Make your FIFO income make sense to the right lender
Your income may include more than base pay. I help explain it clearly and check how suitable lenders may assess it.
On site. Home again. Income assessed across the cycle.
A roster helps explain the relationship between shifts, hours and pay periods. It does not set borrowing capacity by itself, but it can help the income evidence make sense.
The total on your payslip is not always the income a bank will use
FIFO work can involve unusual rosters, long shifts, changing sites and several types of income. Lenders do not all interpret those components in the same way. A strong application starts by identifying what is reliable, how long it has been received and which evidence supports it.
Ordinary base pay
Permanent, casual, labour-hire and fixed-term roles can have different requirements. Lenders check guaranteed hours and evidence of base income.
Allowances and overtime
Site, travel, meal, living-away and other allowances may be treated differently. A lender may ask for a history of overtime and count only part of it when assessing your income.
Roster and employment pattern
A lender may consider your roster, probation status, time in the industry, employer, contract term and whether earnings fluctuate between pay cycles.
Which parts of my FIFO income can count towards a home loan?
A lender looks at the income it can verify and reasonably rely on for repayments, rather than simply multiplying your latest payslip. Base pay, overtime, allowances and bonuses may be assessed separately. The amount accepted depends on the lender, your employment arrangement and the evidence.
- Base pay: Separate your ordinary salary or wages from extra payments. Your contract and payslips help explain your agreed pay and hours.
- Overtime: Regular extra shifts may contribute to the assessment, but a lender may use only part of those earnings or require more history.
- Allowances: Identify what each payment covers and whether it is ongoing. A contractual shift allowance may be treated differently from a payment covering travel or living costs.
- Bonuses: A one-off payment should not be assumed to count as ongoing income. Evidence of recurring payments and the conditions attached to them can matter.
- Reimbursements: Money repaying an expense you have already incurred is different from pay for your work. Keep it separate so the associated cost is not overlooked.
Recent payslips, year-to-date earnings and any required earlier income records help show whether a busy pay period reflects your usual earnings. A roster or employer letter can help explain changes. I check the relevant lender requirements before relying on an income component.
There is no single FIFO income percentage that every lender uses. Accepted income is only one part of the assessment: your expenses, debts, deposit and the property also matter.
How I review your FIFO income
Three steps before choosing where to apply.
Break down the payslip
Separate base pay, overtime, allowances, bonuses and any irregular amounts.
Check history and evidence
Compare recent payslips, year-to-date figures and prior financial-year earnings where required.
Match lender policy
Research how suitable lenders may treat the income before deciding where an application belongs.
Documents that may help explain your income
Existing debts, dependants, accommodation and ongoing expenses matter too. Acceptance of every income component, or approval of an application, is not guaranteed.
The exact requirements depend on your employment and the lender. These are useful starting points, not a universal checklist. Prepare for your appointment for the broader application checklist.
- Recent consecutive payslips showing year-to-date income
- Your employment contract or letter of employment
- Details of your roster, site and employment arrangement
- Income statement or prior financial-year earnings where relevant
- Details of existing loans, credit cards and other commitments
- Your purchase price, deposit or refinancing objective
Your FIFO questions
Can I apply while on probation or after changing FIFO jobs?
Ask for a policy check before assuming you need to wait or that your previous borrowing estimate still applies. Your new contract, current earnings and employment history help establish what can be assessed. Tell me if you are on probation, have changed employers or have a gap between roles.
What if I work through a labour-hire company?
Start with your actual employment arrangement: who employs and pays you, whether your role is permanent, casual or fixed-term and how consistent the work has been. Bring your contract and recent payslips. Working at the same site does not by itself explain your employment terms.
Does living-away-from-home allowance count as income?
Do not assume the full amount will count. A genuine living-away-from-home allowance (LAFHA) compensates for additional costs and disadvantages of living away for work. Some payments with a similar name are travel allowances instead. I check what the payment represents, the expenses it covers and the lender’s treatment. Its tax treatment alone does not establish whether it can support a home loan.
Why can two lenders assess the same FIFO payslips differently?
They can apply different rules to variable earnings, the history required and the documents accepted. One may use a different assessment period or include a different portion of overtime or bonuses. Compare the income actually accepted, not just the total printed on the payslip.
What if my roster or overtime changes before settlement?
Tell your broker or lender promptly, especially if your income will fall. Supply the updated roster, pay details or employer confirmation. The lender may need to review the application, so do not assume an earlier borrowing estimate or approval still applies unchanged.
Does buying in a mining town affect the home loan?
It can. The property is assessed separately from your FIFO employment and some lenders restrict properties in remote mining towns. Check the exact address, property type and lender requirements before relying on a borrowing estimate for that purchase.
Can we start the process while I am away on site?
We can start with a phone conversation while you are away. Let me know your roster, time zone and when you have reliable phone or internet access. We can plan the next steps around that, while checking the lender’s identification, signing and document requirements.
Can casual FIFO workers obtain a home loan?
Casual employment does not automatically prevent an application. Time in the role or industry, income consistency, documents and lender policy will all matter.
Can I use FIFO income for a construction loan or investment property?
Potentially, subject to the income being acceptable and the full application meeting the lender’s criteria. The construction or investment requirements are assessed in addition to the employment income.
General information only. This page does not take into account your objectives, financial situation or needs. Income treatment and lending criteria vary between lenders and may change. Approval is not guaranteed and remains subject to lender assessment, acceptable security and supporting documents.