As a FIFO worker in Western Australia, you've got unique advantages when it comes to buying your first home. Your income potential is strong, but the property hunting process can feel overwhelming when you're working away from home for weeks at a time. Let's break down the most effective property hunting techniques that work with your FIFO lifestyle.
Understanding Your Financial Position Before You Start
Before diving into property searches, you need a clear picture of your borrowing capacity. FIFO workers often have variable income patterns, which can affect how lenders view your application process. Here's what you should gather:
• Recent bank statements showing consistent income deposits
• Employment contracts demonstrating ongoing work arrangements
• Tax returns that reflect your annual earning capacity
• Any existing debts or financial commitments
Knowing your loan amount potential helps you focus on properties within your price range. A Home Finance & Mortgage Broker can help assess your financial situation and determine realistic borrowing limits based on your FIFO income structure.
Timing Your Property Search Around Work Cycles
One of the biggest challenges FIFO workers face is coordinating property inspections with work rosters. Here are some practical approaches:
Schedule Inspection Blitzes
When you're on break, plan intensive property viewing sessions. Contact real estate agents in advance and book multiple inspections for the same day or weekend. This maximises your time at home and helps you compare properties while they're fresh in your memory.
Use Technology Wisely
Virtual tours and video calls can help narrow down your shortlist while you're on site. Many agents now offer detailed video walkthroughs, which can save you time when you return home.
Build Relationships with Agents
Let agents know about your FIFO schedule. Many are willing to arrange special viewing times or provide additional photos and information to accommodate your availability.
Location Considerations for FIFO Workers
Your property location needs to work for both your personal life and work commitments. Consider these factors:
• Proximity to Perth Airport for easier work travel
• Access to family and friends during your time off
• Rental potential if you decide to move or invest later
• Local amenities that matter during your break periods
Many FIFO workers find properties in Perth's northern suburbs particularly appealing due to airport access, while others prefer areas closer to family networks.
Making the Most of First Home Buyer Benefits
As a first time home buyer, you have access to several programs that can reduce your upfront costs:
First Home Owner Grants (FHOG)
Western Australia offers grants for eligible first home buyers. The amount varies depending on whether you're buying an existing home or building new.
Stamp Duty Concessions
First home buyers may be eligible for stamp duty reductions or exemptions, depending on the property value and your circumstances.
Home Guarantee Scheme
This government initiative can help you enter the property market sooner by reducing the deposit required and potentially eliminating lenders mortgage insurance (LMI).
First Time Home Buyer Programs
Various first time home buyer schemes are available through different lenders, often featuring interest rate discounts or reduced fees.
Working with Mortgage Brokers Who Understand FIFO
Not all mortgage brokers understand the complexities of FIFO income. Look for brokers who:
• Have experience with FIFO workers and understand income assessment
• Can access home loan options from banks and lenders across Australia
• Offer flexible communication that works with your roster
• Understand the specific challenges of your work arrangements
A specialist broker can help you get pre-approved before you start property hunting, giving you confidence when making offers and demonstrating to sellers that you're a serious buyer.
Loan Structure Considerations
When applying for a home loan, consider these options that might suit your FIFO lifestyle:
Offset Account Benefits
With irregular income patterns, an offset account can help reduce interest payments during high-earning periods while providing access to funds when needed.
Interest Rate Options
Decide between variable interest rate and fixed interest rate products based on your risk tolerance and income predictability.
Investment Loan Options
Some FIFO workers consider investment properties as part of their strategy. Understanding investment loan application requirements early can help with future planning.
Loan to Value Ratio Planning
Your loan to value ratio (LVR) affects your loan terms and whether you'll need LMI. FIFO workers often have strong saving capacity, so consider:
• Whether to use a larger deposit to avoid LMI
• How much cash to keep available for emergencies
• The benefits of entering the property market sooner versus saving more
Making Your Application Work
The streamlined application process works better when you're prepared. Organise your documentation in advance and maintain regular contact with your broker, even when you're on site.
Remember that buying your first home as a FIFO worker requires patience and planning, but your income advantage and available government programs can make homeownership very achievable.
Property hunting doesn't have to be stressful when you have the right strategy and support. Focus on preparation, use your time at home effectively, and work with professionals who understand your unique situation.
Call one of our team or book an appointment at a time that works for you to discuss your property hunting strategy and home loan options tailored to your FIFO lifestyle.
