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
Kobus&WillemienJustin assisted us in buying our first house, in Australia, 10years ago. He just did it again with our second house. Same old story again… Always helpful, always available, always friendly. We didn’t had any stress, he just sorted it and came up with the best results to suit us. What a pleasure to work with. Thanks Justin, you just made it so easy.
Brendan ConquestWe have been working with Justin for almost 10 years and he has always made the process easy and time efficient. Justin’s help to get things over the line is stress free and uncomplicated, he always handles everything with such care and compassion.
We are extremely grateful for Justin’s services and would highly recommend him and the MAP home Loans team to anyone in need of help, advice or guidance with their home loans.
Thank you, Justin!
Timothy RussMy Wife and I worked with Justin to purchase our first home and we couldn’t be happier with the help we received to make our dream a reality. Justin had answer’s to every question and made it very easy to understand how it all works. I highly recommend using Map home loans to take the stress out of buying a house.
Almost there, please complete the form to request your..
In this Guide, you’ll discover…
Free Report LIVE 2020 WDS
Almost there, please complete the form to request your..
In this FREE phone consultation, you’ll discover…
And, much more – We will answer any of your questions!
In this Guide, you’ll discover…
We guarantee 100% privacy. Your information will not be shared.
In this Guide, you’ll discover…
We guarantee 100% privacy. Your information will not be shared.
Almost there, please complete the form to request your..
In this Guide, you’ll discover…
In this Guide, you’ll discover…
We guarantee 100% privacy. Your information will not be shared.
We allow you to…
We guarantee 100% privacy. Your information will not be shared.
We allow you to…
We guarantee 100% privacy. Your information will not be shared.
We allow you to…
We guarantee 100% privacy. Your information will not be shared.
We allow you to…
We guarantee 100% privacy. Your information will not be shared.
Almost there: please complete the form to request your…
We respect your privacy