First Home Buyer Grants, Schemes and LMI Waivers: What FIFO Workers Can Do to Buy a Home

Roster-based pay, site allowances and long stretches away mean FIFO workers often have a strong income and a very different path to a first home. The RBA raised the cash rate by 0.25 percentage points to 4.85% on 3 November, and the ABS reported annual inflation of 4.3% in the year to September. Grants, concessions and LMI options can reduce the cash and insurance you need upfront, and this guide covers what is available to FIFO workers.

Key takeaways

• The 5% Deposit Scheme has no income caps, no place limits and no LMI, so it's the first thing to check.
• Every state and territory has a grant, a stamp duty concession or both, and most favour new homes.
• There's no LMI waiver specifically for FIFO workers, but some lenders offer no-LMI products that are open to any occupation.
• Rosters can affect how lenders count income and how residency rules apply, so check both early.
• You can often combine a grant, a concession and a super release, so check each one's conditions.

Federal help: deposit schemes and super

The federal government runs two deposit schemes and a super release scheme for first home buyers. Each has its own trade-offs, and rules, caps and dates can change and apply on the contract date.

5% Deposit Scheme

The 5% Deposit Scheme lets you buy with a deposit as low as 5%, or 2% for single parents and legal guardians, with no LMI. The government backs part of the loan instead. It has had no income caps and no limit on places since 1 October 2025, and Treasury notes property price caps rose at the same time.

First home buyers can use it, and so can people who haven't bought in the last 10 years. Single parents and guardians with a dependent can use the 2% stream even if they have owned before.

You apply through a Participating Lender as part of a home loan application, not directly. After pre-approval you have 90 days to find a home and sign a contract. Price caps vary by location, so check the price cap tool before you start looking. You must live in the home as an owner-occupier, or the lender may require LMI or other costs.

There's no occupation test, so FIFO work doesn't rule you out. Ask the lender how roster pay, allowances and contract income are assessed, as lenders vary. If you want a deeper look, see our page on the 5% Deposit Scheme for FIFO workers.

Help to Buy

Help to Buy is a shared equity scheme. That means the government owns part of your home alongside you. It contributes up to 30% of an existing home's price, or up to 40% of a new home's, and you need a deposit of at least 2%.

When you sell or buy out the government's share, it shares in any gain or loss in proportion to its contribution. That's the trade-off: you borrow less, but you give up part of any growth. Our Help to Buy Scheme page covers it in more detail.

The income caps for 1 July 2026 to 30 June 2027 are:

• $103,000 for a single applicant
• $165,000 for single parents and joint applicants

Applicants must be Australian citizens aged 18 or over who don't own property in Australia or overseas, and must live in the home. Help to Buy can't generally be combined with other government help for the purchase, such as another shared equity scheme or a state or territory loan. Stamp duty concessions and grants are still allowed.

First Home Super Saver Scheme

The First Home Super Saver Scheme (FHSS) lets you release voluntary super contributions for a first home. The ATO says you can release up to $15,000 a year, to a total of $50,000. Non-concessional contributions release in full and concessional contributions release at 85%, both with associated earnings.

The ATO also explains that the assessable amount goes in your tax return with a 30% tax offset. Speak with an accountant about how this affects you.

You need to request an ATO determination before ownership transfers, which is generally before settlement. The ATO requires you to move in as soon as practicable and live there for at least 6 of the first 12 months. Eligibility is individual, so each partner can use their own contributions for the same property.

Contributions can come from roster income, so starting early gives your money more time to build. The trade-off is that the money sits in super until you release it.

State and territory grants and stamp duty

Every state and territory offers something, the rules differ, and most grants are for new homes only. These figures are as at 8 November 2026 and should be confirmed before you rely on them.

The state where you buy decides the grant and duty rules, not where you work. Many FIFO workers live in or buy in a different state from their worksite. Ask the relevant revenue office how residency requirements apply to roster-based work before relying on a grant.

Prior ownership rules matter more than most buyers expect. Several states exclude you if you or your partner have owned a home before, which can catch people who owned a share in a home before a separation.

If you're buying in Queensland, Western Australia or South Australia, see our pages for Queensland FIFO workers, Western Australia FIFO workers and South Australia FIFO workers.

Five ways to avoid or reduce LMI

LMI (lenders mortgage insurance) usually applies when your LVR (loan-to-value ratio, the size of your loan compared with the property's value) is above 80%. It protects the lender, not you. At 20% equity it generally doesn't apply.

1. Use the 5% Deposit Scheme, which removes LMI on a deposit as low as 5%, subject to price caps and a Participating Lender.
2. Qualify for a profession LMI waiver, where LMI would normally apply but isn't charged because of your job (most go up to 90% LVR).
3. Choose lender-paid LMI, where the loan is still insured but the lender pays the premium, which is reflected in the pricing.
4. Pick a no-LMI product, which some lenders offer to any borrower, whatever their occupation, at up to 85% or 90% LVR.
5. Save a larger deposit.

A waiver saves the LMI cost, but compare the rate, fees and features too. Risk fees, lender-paid LMI and different pricing can sometimes cost more over time than paying LMI. Lender criteria change often and all lending is subject to credit approval.

Can FIFO workers avoid paying LMI?

There's no LMI waiver specifically for FIFO workers, as lender policies only mention FIFO work when assessing income. Some lenders offer no-LMI products that are open to any occupation, so they're open to you. Others offer lender-paid LMI, where the loan is still insured but the lender pays the premium, which is reflected in the pricing. Here is an example available at the time of writing, and a lender missing from this list may still have an option, as not every lender has been reviewed.

There's no FIFO waiver, but this option has no occupation test

• ubank: no LMI up to 90% LVR for owner-occupied and investment purchases, on principal and interest repayments.

How to compare them

• Eligibility differs, so check each lender's income, registration, work history and employment conditions against your situation.
• Lender policies only mention FIFO work when assessing income, so ask each lender how it counts roster pay, allowances and contractor income.
• A waiver saves the LMI cost, but compare the rate, fees and features too, and weigh it against the 5% Deposit Scheme on total cost.

Lender criteria change often, and a broker can check which options you qualify for. All lending is subject to credit approval. Our pages on LMI waivers and no LMI loans go further.

How to combine the options

You can often layer federal help, state support, a super release and an LMI option, but the order matters. Work through these steps.

1. Check federal eligibility first: the 5% Deposit Scheme and Help to Buy suit different buyers, and Help to Buy can't generally be used alongside other government help for the purchase.
2. Add your state or territory support: the grant, the stamp duty concession and whether the home needs to be new.
3. Start a super release early: contributions are made in advance and an ATO determination is needed before settlement.
4. Match your situation to an LMI option and compare it against the 5% Deposit Scheme on total cost, not just on LMI.
5. Check prior ownership and residency rules: you generally need to live in the home, the required period varies by program, and several exclude people who have owned before. Check each one.

Price caps and income caps decide more outcomes than the headline amounts, so confirm them for the exact property and your income before you sign a contract. Our FIFO first home buyers page is a good starting point.

Small steps taken early can give you more options later. Book an appointment at a time that suits you, and bring recent payslips, your roster or contract and your savings records.

This article is general information only and doesn't consider your personal circumstances. Grants, concessions and lender policies change, and all lending, including any LMI waiver, is subject to lender criteria and credit approval. Speak with your accountant about tax.

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