Home Loans for Police Officers

Some lenders count almost all of your shift and overtime income. Others shade it down hard or ignore it. The gap between those two views can change your borrowing power by a serious amount, so the choice of lender is doing a lot of quiet work here.

How your income is really assessed

Your base salary is counted in full by every lender. The parts that vary are where the choice of lender matters.

• Shift penalties for nights, weekends and public holidays are often counted at 80 to 100 percent.
• Overtime is commonly assessed on an average, usually around 80 percent, over 12 to 24 months.
• Allowances depend on the type and how they show on your payslip.
• Job security works in your favour, because lenders view stable government employment well.

Deposit and first home options

First responders are sometimes offered reduced or waived LMI by select lenders, which can save you a large upfront cost. If you are buying your first place, you may also be eligible for government schemes that let you buy with a smaller deposit. Start with my first home buyer support and read up on the NSW first home buyer schemes.

Already own and thinking about your next move? The same income treatment applies when you refinance or buy an investment, so it is worth getting the assessment right there too. See refinancing.