Mining & FIFO Borrower Pack
For mining, FIFO, DIDO and shift workers buying or refinancing in Mackay, the Isaac Region and the Bowen Basin. It's a general guide to the paperwork lenders usually ask for and how they usually look at roster pay. Lenders differ, policies change, and nothing here is a promise about how any lender will treat your income.
General information only – speak to a broker about your situation.
Cutting Edge Finance · 0458 773 002 · broker@cutfinance.com · cuttingedgefinance.com/mining-fifo-borrower-pack
1. Roster-income document checklist
Tick off what you have. Your broker will confirm exactly what your lender needs, which may be less than this list. Please don't send payslips or ID by text or WhatsApp; we'll give you a secure way to share documents.
- Photo ID: driver licence and/or passport, plus your Medicare card
- Your two most recent payslips, in a row
- Your latest year-to-date payslip, plus the last payslip of the previous financial year if you want overtime or allowances counted
- Employment contract, or a letter from your employer confirming your role, start date, employment type (permanent, fixed-term or casual) and base rate
- Your roster in writing, for example 7 on/7 off, 4 on/4 off, 14/7 FIFO or 8/6 DIDO
- A list of your allowances (site, travel, living-away-from-home, FIFO or remote area): what each is for and how often it's paid
- Overtime history: payslips or income statements covering the period you want counted
- Bonus or incentive letters, or payslips showing them, for the last one or two years
- On leave or about to be? A letter confirming the type of leave, the dates and your return-to-work date
- New job or on probation? Details of your previous jobs, including dates and whether you stayed in the same industry
- Labour hire? Your contract with the labour hire company and how long you've been on your current placement
- Contractor or ABN? Your last two years' tax returns and the matching ATO tax notices, plus BAS and current contracts if you have them
- Tax returns or income statements if your income varies a lot, you have a second job, or your lender asks for them
- Savings statements showing your deposit, and any gift letter if family is helping
- Statements for every debt: credit cards (lenders look at the limit), car and personal loans, buy now pay later, and your HECS/HELP balance
- Other income, such as rent from an investment property or family payments
General information only – speak to a broker about your situation. Lenders differ in what they ask for.
2. How lenders usually look at roster pay
A mining pay packet has several parts, and lenders treat each one differently. This table is a general picture only. Every lender has its own policy, and two lenders can look at the same payslips and count quite different amounts.
| Part of your pay | What lenders usually look at | Where lenders differ |
|---|---|---|
| Base pay | Your contracted base rate or salary, shown on payslips and your contract. | Usually the most straightforward part of your pay. Lenders generally count it once they're comfortable with your job and any probation. |
| Shift penalties and loadings | Whether night, weekend and roster loadings are built into your roster and appear regularly on your payslips. | Some lenders treat rostered penalties much like base pay. Others average them over several months or count only part. |
| Overtime | How regular it is, usually across recent payslips and your year-to-date figure, and sometimes last financial year. | Some count most regular overtime after a few months. Others shade it or want a longer history, sometimes up to two years. |
| Allowances | What each allowance is for (site, travel, living away from home, FIFO, remote area) and whether it's paid every pay. | Treatment ranges from not counted at all to counted in full. Allowances that cover costs, such as travel, may be treated more cautiously than ones paid as income. |
| Bonuses and incentives | Whether they've been paid before and how they're worked out. | Many lenders want a history of one or two years and may average them or count part. |
| Contractors (ABN) | How long you've contracted, your day rate and contracts, and usually tax returns and the matching ATO tax notices. | Some lenders accept a shorter contracting history, especially if you did the same work as an employee first. Others want two years of tax returns. |
| Labour hire | Whether you're permanent, fixed-term or casual with the labour hire company, and how long you've been placed. | Some lenders treat a long-running placement much like permanent work. Others treat labour hire more like casual income and want a longer history. |
| Casual roster work | How long you've worked casually, and whether it's been with the same employer. | Some lenders want a minimum time in the job. Others average your income over a longer period. |
| Probation | Whether you're still on probation, and your work history in the same industry. | Some lenders will consider you during probation if you've stayed in the same industry. Others wait until probation ends. |
| FIFO and DIDO | Where you live compared with where you work, any travel or FIFO allowances, and the postcode of the property you're buying. | Lenders have different rules for counting FIFO and travel allowances, and for lending in mining-town postcodes. |
| Leave | Whether you're on parental, long service or unpaid leave, and when you return. | Most want a return-to-work date and evidence of your usual income. Some look at the income you'll earn when you return. |
3. Before you buy in a mining-town postcode
- Check which lenders will lend in that postcode, and on what terms, before you make an offer
- Ask how much deposit lenders want for that postcode; it can be more than in Mackay
- Think about the valuation: in a small market with few recent sales, the lender's valuer has less to compare with
- Decide whether you'll live in it or rent it out, as lenders treat the two differently
- Plan for a change of roster, site or employer during the loan
- Get a building and pest inspection, and read the body corporate records if it's a unit or townhouse
- Ask about conditional pre-approval with a lender that lends in that postcode before you sign
4. Questions to ask your broker
- Which lenders are likely to count my overtime, allowances and bonuses, and how much of each?
- Do any lenders have postcode limits where I want to buy?
- I'm on probation, labour hire or an ABN. What history will lenders want?
- How long will my conditional pre-approval last, and what could change it?
- How are you paid, and is there any fee to me? (Ask for the Credit Guide.)
5. Free tools and pages
- Borrowing power estimate: enter base pay, overtime and allowances separately
- Repayment calculator
- Equity calculator
- Mining & FIFO home loans
- Towns we help with
This pack is general information only and doesn't take into account your objectives, financial situation or needs. It isn't a recommendation of any lender or loan. Lenders apply their own criteria, fees and rates. No broker fee for most home loans. We're usually paid commission by the lender, and we disclose it in our Credit Guide before we help you with a loan.
Cutting Edge Finance · Upstairs, Shop 5, 68 Sydney Street, Mackay QLD 4740 · 0458 773 002 · broker@cutfinance.com · Cutting Edge Finance (Credit Representative Number 441201) is authorised under Australian Credit Licence Number 389328 held by Aus Property Financial Solutions Pty Ltd.