If you are an Australian citizen or permanent resident contracting in the and seeking home loan finance for an Australian purchase, MAP can assist. Contractors in the UK may be working via their limited company and even making use of offshore structures to minimise tax payable in the uk.
These sorts of structures are not common in Australia as the operation of the PSI rules essentially makes these structures no more tax effective than just sole contracting in ones own name. As they are not common in Australia many lenders will not lend based on this income unless 2 years overseas financials and tax returns can be provided. If you are using one of these tax effective structures then your taxable income will not reflect your true income and most banks will not lend to you.
There is 2-3 lenders however that will see through this structure and essentially follow the money. Providing they can see your employer paying your limited company or agency, and ultimately can see the pay ending up in your personal bank account, this will generally be sufficient.
Up to 90% LVR is possible here however to be approved finance at 90% LVR, the application would need to be very strong with plenty of time left on the contract. If the contract only has a few months to run but you can provide evidence of previous contracts confirming that the contracts keep getting rolled over, this may be sufficient.
For more information please see our page dedicated to home loans for the Australian expat contractor
DaniellaWorking with Michael was an absolute delight.
I was a first home buyer and couldn’t think going anywhere else. Highly recommend to go through MAP home loans.He was quick to respond to all my queries, managed to get the loan approved under a strict timeline and I was very impressed. Michael also followed up with me once I settled, I truly appreciate all his hard work to make this happen.
Adnan SharafatI am very thankful to Michael for my primary property construction loan. I approached many mortgage agents for the loan amount as desired, but they could not process because of my overseas profile.
I am an Australian PR holder, based in Dubai and after reading online reviews of MAP loans, I approached to Michael where he completed my construction loan process very confidently even, I did not feel that I am living in different time zone as he was always available for my queries.
Michael also helped for my investment property loan, and again he did awesome job and completed the loan approval process in less than a month. I would like to strongly recommend him for the home loan services with no hidden cost and surprises.
All the best Michael in your future success 😊
PeterMy wife is on a 820 visa and Michael helped us get a home loan. He was a great with communication and answered all of my questions. Recommended if you have if you have issue surrounding temporary visas or you just want a great mortgage broker.
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