PAYG employee:

The lowest risk applicant is a PAYG employee with stable employment, is not on probation.

Regular salaried payments provide comfort to the lender that there is a steady stream of income

and some lenders will also include commission and regular bonus payments as part of the overall

income. To be considered a PAYG employee, you cannot be a director of the company you are

employed by. If you are a director, refer to self-employed.

Contractors

Contractors with a long-term contract in place are considered a low-risk by the lender. A contractor

will need to provide a copy of the contract and historical payslips from the company as well as bank

statements to show the payments have been received. If the contract has less than 6 months to run,

you may also need to provide proof that the contract is going to be renewed.

To be considered as a Contractor, you cannot be a director of the company you are engaged by. If

you are a director, or if you are contracting under an ABN, refer to self-employed.

Consultants

Consultants can be classified in two different ways depending on the arrangement. A consultant

who works for a company and receives payslips from that company will revert back to being a

PAYG employee. Whereas a consultant who consults under their own company or ABN will be

considered self-employed.