Home Loan Discounts for IT Professionals
Most lenders view IT consultants favourably due to the stability of the industry you operate within and your ability to earn a high income. We work with many lenders who are constantly fighting for your business, so speak to us, so we can help you find the best deal!
How much can I borrow?
- Borrow up to 90% of the value of the property with LMI waived.
- Borrow up to 95% of the value of the property, so long as your income is stable and you can show you have been in the current position for at least 6 months.
- Borrow 110% of the value of the property using a guarantor.
What income documents do I need?
- If you employed by a business as an employee, you will need to provide documents confirming that you are a PAYG employee; usually by a letter of employment and payslips.
- Many lenders will also want to see that as a PAYG employee that you have passed your probation, however if you have more than two years as an IT consultant, we work with lenders who will still be able to use your income despite only just starting a new role.
If you are contracting and therefore invoicing them for your services, you will be treated as a self-employed applicant and will need to show:
- You have been in your current role for at least 2 years.
- You can provide your last 2 years’ tax returns.
If you’re not able to provide the above, some lenders may treat your loan as a ‘low doc’ loan, and will ask you to provide the following:
- Your tax invoices received in the last 3 months.
- Business bank account statements where it’s evident that you are receiving regular credits.
- Some banks may also want to see Business Activity Statements (BAS) and an accountant declaration letter.
Call us today to speak to one of our experienced brokers.