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  1. Post
    #1

    Ever bought a house as a filthy contractor?

    Assuming I come back to NZ as a contractor rather than a salaryman, are banks a bit more harsh when doling out mortgages? My current one needed to see I was gainfully employed and wanted heaps of deets, salary etc but this is the UK so it might be better or worse in NZ... Anyone done it?

    (I would guess as long as you have the deposit and 3 months of payslips they'll take your money and DGAF but it's hard to gauge).

  2. Post
    #2
    Sister's partner went through the mortgage process as a contractor. They said it didn't seem too bad, however the bank wanted EVERYTHING possible around the finances and clear consistent history, but an accountant handled most of that for him. iirc i think it was 6 months of history, but not 100%, so just call up your bank and ask them for general information around it and they can probably provide that.

  3. Post
    #3
    I did. I had to provide the last two years of my company's financial statements plus last three months of my company and personal bank statements plus all my credit card statements.

  4. Post
    #4
    It will be particularly difficult if you come back to NZ and don't have a history of earnings here.

    From their point of view you are basically turning up in the Country unemployed.

    You probably need to generate at least 2-3 months of income in NZ before even trying. Even then they will likely ask for cashflow forecasts etc.

  5. Post
    #5
    JC wrote:
    Assuming I come back to NZ as a contractor rather than a salaryman, are banks a bit more harsh when doling out mortgages? .
    yes. It's called being self employed.

  6. Post
    #6
    Sounds mint

  7. Post
    #7
    My brother's doing it. Contracting, only on a single income for his family of four.

    He went through a broker. But pretty sure he still had to provide all the finances for the past 6 months or so.

  8. Post
    #8
    JC wrote:
    salaryman
    ohiogazaimus

    i was in this situation recently. I ended up getting a permy job halfway thru the process so never inked the deal but bank said if i had at least 6months left on a contract on top of my at-the-time 6month history, it will be all geezy.

    Also, now work for bank. We seem to give away money pretty damn easy these days.

  9. Post
    #9
    JC wrote:
    Assuming I come back to NZ as a contractor rather than a salaryman, are banks a bit more harsh when doling out mortgages? .
    No.
    I bought the last one that way. . bank had clause that said financial situation to not change in a negative way
    for (period of 3 months).
    Of course it helps if you have A)A decent deposit or equity B)A decent pay C)A good credit history

    All of which I did

  10. Post
    #10
    How did you get on JC?

    I'm going to go have a chat with a broker for next week. Just completed the basic online application.

  11. Post
    #11
    I'm still ~1 year away from moving home, just doing the groundwork. Ideally I'll keep my current job and just shift to remote work. Good to know it's not too bad!

  12. Post
    #12
    I met with home loan shop on Friday. Was pretty much what I thought it'd be like. Just provide evidence of your bank accounts, and proof of contract length. 20% deposit makes life much easier to get a loan.

  13. Post
    #13
    Apparently I still have $11k owing on my student loan too. ****s sakes