Hey guys,
I've been looking for a while to get a loan for my next PPOR and having huge difficulties. First off, I currently have 2 IP's with a bit of equity and am currently renting. equity is nothing special. maybe 100k in one and 40k in the second (rough guess). I'm working in the mines as a consultant under my own ABN (the problem) and have only been doing so for less than a year. I have plenty of cash for a deposit and the repayments arent a problem and i have been in the same line of work for 5 years but the first 4ish were as an employee.
Now everywhere I look i get told I cant get a loan for at least 2-3 years because Im now technically self-employed. Ive looked at the rent to own situation very briefly but dont know much about it. I also thought about buying in my sisters name and then gifting the property over in a year or 2 when im eligible for a loan although im not sure if id have to pay stamp duty again and would prefer a better option if there is one.
Any ideas would be much appreciated. Cheers.
I've been looking for a while to get a loan for my next PPOR and having huge difficulties. First off, I currently have 2 IP's with a bit of equity and am currently renting. equity is nothing special. maybe 100k in one and 40k in the second (rough guess). I'm working in the mines as a consultant under my own ABN (the problem) and have only been doing so for less than a year. I have plenty of cash for a deposit and the repayments arent a problem and i have been in the same line of work for 5 years but the first 4ish were as an employee.
Now everywhere I look i get told I cant get a loan for at least 2-3 years because Im now technically self-employed. Ive looked at the rent to own situation very briefly but dont know much about it. I also thought about buying in my sisters name and then gifting the property over in a year or 2 when im eligible for a loan although im not sure if id have to pay stamp duty again and would prefer a better option if there is one.
Any ideas would be much appreciated. Cheers.