I'm considering a move to a new employer and want to know how it would affect my borrowing power.
Employer would be a NSW Gov Department, but the terms of the employment would be a rolling 6-month (possibly 9-month) contract and remuneration is given in a per hour rate (+ super).
The recruiter has indicated that this is normal and in most cases the contracts are renewed or eventually become permanent.
How do lenders asses this income? Would I be able to borrow against the full annual salary or the contract value or something else?
The role is good and the hourly rate is better than where I currently am, but I don't want to back myself into a corner if I want to refinance or purchase in the next year or so.
Employer would be a NSW Gov Department, but the terms of the employment would be a rolling 6-month (possibly 9-month) contract and remuneration is given in a per hour rate (+ super).
The recruiter has indicated that this is normal and in most cases the contracts are renewed or eventually become permanent.
How do lenders asses this income? Would I be able to borrow against the full annual salary or the contract value or something else?
The role is good and the hourly rate is better than where I currently am, but I don't want to back myself into a corner if I want to refinance or purchase in the next year or so.