Fly-in fly-out work is a big part of life in WA, and FIFO workers often earn good incomes. But the way that income is made up, with a base wage, overtime, site allowances and changing rosters, means not every lender assesses it the same way.
Some lenders count only your base pay. Others accept most of your overtime and allowances once you've been in the role for a while. Choosing the right lender can make a big difference to how much you can borrow.
How lenders look at FIFO income
- Base salary. Accepted by all lenders, usually from your payslips and employment contract.
- Overtime and shift allowances. Many lenders accept some or all of these if they're regular, often with a history of six to twelve months.
- Site and travel allowances. Treated differently from lender to lender. Some are counted, some are excluded.
- Contractors and ABN holders. Some lenders accept a shorter trading history if you're contracting in the same industry.
- New to the role or on probation. Some lenders will consider you if you have a track record in the industry.
Buying in a mining town
If you're buying in a regional mining town, such as in the Pilbara or Goldfields, some lenders limit how much they'll lend against those properties. We know which lenders are more flexible. Keystart also has higher income limits for buyers in the Kimberley and Pilbara.
We work around your swing
You shouldn't have to use your days off chasing paperwork. We can meet by phone or video, in person at our Wangara office, or outside office hours. Most documents can be signed electronically from site, and we'll keep things moving while you're away.
How we help FIFO workers
- Find lenders that count as much of your income as possible
- Buying your first home, upgrading or investing
- Refinancing to a better rate or to use your equity
- Help for FIFO workers who live interstate and work in WA