Contractor Home Loan Guide — Getting a Mortgage as a Contractor

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.

Can I get a home loan between contracts?

It's very difficult. Most lenders want to see an active contract at time of application. Wait until your next engagement starts if possible.

Do I need a bigger deposit as a contractor?

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.

Is it better to be a PAYG or ABN contractor for lending?

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.