Mining, oil & gas, construction? Get approved with full income assessment including allowances, overtime, and roster loadings.
Despite concerns about mining cycles, FIFO workers have high incomes and strong repayment records.
FIFO workers typically earn $100K-$200K+ with allowances, overtime, and roster loadings. This translates to strong borrowing capacity.
Rio Tinto, BHP, Woodside, Fortescue - lenders recognize these blue-chip mining companies and their permanent rosters.
FIFO workers have demonstrated low default rates during past mining cycles. Lenders have data showing you pay your bills.
Electricians, fitters, operators, engineers - your trade skills are transferable. If one mine closes, you can find work at another.
The key to FIFO approval is showing consistent income history across all components.
Your contracted base rate always counts. This is the foundation of your income assessment.
Living-away-from-home allowance (LAFHA), site allowance, roster allowance - all count if paid consistently for 3-6 months.
If your roster includes guaranteed overtime hours (e.g., always work 12-hour shifts on a 2-1 roster), lenders count this.
Voluntary or ad-hoc overtime is assessed at 50-80% if you have 6-12 months consistent history.
Production bonuses, safety bonuses - counted at 50% if received for 2+ years consistently.
Irregular shutdown work or casual contractor rates are typically excluded due to inconsistent nature.
Base Salary (Day shift rate)
$85,000
These lenders have experience with mining industry and understand FIFO income structures.
Variable Rate from
5.89%
Comparison Rate 6.01%*
Best for: WA-based FIFO workers. Deep understanding of mining industry and allowances.
FIFO-Friendly Features:
Variable Rate from
5.94%
Comparison Rate 6.06%*
Best for: FIFO workers nationwide. Experienced with major mining companies.
FIFO-Friendly Features:
Variable Rate from
5.91%
Comparison Rate 6.03%*
Best for: FIFO workers wanting full banking services and stability.
FIFO-Friendly Features:
Variable Rate from
5.87%
Comparison Rate 5.99%*
Best for: FIFO workers wanting lowest rates and online convenience.
FIFO-Friendly Features:
This is lenders' biggest concern about FIFO workers. Mining is cyclical and some lenders worry about job security.
Contractors face more scrutiny than permanent employees due to perceived instability.
Many FIFO workers buy in their home state while working interstate (e.g., work in WA, buy in QLD).
You just started FIFO work and don't have long employment history yet.
It depends on consistency. If your roster always involves 12-hour shifts with overtime built in, most lenders count 100%. If overtime is genuinely voluntary/variable, lenders typically use 50-80% of the average over 6-12 months. The key is showing it's been consistent. Provide last 12 months of payslips to demonstrate the pattern.
Good news: LAFHA is almost always counted 100% by lenders experienced with FIFO workers. You just need to show it's been paid consistently for 3-6 months and is part of your ongoing roster arrangement. Make sure your payslips clearly itemize LAFHA separately. If it's paid as a lump sum with salary, get a letter from your employer breaking down the components.
Yes, but lenders will want to see evidence of renewals or that your contract is likely to continue. If you've been renewing 12-month contracts for 2+ years, that's good. If this is your first contract, you'll need at least 3-6 months completed and ideally a letter indicating renewal is likely. Some lenders treat contractors as self-employed, requiring 2 years tax returns. A mortgage broker can identify which lenders are most contractor-friendly.
This is a personal decision. From a lending perspective, both are fine. However, consider: (1) Mining towns can have volatile property values tied to mine life, (2) Your home city gives you somewhere to live if you leave FIFO, (3) Family considerations - where do you want to settle long-term? Many FIFO workers buy in their home city for stability, even if they work 1,000km away. Lenders understand this is normal for FIFO workers.
Standard deposit requirements apply: 5% with First Home Guarantee (if eligible), 10-20% for most mainstream lenders. However, 20% deposit opens up more lender options and better rates. Some lenders are more conservative with FIFO workers and prefer 20% deposit. If you're permanent with a major mining company (Rio, BHP, etc.) and have 2+ years tenure, 10% is usually fine with most lenders.
Roster changes can affect income if one roster pays more than another. If you're moving to a roster with higher income (e.g., longer swings), you'll need to show at least 1-2 payslips on the new roster before lenders will accept the higher amount. If moving to lower-paid roster, lenders will typically use the lower income for serviceability. Get your loan approved before changing rosters if possible, or wait 3 months on new roster for clear income history.
Complete our 2-minute assessment designed for FIFO workers. We'll calculate your borrowing power including all allowances and overtime, then show you the best lenders.
✓ Mining, oil & gas, construction welcome • ✓ Permanent & contract workers • ✓ No obligation