Understanding Refinancing for FIFO Workers
Refinancing your home loan can open doors to numerous benefits, from accessing a lower interest rate to reducing loan repayments or releasing equity in your property. For FIFO workers, the refinancing process requires specific documentation that reflects your unique employment situation.
Whether your fixed rate period ending has prompted you to explore better loan options, or you're looking to release equity to buy the next property, having the right paperwork ready makes all the difference in your application process.
Why FIFO Workers Consider Refinancing
FIFO workers often refinance for several reasons:
• Accessing lower refinance interest rates when switching from variable interest rate to fixed interest rate loans
• Change your loan term to reduce monthly commitments
• Consolidate debts into one manageable payment
• Release equity for investment opportunities or renovations
• Take advantage of better loan features and conditions
Essential Documentation Checklist
Employment and Income Verification
- FIFO Employment Contract - Your current contract showing roster patterns, hourly rates, and contract duration
- Payslips - Last 3-6 months showing regular FIFO allowances and overtime
- Tax Returns - Previous two years including all supplementary pages
- Group Certificates or Payment Summaries - Last two financial years
- Letter from Employer - Confirming ongoing employment and typical annual earnings
Financial Documentation
• Banks statements - Last 3-6 months for all accounts (savings, cheque, offset)
• Credit card statements - Recent statements showing limits and balances
• Loan statements - Current home loan and any other existing debts
• Asset valuations - Recent property valuations or purchase contracts
• Investment statements - Shares, managed funds, or superannuation balances
Property Documentation
• Rate notices - Most recent council and water rates
• Insurance policies - Current home and contents insurance
• Strata reports - If refinancing an apartment or townhouse
• Building inspection reports - If required by the new lender
FIFO-Specific Considerations
Roster Documentation
Your roster schedule affects how lenders assess your financial situation. Provide:
• Typical roster patterns (2/1, 4/1, 8/6 etc.)
• Average days worked per year
• Breakdown of base salary versus allowances
Contract Stability
Lenders want to see employment continuity. Include:
• History of contract renewals
• Letter from employer about future work prospects
• Evidence of skills in demand within your industry
Working with Finance & Mortgage Brokers
FIFO Home Loans understands the unique challenges FIFO workers face when refinancing. We have access to loan options from banks and lenders across Australia, including those with special lender policies for FIFO employment.
Our team can help you:
• Check eligibility for special lender policies designed for FIFO workers
• Compare loan amount options and interest rate structures
• Understand which documentation carries the most weight with different lenders
• Prepare your application for the most suitable refinance interest rates
Preparing for Your Application
Organisation Tips
- Create digital copies of all documents
- Organise paperwork chronologically
- Highlight key information that shows income stability
- Prepare explanations for any gaps in employment
- Calculate your desired loan amount and preferred loan term
Timeline Considerations
Allow 6-8 weeks for the complete refinancing process. Start gathering documents early, especially if your fixed rate period ending is approaching and you want to secure new rates promptly.
Common Documentation Pitfalls
Avoid these frequent mistakes:
• Providing incomplete banks statements with missing pages
• Forgetting to include FIFO allowances in income calculations
• Not explaining irregular income patterns to lenders
• Missing property insurance documentation
• Outdated asset valuations
Making the Process Smoother
The refinancing journey doesn't have to be overwhelming. Working with experienced finance & mortgage brokers who understand FIFO employment means:
• Knowing exactly which documents each lender requires
• Understanding how to present your income in the most favourable light
• Having someone advocate for your unique circumstances
• Accessing lenders who appreciate FIFO worker reliability
Getting Started
With your documentation checklist in hand, you're ready to explore refinancing options. The right preparation now can save weeks later in the application process and help you secure the loan amount and interest rate that works for your financial situation.
Remember, different lenders have varying requirements, and what works for one application might not suit another. Having professional guidance ensures you're presenting your documentation in the most effective way possible.
Ready to explore your refinancing options? Call one of our team or book an appointment at a time that works for you.
