Contract positions relaxation of rules
Historically, lenders would only consider applications from individuals in permanent employment positions or from very well established self employed applicants.
Work practices are changing with some sectors experiencing a strong rise in the level of contract type income. Contractors in the IT sector would typify this change in work practice, with individuals being able to command significantly higher pay when working as a contractor compared to an employee.
Applicants seeking approval as a contractor must be able to demonstrate a record of continuous contract positions for at least one year with strong prospects of demand for services into the future, evidenced by further contracts.