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Australia's contractor workforce is growing. Whether you're an IT contractor, trades contractor, or freelance professional - getting a mortgage is possible. The process depends on whether you're a PAYG contractor or an ABN contractor.
It's very difficult. Most lenders want to see an active contract at time of application. Wait until your next engagement starts if possible.
If you're a PAYG contractor, deposit requirements are similar to permanent employees (5–20%). ABN contractors typically need 20%+ for full-doc or 20–30% for low-doc.
For mortgage purposes, PAYG is almost always better. Your income is assessed at close to 100% (no shading), documentation is simpler, and more lenders will approve.
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