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Shaun T.
Shaun T.
Ryde, NSW

I have been a contracting engineer for the past 10 years and with the one group until recently. My average annual income is $190,000. In early September I signed a 12 month contract with a new group with the opportunity to increase my income. My wife and I would like to look at refinancing, will this change have an impact? We have a loan of $675,000 and the rate is 4.3%?

7 years ago


Shaun. Good morning and thank you for your question.
My initial thoughts are that your change of role should not impact in your refinance opportunities.
This advice is based on three things. Firstly that the line of work you are performing is not significantly different. Ie.Similar role/industry.
Secondly, that there was no significant gap in the changeover (less than six weeks)
And finally, that your Contract employment is not considered as self employment, ie, the employer deducts PAYG tax from your regular payments and you are not issuing invoices under an ABN.
I would be more than happy to meet with you and provide options from the range of Lenders I have access to.
Please give me a call to book in a chat. If you have at least 20% equity in the home, we will be looking at rates of well under 4.00%
Best Regards
Ken Olds
Customers First Mortgages & Insurance
1300 ASK KEN (275 536)

7 years ago

Thanks Ken, that's good news. I will give you a call during the day.


Dear Shaun,

What Ken has said is spot on.
The fact that you do have a contract with them and still in the same industry doing similar work is a big plus for you.
Please do not hesitate to ring me on '
best regards

0414 545 643

7 years ago

Do you need a finances for any reason if yes contact us today on ericfinancee@gmail.com or visit our website ericfinancee.wixsite.com/ericfinance


Eric, not a very professional answer and you're not located in Australia!!!

okay Do you need a Finances? am located in USA you can also get more inflammations on our website here ericfinancee.wixsite.com/ericfinance

Hi Shaun, you should be ok provided the occupation and type of work is consistent and assuming you will not have a gap between contracts of more than 30 days. Lenders like to see continuity of work. Keep an eye on the 20% rule on year to year changes as Ken mentioned. I would also recommend having a mortgage broker case their eyes over the new contract to ensure there is nothing to give the lender any concern that your work will not continue past the initial 12 month term. If it states that this is a short term 12 month contract only - this could present a risk issue with many lenders.


It will not effect your servicing for the refinance as long you can provide evidence of your earnings.
You can save a good amount if you refinance.
Please call for a quick chat on 0426440379.



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