Can I refinance as a contractor between contracts?
It is harder while you have no current contract, because lenders need to verify income you will keep earning. Some lenders consider contractors with a strong history in the same field, especially once a new contract is signed. Policies vary by lender and change. Often the better step is to wait for the signed contract.
This answer is awaiting review by James Chee CPA. Written by Local Knowledge Finance editorial team. Check the dated sources below and talk to a broker about your own situation.
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What lenders will want to see
Who this may suit
- Contractors with a track record in the same field and a new contract signed or close
- Borrowers with savings or equity who are not under pressure to switch quickly
Who it may not suit
- Anyone who needs to refinance because repayments are already hard: see the hardship options first
- Contractors with no work lined up and no clear restart date
Your options, including not borrowing
- Wait until a new contract is signed, then refinance with current evidence.
- Stay with your current lender for now and ask whether a product or rate change is possible without a full application.
- Apply to a lender whose current policy suits contractors with a short gap. Policies vary by lender and change; we check current policy for your situation.
Risks to weigh
- Applying with no contract in place can lead to a decline and an extra credit enquiry. [Moneysmart (ASIC)]
- Switching can involve fees and break costs that outweigh the benefit.
Next steps
- 1Collect your past contracts, invoices and tax returns showing your work history.
- 2Get the new contract or a written offer when it is available.
- 3Talk to us before applying so only one well-matched application is made.
Common follow-up questions
Sources
- Responsible lending (ASIC, checked 8 November 2026)
- Credit scores and credit reports (Moneysmart (ASIC), checked 8 November 2026)
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General information about credit only. It is not tax, financial, superannuation or Centrelink advice and does not take your objectives, financial situation or needs into account. Lender policies change; any loan is subject to lender assessment and approval.
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