Proven Tips to Map Your FIFO Home Buying Timeline

As a FIFO mobile plant operator, buying your first home requires careful timing and planning around your unique work schedule. Understanding the home buying timeline helps you coordinate each step with your roster, ensuring you don't miss critical deadlines while you're on site.

Understanding Your Financial Position

Before diving into the property market, spend time reviewing your financial situation during your time off. Your FIFO income provides advantages that many lenders recognise, but you'll need to demonstrate consistent earnings through recent bank statements and employment contracts.

Start by calculating your borrowing capacity. Most lenders will assess your income based on your total annual earnings, including allowances and overtime. This assessment determines your potential loan amount and helps establish realistic price ranges for your property search.

Consider these key financial factors:

• Your deposit amount and loan to value ratio (LVR)
• Ongoing expenses like stamp duty and legal fees
• Whether you'll need lenders mortgage insurance (LMI)
• Available first home owner grants (FHOG) in your state

Timeline Phase 1: Pre-Approval (2-4 Weeks)

Getting pre-approved should be your first priority when you have extended time off. This process involves submitting your application to access home loan options from banks and lenders across Australia. Your broker can streamline this by accessing multiple lenders nationwide simultaneously.

During pre-approval, you'll lock in an interest rate for a specific period, protecting you from rate rises while you search for properties. You can choose between variable interest rate and fixed interest rate options, depending on your risk tolerance and financial goals.

The application process requires:

• Recent payslips and bank statements
• Employment contracts showing your FIFO arrangement
• Details of any existing debts or commitments
• Identification documents

Timeline Phase 2: Property Search (4-12 Weeks)

With pre-approval secured, you can confidently search for properties within your approved price range. This phase works well during your roster breaks when you can attend inspections and auctions.

Consider properties that offer good value and potential growth. Many FIFO workers eventually purchase investment properties, so choosing your first home in an area with rental demand can provide future options.

First time home buyer programs and schemes can reduce your upfront costs significantly. The Home Guarantee Scheme allows eligible buyers to purchase with deposits as low as 5% without paying LMI, providing substantial savings.

Timeline Phase 3: Making an Offer (1-2 Weeks)

When you find the right property, you'll need to act quickly. Having pre-approval gives you a significant advantage in competitive situations, as sellers know you're a serious buyer with confirmed finance.

Your offer should account for:

• Building and pest inspections
• Settlement periods that align with your roster
• Finance approval conditions
• Any necessary repairs or improvements

Timeline Phase 4: Formal Approval (2-4 Weeks)

Once your offer is accepted, your lender will conduct a formal property valuation and complete their final assessment. This stage transforms your conditional approval into full loan approval.

Your broker will coordinate with the lender to ensure all conditions are met promptly. They can also help you set up useful features like an offset account, which can reduce interest payments over the life of your loan.

Timeline Phase 5: Settlement Preparation (4-6 Weeks)

Settlement preparation involves coordinating with solicitors, organising insurance, and arranging final inspections. Plan these activities around your work schedule, as some tasks require your personal attention.

Your finance broker will liaise with all parties to ensure settlement occurs smoothly. They can also discuss interest rate discounts and loan packages that might benefit your situation.

Making the Most of FIFO Advantages

Your FIFO income often provides access to better loan terms and conditions. Many lenders offer packages specifically designed for fly-in-fly-out workers, recognising the stability and higher earning potential of these roles.

Consider how your work schedule affects your property choice. Some FIFO workers prefer properties closer to airports or in areas where they plan to settle long-term after transitioning from mining work.

Planning Your Investment Future

Many FIFO workers use their first home as a stepping stone to investment properties. If this aligns with your goals, consider how your first purchase might work as a rental property later.

Investment loan options often have different requirements and rates compared to owner-occupier loans. Planning ahead can help you structure your first Home Loan to support future investment loan applications.

Remember that timing is crucial in property purchases, but with proper planning around your roster, you can successfully navigate each phase of the home buying timeline. Working with brokers who understand FIFO schedules ensures you won't miss important deadlines while maintaining your work commitments.

Call one of our team or book an appointment at a time that works for you to discuss how we can tailor the home buying process around your FIFO schedule.