Full-doc
What you bring
2 yrs ITR + NOA · company financials · BAS
- Rate from
- 6.04%
- Max LVR
- 90%
- Turnaround
- 14–21 days
- Lenders
- 10
WHO WE SERVE
IT contractor home loans — day rate to annualised income, full-doc rates from 10+ lenders.
IT contractors, day-rate contractors, statement-of-work consultants — majors actually have a 'Contractor Income Policy' that lets us annualise day rate × 220 days at full-doc rates. Halo Loan tracks 10+ lenders' contractor policy details: who accepts ABN < 2 yrs, who waives the 6-month-remaining-contract rule, who allows a 1-month gap. Mobile pre-check tells you whether you can hit mainstream pricing.
Who this is for
- ·IT contractor / day-rate consultant — invoicing via ABN or Pty Ltd
- ·Statement-of-work consultants rotating across Big4 / banks / government engagements
- ·Previously PAYG in the same industry, switched to contracting 6–24 months ago
- ·Contractors declined for "contract term too short" by majors
What we handle
- ✓Contractor Income Policy matrix: CBA / ANZ / Westpac / NAB / Macquarie / ME Bank / Bendigo / ING and 10+ others
- ✓Day-rate annualisation: day rate × 220 days - super - PI insurance - typically a 5% buffer
- ✓ABN under 6 months: route via same-industry PAYG history + current contract + LinkedIn employer trail
- ✓Tight settlement timing (racing a contract end date) prioritised
Documentation Pathway Matrix
Find the rate, LVR, and turnaround that matches the documents you can supply.
Alt-doc
What you bring
6 mo bank statements · ABN ≥ 2 yrs · self-declaration
- Rate from
- 6.39%
- Max LVR
- 80%
- Turnaround
- 14–28 days
- Lenders
- 8
BAS-only
What you bring
4 quarters of BAS · ABN ≥ 2 yrs
- Rate from
- 6.49%
- Max LVR
- 80%
- Turnaround
- 10–21 days
- Lenders
- 6
Accountant letter
What you bring
Signed accountant declaration · 6 mo bank statements
- Rate from
- 6.59%
- Max LVR
- 80%
- Turnaround
- 14–21 days
- Lenders
- 4
Indicative only — actual rate and LVR cap subject to lender formal approval.
Honest trade-offs
- ⚠Current contract residual < 6 months → some majors decline outright; switch to a short-residual-friendly lender (Macquarie / Bendigo)
- ⚠Day rate is GST-inclusive but PI insurance / super are self-paid — these costs **must** be deducted in annualisation or the file gets bounced for rework
- ⚠Sole-director Pty Ltd income — some lenders look at director salary (low), others at company net profit + add-back (much higher). Wrong lender choice halves your borrowing capacity
Frequently asked
How is an IT contractor's 'annual income' calculated?
Standard method: day rate × 220 days - super (11.5%) - PI insurance (~$2k) - some lenders deduct another 5% buffer. Example: $1,000/day → $220,000 → ~$194,700 after super. A few use 5 days × 52 weeks = 260 but deduct more leave assumptions.
Just switched from PAYG to contracting 6 months ago — will majors approve?
Lender-dependent: CBA / Macquarie / Bendigo accept same-industry switch + ABN ≥ 6 months (a few accept 3 months) with prior-employer letter + new contract. ANZ / Westpac / NAB want ABN ≥ 12–24 months. Always pre-screen before applying — blind submissions get declined.
Pty Ltd company paying me a director salary — does borrowing use salary or company profit?
Lender-dependent. **Low-borrowing-power lenders** count only director salary (typically minimised for personal tax). **High-borrowing-power lenders** count company net profit + add-back, including retained earnings. The gap can be $300k vs $800k borrowing capacity. We select lenders against this lens.
My current contract has 3 months left — can I still apply?
Yes, but pick a 'short-residual-friendly' lender: Macquarie / Bendigo typically accept ≥ 1 month, ME Bank / ING ≥ 3 months, CBA / ANZ ≥ 6 months. Strengthen the file with a continuous contracting history in the same industry (LinkedIn + prior contracts).
Can an IT contractor buy with a 5% deposit?
First Home Guarantee (5% deposit, LMI-free) is technically open to self-employed / contractors, but requires ABN ≥ 24 months + 2 yrs full ITR + NOA. Most IT contractors are only 1–2 years in and don't qualify. A more realistic '5%-equivalent' route is 10% deposit + PAYG-spouse joint application.
Are contractor rates higher than PAYG rates?
Full-doc contractor (day rate annualised + complete tax returns) — same rate as PAYG, no loading. Alt-doc route — +0.3–0.5%. So 'long enough ABN + complete tax returns' gets mainstream pricing — it's not that 'self-employed is inherently expensive'.
Next step
3-minute pre-check for it contractor home loans
Drop a few basics. We cross-check 40+ lenders against your situation and return how much you can borrow + which doc pathway is right for you.