How much can I borrow as an IT contractor on $1,200/day?

$1,200/day = ~$280K gross / $220K–$260K net. With 20% deposit: $1.5M–$1.8M borrowing.

I just started a new contract — how soon can I apply?

12+ months on contract OR 2+ years total contracting history typical.

I'm on a 482 visa. Can I get an IT contractor home loan?

Yes — many lenders accept 482 IT contractors with 20% deposit.

Will lenders accept my contract end date as a risk?

Better lenders look at total contracting trajectory, not just current contract end date.

Should I PAYG through my own company or contract through agency?

Both work for home loans. Choice usually based on tax planning, not lending.

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IT Contractor

IT Contractor Home Loan Sydney: Real Lending for Daily Rate & ABN Income

Mortgagefy Broker Team · Published 2026-04-29 · Last reviewed 2026-04-29

IT contractor income — fixed term, daily rate, ABN structure — most banks default to conservative serviceability. Mortgagefy knows lenders who maximise IT contractor borrowing.

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Who this guide is for

Sydney IT contractors — Indian, Pakistani, Bangladeshi, Sri Lankan and broader South Asian — wanting home loans that maximise borrowing on contractor income.

IT contractors on $700–$1,500 day rates with 12+ months on current contract
Fixed-term contract IT professionals in Sydney CBD or Parramatta
ABN-based IT contractors with 2+ years history
Visa-holder IT contractors (482, 491, 189, 190)

The real challenge

IT contractors have unusually strong incomes that lenders should love — but the contractor structure (fixed term, daily rate, ABN) confuses many lenders. Some major banks default to lower serviceability assumptions, costing IT contractors $100K–$300K in borrowing capacity.

Specialist lenders treat IT contractors well — particularly with 12+ months on current contract or 2+ years contracting history.

How Mortgagefy helps

Mortgagefy specialises in Sydney IT contractor lending. We know which lenders treat daily-rate income at full assessment, which accept 12-month contracts as evidence of stability, and which work for visa-holder IT professionals.

Hindi/Urdu/Bengali support available. Free advice.

How it works — 4 simple steps

Free IT contractor chat

20-minute call about your contract structure, day rate, history and target home.

Compare lender options

We identify lenders that maximise IT contractor borrowing capacity.

Application package

We compile your contract, invoices, tax returns and bank statements in lender format.

Settle your home

Approval through to settlement with ongoing support.

Frequently asked questions

We use offer letters and vesting schedules to value RSUs conservatively. We present current vesting value + projected future vesting as a 3-5 year income average. This gives lenders confidence in your income stability while accounting for market volatility.

Both. We work with W2 employees, 1099 contractors, and consultants. For contractors, we use 2 years of tax returns plus business financials. We have lenders who specialise in contractor income—they understand the variability.

Unvested options have zero value for refinancing. We count only vested equity. If you have a 4-year vest, we use 25% of the grant value (what's vested) plus a conservative projection of future vesting.

If you've been in your new role 6+ months, most lenders will refinance. We'll use your offer letter plus 6 months of pay stubs. If less than 6 months, it's harder but possible with specialist lenders.

Yes, if you have 2+ years of bonus history. We average the past 2 years and present it conservatively. Some bonuses get counted at 50% to be conservative with variable compensation.

ESPP is counted as deferred compensation. If your company matches or you have a discount, we value it as part of total compensation package.

Get an IT contractor home loan assessment

Free 20-minute call about your real borrowing capacity as a Sydney IT contractor.

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Get your personalised answer in 2 minutes

Free, no obligation. We'll match you with the right lender for your situation.

Model your scenarios: Use our free home loan calculators to estimate borrowing capacity, repayments, and savings.

It Contractor Home Loans — What You Need to Know

It Contractors in Australia have access to a strong range of home loan options, but the right pathway depends on whether you're employed (PAYG), contracting (ABN), or running your own business. Each scenario maps to different lender appetites, document requirements, and rate brackets.

Income Verification for It Contractors

PAYG it contractors typically need their two most recent payslips and last year's PAYG summary. Self-employed it contractors providing services through an ABN need 1–2 years of personal and business tax returns plus BAS statements. For contractors with strong day rates, alt-doc lenders accept business bank statements as evidence of trading income.

Borrowing Capacity

Lenders calculate borrowing capacity using your verified income, less commitments (existing debts, dependants, living costs). For high-income it contractors, professional loan packages can lift LVR to 90% without LMI in select cases. For mid-income it contractors, the First Home Guarantee allows 5% deposit with no LMI for eligible first-time buyers.

Common Pitfalls

It Contractors often miss out by applying directly to a major bank with one income source. A specialist broker spreads applications across 40+ lenders — covering banks, credit unions, second-tier and non-conforming options — increasing approval odds and rate competitiveness.

How Mortgagefy Helps It Contractors

Free 20-minute consultation, document checklist tailored to your employment type, lender selection across 40+ panels, ongoing application support through to settlement. No broker fees — lenders pay our commission upon completion.