‘Dependent contractors’ who are technically self-employed but receive all of their income from one client – who also pays PAYE tax on their behalf – are NOT assessed as self employed by some banks. This is a big opportunity for self-employed contractors seeking home loan approval.
Generally however banks view lending money to self-employed individuals as higher-risk because they often have unstable income. Luckily, 3Carrots mortgage brokers can help! One mistake lenders make is miscalculating your income. For complex loans like this, we usually walk it through with the lender and ensure that they assess your financial status correctly. Some lenders may delay the process of complicated loan applications so we make sure that to follow up with the management and expedite the process.
If you would like to talk to a mortgage broker from 3Carrots to discuss self-employed loans, please call 0434 390 688.