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.