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Home Loans for FIFO & Mining Workers
If you work fly in fly out or on a mine site, your base salary is often the smaller part of what you earn. Site allowances, loadings, overtime and bonuses can make up 30 to 50 percent of your income. The catch is that a lot of lenders discount or ignore exactly that part, and it can cost you badly at application time.
Here is the trap. A mainstream bank might count your base in full and then shade your allowances, overtime and bonuses to 80 percent or less. So instead of assessing you on your real $160,000, they lend against something closer to $140,000. On a mortgage that gap is the difference between the home you want and the one you settle for.
How FIFO and site income is treated
| Income type | Typical treatment |
|---|---|
| Base salary | Counted in full by all lenders |
| Site and location allowances | Some lenders take 100% with a history, others shade to 50 to 80 percent |
| Overtime and shift loadings | Usually averaged, commonly around 80 percent |
| Bonuses | Averaged over one to two years where consistent |
| Contract day rates | Assessed on your trading history and consistency |
A steady roster is your strongest asset
Most lenders want to see around 12 months of consistent FIFO income, and some will look at 6 months if your industry history is longer. Show a steady roster and regular payments and the right lender will count far more of your real income than a bank that shades everything down.
Living away allowances and the details
Living away from home arrangements and the way allowances show on your payslip can help or hurt depending on the lender. Some will add allowances back to reflect your true income. Others treat them cautiously. This is the sort of detail that decides your outcome, and it is worth getting a set of eyes on it that has read plenty of mining payslips before. To see how the raw numbers translate, my guide to how much can I borrow is a good start.
Whether it is your first home, an upgrade or an investment, the income treatment is what moves the needle. If it is your first place, start with first home buyer support. If you are building an investment portfolio on a strong income, see investment property loans.
Get your full roster income counted
Send me a few recent payslips and I'll find the lender that counts the most of your allowances and loadings. Free call, no obligation.
Frequently asked questions
Why does my bank ignore my site allowances?
Many mainstream lenders shade variable income like allowances, overtime and bonuses, sometimes heavily, because they treat it as less certain than base pay. Other lenders will count much more of it where you can show consistency, which is why comparing matters so much for FIFO income.
How long do I need to be doing FIFO before I can borrow?
Many lenders want around 12 months of consistent income. Some will consider 6 months if your broader industry history is longer. Book a call and we'll see where you stand.
I'm on a contract day rate. Can I still borrow well?
Yes. Contract and day rate workers get approved regularly. Lenders assess your trading history and consistency, and the right one can take a strong view of it.
Important information
This information is general in nature and does not take your personal objectives, financial situation, or needs into account. It is not credit assistance or a recommendation to enter into any particular credit contract. Consider whether it is right for you and seek advice before acting. Lending is subject to a lender's eligibility and approval criteria. Terms, conditions, fees, and charges apply.
Greenwood Finance · ABN 23 671 049 693 · Credit Representative No. 551942.
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