As a FIFO worker, you know the challenge of being away from family for extended periods. The good news? Your strong earning capacity opens doors to buying a home closer to the people who matter most. Whether that's moving closer to ageing parents, being near your children's school, or simply reducing travel time between work and home.
Understanding Your Borrowing Capacity as a FIFO Worker
Your unique employment situation means lenders view your application differently. FIFO workers often have:
• Higher than average incomes
• Consistent employment contracts
• Regular overtime and allowances
• Accommodation and meal allowances that reduce living expenses
These factors can actually strengthen your borrowing capacity when applying for a home loan. However, some lenders may be cautious about FIFO employment, which is why working with a specialist broker who understands the industry makes all the difference.
Home Loan Options Available Across Australia
When you're looking to buy a home closer to family, you'll want to access home loan options from banks and lenders across Australia. Different lenders offer varying:
- Interest rate discounts for different professions
- Loan to value ratio (LVR) requirements
- Lenders mortgage insurance (LMI) policies
- Application process requirements
Some lenders specialise in FIFO worker loans and understand that your roster patterns don't affect your ability to service a loan amount. These lenders often provide more favourable terms and a streamlined application process.
Ready to get started?
Book a chat with a Finance & Mortgage Broker at FIFO Home Loans today.
Fixed vs Variable Interest Rate Options
Choose between a fixed interest rate home loan or variable home loan rates based on your financial situation:
Fixed Interest Rate Benefits:
• Predictable repayments for budgeting
• Protection against rate rises
• Peace of mind during your roster cycles
Variable Interest Rate Benefits:
• Potential for lower rates if market conditions improve
• Flexibility with extra payments
• Access to offset account features
Many FIFO workers opt for a combination, splitting their loan between fixed and variable portions.
Getting Pre-Approved Before House Hunting
Home loan pre-approval gives you confidence when shopping for properties near family. The pre-approval process involves:
• Submitting your home loan application
• Providing bank statements and employment contracts
• Assessment of your financial situation
• Confirmation of your maximum loan amount
With pre-approval in hand, you can act quickly in competitive property markets, whether you're looking in Perth, regional WA, or interstate where your family lives.
Calculating Home Loan Repayments
When calculating home loan repayments, consider:
- Your regular base salary
- Consistent allowances and overtime
- Current home loan interest rates
- The loan term you prefer
- Whether you'll use an offset account
An offset account can be particularly valuable for FIFO workers, as you can park your roster pay and reduce interest charges during your time away.
Managing Stamp Duty and Additional Costs
Moving closer to family might mean purchasing in a different state, which affects stamp duty calculations. Each state has different:
• Stamp duty rates and thresholds
• First home buyer concessions
• Regional incentives
Your mortgage broker can help you understand these costs and factor them into your overall budget. Some lenders also allow you to capitalise certain costs into your loan amount, reducing upfront expenses.
Using Your Home Equity
If you already own property, your existing home equity can help finance a move closer to family. Options include:
• Selling your current home and using proceeds as a deposit
• Keeping your current property as an investment
• Using equity to secure a larger loan amount for a property upgrade
The right strategy depends on your long-term goals and current financial position.
Making Your Application Stand Out
To strengthen your home loan application:
• Maintain organised bank statements showing regular FIFO income
• Keep employment contracts and roster confirmations updated
• Demonstrate your ability to service loans during roster breaks
• Show savings patterns that align with your work cycles
Lenders want to see that you manage money responsibly and have genuine capacity to meet repayments, regardless of your work location.
Buying a home closer to family is one of the most rewarding investments you can make as a FIFO worker. With the right loan structure and specialist advice, you can secure financing that works with your unique circumstances and brings you closer to the people who matter most.
Call one of our team or book an appointment at a time that works for you to discuss how we can help you secure a home loan that brings you closer to family.
