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Borrowing Question - Contract Worker, page-2

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stevemol

1,544 Posts.

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22/08/15

16:22

Post #: 15856421
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Originally posted by Timbooooo ↑

Hi Guys;
Wife and I are looking to purchase a new PPOR - to get the borrowing over the line, we'll need both our incomes counted.
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My wife works as a contract photographer, and is 'contracted' to do real estate photography - Anywhere from 0 to 5 homes per week, averaging out at 2.5 per week across the year. We've only been in our area a few months now, so her work as a contractor has only been for 4-5 months. She also photographs weddings, but this isn't regular or guarenteed ongoing income.
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Any preliminary thoughts before we contact bank?
(May have found perfect home at open house today)

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They will view her as self employed and depending on how much she earns to your wage and the price of the home a low doc loan may be what they will need to do to get it over the line.

The interest rate is normally slightly higher. I'm sure a good mortgage broker will be able to point you in the right direction,
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