mortgage on abn

[PIPMOSS]

Hi has anyone got a mortgage while working on a abn and how hard is it to get ..

How much depost do they want with you been on abn..

Going to start to have a look next week , so was just wondering how others have got on..

Many Thanks

[Guest proud2beaussie]

It's not necessarily the amount of the deposit that would change but if you have been working either as a sub contractor or sole trader most financial institutions will ask to see financial records such as business activity statements you have lodged,tax returns etc,.

It's not impossible to get a mortgage under those circumstances but sometimes just requires more paperwork etc.

Get yourself a mortgage broker would be my advice,or ask at your bank.

[Guest The Pom Queen]

Hi Guys

This is how we got our first mortgage in Oz and I have recently looked in to it for clients of ours. You can opt for a no doc loan, not always the best option and higher interest rates, BUT if you have a large deposit (40%) to put down you can get a mortgage after having an ABN for 1 day, the banks that do this still are ANZ and Commonwealth. If you have a deposit of 20% you can get a no doc loan if you have held an ABN for 2 years.

Hope this helps a little.

Kate

[Andrew from Vista Financial]

Hi there

 

Kate's comments above are right with regards to the deposit. You may be able to get a Lo Doc loan if you have a 40% deposit and this can make it a pretty straight forward matter, 20% a bit less choice but still possible.

 

However if you are working self employed and have a been working on one contract for longer than six months it may be possible to be treated as an employee with certain Banks.

 

As Nigel says, best bet is to get a Broker, one that maybe friends or family have used and can recommend.

 

 

Andy