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The Lender’s Perspective: Stability vs. Income
It’s not uncommon for FIFO workers to earn well above the national average, but lenders care just as much about how you earn as they do how much you earn. FIFO applicants often raise questions like:
- Will this income continue long-term?
- How secure is your contract?
- What expenses are involved in this lifestyle?
From a lender’s perspective, this means extra checks, even if you’re earning six figures.
What Makes a FIFO Car Loan Application Unique?
Unlike standard 9-to-5 applicants, FIFO workers often deal with:
- Shift-Based Rosters: This creates irregular pay patterns that automated lending systems may misread.
- High Overtime Earnings: Not all lenders count overtime or allowances the same way, some may discount them entirely.
- Temporary Employment Labels: Even long-term FIFO workers can be listed as casuals, which may flag additional risk to traditional banks.
The Advantage You Might Not Realise You Have
What many FIFO workers overlook is that your income potential often puts you in a stronger position than you think. With smart structuring and the right lender, you can:
- Access higher borrowing power
- Negotiate better interest rates
- Repay faster due to lump sum income potential
The key is presentation, not just your payslips, but your overall financial story.
How to Set Your Application Apart
To position your FIFO car loan application for success, consider:
- Pre-approval with a broker who understands FIFO employment types
- Packaging your income: Include base pay, allowances, and consistent bonuses with proper documentation
- Showing asset growth or savings: Many FIFO workers build savings rapidly, use this as a strength
- Avoiding large debt loads: Lenders weigh existing commitments heavily
Perth’s FIFO Workforce Needs Local Expertise
At Hanna Lending, we specialise in understanding the structure of mining, construction, and FIFO roles in WA. We speak directly with lenders that are FIFO-friendly, so your income and employment don’t become red flags, they become selling points.
Final Word
Car finance as a FIFO worker isn’t harder, it just requires a tailored approach. With the right team behind you, your high-income role can fast-track your next car purchase without delays or complications.
Want a FIFO-savvy finance partner in Perth? Chat with Hanna Lending and let’s get your application on the road.
