Home loans · Emergency services
Home Loans for Firefighters
Firefighting is stable, respected work, and lenders like both of those things. What tends to shape a firefighter's home loan is not your job security, it is how much of your shift penalties, overtime and allowances a lender will actually count.
Your base salary is only part of the picture. Between shift loadings, overtime and allowances, a solid chunk of your pay sits outside your base rate. Get that assessed by a lender that counts it properly and your borrowing power can look very different.
How your income is really assessed
- Base salary is counted in full by every lender.
- Shift penalties for nights, weekends and public holidays are often counted at 80 to 100 percent.
- Overtime is usually averaged, commonly around 80 percent, over 12 to 24 months.
- Allowances depend on the type and how they show on your payslip.
Consistency is what unlocks it
Show a steady year or two of penalties and overtime and the right lender will use far more of it. Bring your payslips and I'll work out who counts the most of your real income.
Essential worker LMI options
Firefighters are among the essential workers some lenders single out for an LMI concession, alongside police, paramedics and nurses. Where it applies, it can let you buy with a smaller deposit and skip a cost that often runs into five figures. Policy differs by lender and changes over time, so it is worth checking what is currently on offer rather than assuming. My guide to how LMI works explains the cost you would be avoiding.
If you are buying your first place, you may also be eligible for schemes that cut the deposit you need. Start with my first home buyer support, and get a feel for the numbers with how much can I borrow.
Get your full income recognised
Book a free call and I'll match you to the lender that counts the most of your shift income, and check any essential worker concession.
Frequently asked questions
Will a lender count my overtime and shift penalties?
Many will, especially where it is regular and you can show a history. How much counts varies by lender, which is why I compare rather than take one bank's answer.
Do firefighters get any LMI concessions?
Some lenders offer reduced or waived LMI for eligible essential workers, including firefighters. Policy changes, so I check what is currently on offer for your situation.
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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