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
TeganWe are so grateful for everything Justin Thom did to help us with our home loan. From the very beginning, Justin was friendly, approachable, and genuinely cared about making the process as easy as possible for us.
He explained everything in simple terms, answered all our questions with patience, and always made us feel comfortable and supported. It can feel overwhelming, but Justin went above and beyond to guide us every step of the way.
Thanks to his hard work and dedication, we were able to secure the right loan for our family and move forward with confidence. We honestly couldn’t have done it without him and wouldn’t hesitate to recommend Justin to our friends and family.
Tristan BothaHelpful, responsive and great communication! Justin ensured we were in-the-loop and knew exactly where things were up to throughout the whole process!
Highly recommend MAP Home Loans and will be sure to use them again, when required!
LydiaJustin was recommended to us by family when we began our journey into purchasing our first home and applying for a mortgage in 2022. As first-time buyers, I felt a little overwhelmed, but Justin was always readily available to answer questions. I especially appreciated a call — outside normal working hours — to let us know the RBA was about to hike rates, giving us the chance to lock in our offer beforehand. Justin listened to our goals and found options that suited us. A couple of years later, we returned to him for refinancing to consolidate debt, and again we were grateful for his guidance. The process was seamless, and we secured an amazing rate.

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