Why FIFO Workers Choose to Buy Near Family
As a FIFO worker, you understand the unique challenges of spending extended periods away from home. The long shifts and time away from loved ones make those precious days off even more valuable. That's why many FIFO workers are making the decision to buy a home closer to family – creating stronger connections and making the most of their time between rosters.
Buying a home near family isn't just about convenience; it's about quality of life. Whether you're looking to be closer to aging parents, want your children to grow up near their grandparents, or simply crave that family support network, purchasing property in a new location requires careful financial planning.
Understanding Your Home Loan Options
FIFO workers often face unique challenges when applying for a home loan. Your irregular income patterns and work arrangements can make traditional lenders hesitant. However, specialist Home Finance & Mortgage Brokers who understand the FIFO industry can help you access Home Loan options from banks and lenders across Australia.
When considering your borrowing capacity, lenders will assess:
• Your current financial situation
• Employment history and roster patterns
• Existing debts and living expenses
• The loan amount you're seeking
• Your intended loan to value ratio (LVR)
Many FIFO workers are surprised to learn that their unique employment situation can actually work in their favour. The consistent nature of FIFO work, combined with typically higher incomes, can demonstrate strong repayment capacity to the right lenders.
The Home Loan Application Process for FIFO Workers
The application process for FIFO workers requires specific documentation that reflects your work arrangements. You'll typically need:
• Recent pay slips covering multiple roster cycles
• Banks statements showing regular income deposits
• Employment contracts or letters from your employer
• Tax returns demonstrating consistent earnings
• Details of any allowances or additional payments
Working with brokers experienced in FIFO applications means you'll benefit from a streamlined application process. They understand which lenders are most receptive to FIFO workers and can present your application in the most favourable light.
Interest Rates and Loan Features
When buying a home closer to family, understanding your interest rate options is crucial for budgeting. You'll generally choose between:
Variable Interest Rate Options:
• Rates that fluctuate with market conditions
• Often come with more flexible features
• May include offset account facilities
• Typically offer interest rate discounts for larger deposits
Fixed Interest Rate Home Loan Options:
• Locked rates for set periods (usually 1-5 years)
• Provide certainty for calculating home loan repayments
• Protection against rate rises during the fixed period
• Less flexibility but more predictable budgeting
Many FIFO workers opt for variable home loan rates with offset account features. This allows you to park your substantial roster payments in the offset account, reducing the interest charged on your home loan while maintaining access to your funds.
Managing Location-Specific Costs
Buying in a new area to be closer to family often means dealing with different property market conditions. Consider these location-specific factors:
• Varying stamp duty rates across states
• Different property values affecting your deposit requirements
• Potential lenders mortgage insurance (LMI) if your deposit is under 20%
• Local market conditions affecting home equity potential
Researching the property market in your target area helps you understand realistic price expectations and factor in additional costs like stamp duty when determining your loan amount.
Getting Pre-Approved
Before you start house hunting near family, consider getting pre-approved for your home loan. Home Loan pre-approval provides several advantages:
• Clear understanding of your budget
• Stronger negotiating position with sellers
• Faster settlement when you find the right property
• Confidence to make offers in competitive markets
For FIFO workers, pre-approval is particularly valuable as it demonstrates to sellers that despite your unique employment situation, you have confirmed lending approval.
Maximising Your FIFO Income Advantage
Your FIFO income structure can actually provide advantages when calculating home loan repayments. The typically higher wages and regular roster patterns can support larger loan amounts than traditional workers might qualify for.
Consider strategies like:
• Using roster payments to build deposits faster
• Leveraging allowances and overtime in your application
• Demonstrating consistent employment history
• Highlighting the stable nature of your industry
Working with Specialist FIFO Mortgage Brokers
Choosing the right broker makes all the difference when buying a home closer to family. Specialist FIFO mortgage brokers understand:
• Which lenders actively support FIFO workers
• How to present irregular income patterns positively
• Industry-specific challenges and opportunities
• The importance of flexible loan features for FIFO lifestyles
They can help you access a broader range of Home Loan Rates and find lenders offering the most suitable terms for your situation.
Moving closer to family is an important life decision that deserves proper financial support. With the right mortgage broker who understands the FIFO industry, you can secure the home loan that makes this dream a reality.
Call one of our team or book an appointment at a time that works for you to discuss your options for buying a home closer to family.
