Contractually Employed
Can I get a loan if I work on a contractual basis?
Generally speaking, it is possible for people who are employed on a contract basis to be approved for a home loan, but it will ultimately depend on your circumstances and the lender’s policies. For example, lenders might only lend to contractors who work in certain industries that are seen as more reliable.
What is the necessary documentation?
You will usually be asked to provide the banks with a letter of employment in order to show evidence of your income and future employment stability.
Can I get a loan if I work on a contractual basis?
It is possible for people who are employed on a contract basis to be approved for a home loan, but it will ultimately depend on your circumstances and the lender’s policies. For example, lenders might only lend to contractors who work in certain industries that are seen as more reliable.
How much can I borrow as a contractually employed individual?
You are able to borrow up to 90% of the property value depending on what type of employment contract you are on. However, in certain cases where you can demonstrate a strong financial position, you may be eligible to borrow 95% of the property value.
What is the necessary documentation?
You will usually be asked to provide the banks with a letter of employment in order to show evidence of your income and future employment stability.