Mick,
Peter is 100% correct. It simply comes down to the income you have declared on your tax returns. Each lender views self employed people differently. I would suggest you give Peter a call and he can take you through the 25-30 lenders he deals with and find you some options
Best of luck

Your Answer

If you wish to include a video or audio response, you can do this by including links to Youtube, Vimeo or SoundCloud (https://www.youtube.com/watch?v=xxxxxxxxxx OR https://vimeo.com/xxxxxxxxx)

<% error.message %>