Finance Tips for FIFO Workers

FIFO work comes with great pay — but the unique nature of the job can make finance a bit different. Here's what fly-in fly-out workers need to know about getting car and boat finance.

The Good News: FIFO Income is Strong

Lenders generally like FIFO workers because:

• High incomes — mining and resources pay well
• Stable employment — major projects run for years
• Consistent pay — regular roster = regular income
• Low living costs — accommodation and meals often covered on site

Many FIFO workers have strong borrowing capacity thanks to high earnings and (often) lower expenses than city workers.

Potential Challenges

Contract vs Permanent

Permanent FIFO employees are viewed the same as any other permanent worker. Contractors can be trickier:

• Lenders prefer to see 6-12+ months on the current contract
• A history of continuous FIFO contracts helps
• Some lenders won't touch short-term contractors

Income Verification

FIFO pay can include various allowances (travel, living away from home, etc.). Different lenders treat these differently:

• Some count all income
• Some only count base salary
• Overtime may or may not be included

A broker who works with FIFO clients knows which lenders are most favourable.

Location

If you're based in a regional area when off roster, that's usually fine. If you're frequently between addresses or have no fixed address, some lenders may ask questions.

What Documents Do You Need?

FIFO workers typically need:

• ID (licence, passport)
• Recent payslips (showing FIFO allowances)
• Employment contract (especially if contracting)
• Bank statements showing regular pay deposits
• Group certificate or tax return (to show annual income)

If you're a contractor, also have ready:

• ABN details (if applicable)
• Contract terms showing duration and rate
• History of previous contracts (shows continuous work)

Cars for FIFO Workers

Many FIFO workers keep a vehicle at their home base for use during R&R. Consider:

• 4WDs and utes — popular choices, especially in WA and NT
• Used cars — if you're only driving a few days per fortnight, a newer car may not be necessary
• Towing capacity — if you have a boat or caravan, factor this in

Boats for FIFO Workers

Let's be honest — many FIFO workers buy boats. Good pay plus extended time off equals time on the water. Finance considerations:

• Strong income helps — easier to get approved for bigger boats
• Storage matters — where will it live when you're on site?
• Insurance — make sure it's covered while unattended
• Maintenance — boats don't like sitting; factor in servicing costs

Tips for FIFO Workers Getting Finance

1. Keep payslips organised — lenders will want to see recent ones
2. Maintain a stable address — even if you're away a lot
3. Build a track record — continuous FIFO employment looks good
4. Don't overcommit — FIFO work can end suddenly; keep repayments manageable
5. Use a broker — they know which lenders are FIFO-friendly
6. Consider your roster — can you handle paperwork/inspections between swings?

FIFO and Mining Boom/Bust

A word of caution: mining is cyclical. Rosters can be cut, projects can end, and contracts may not be renewed. Before taking on finance:

• Make sure you could still afford repayments if your roster was reduced
• Have an emergency fund (3-6 months expenses)
• Don't assume the current boom lasts forever

Being financially prepared means a downturn is an inconvenience, not a disaster.

The Bottom Line

FIFO workers generally make great borrowers — high income, stable work, and often lower expenses. The key is working with a lender (or broker) who understands FIFO income and can present your application in the best light.

Ready to get started? Get a quote — we work with FIFO workers across WA and the NT every day.

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