The 4 Step guide for FIFO workers to save thousands off their home loan…
…even if they are casual!
The struggle is real in FIFO work.
The struggle is real in FIFO work. Not knowing how long the job will be or how long the income will be flowing can be incredibly stressful. As we know too well, FIFO work, by its nature is just not secure because it is based on the fluctuating fortunes of the resources sector – which we know is prone to boom and bust cycles.
This should not be a reason to hold you back when it comes to saving thousands on your home loan, even if your work is casual.
Unfortunately, the majority of banks have tight policies that are incredibly inflexible and don’t take into account the real life financial situation that FIFO workers face every single day.
There is however light at the end of the tunnel. There is a small minority that do look after FIFO and casual workers and I have made it my business to know them well to get you the best results. Normally FIFO and casual get put into the too hard basket for many brokers because they just want the quick easy deals.
The reason I’m different to the rest is, I understand your pain because before I was a mortgage broker I was a fifo worker. Having my own mortgage broker leave me high and dry followed by my bank when I talked to them direct lead me down the path of finding a better solution and becoming a mortgage broker myself.
I understand that having access to a printer and scanner is a luxury and not a given onsite, which is why all of my documents can be done online. Some of the bank documents have to be signed in person which is why I escalate with the banks beforehand and work in with your roster, so you loan isn’t delayed by 2 weeks because you just started your roster and the documents turned up at your house the next day.
Understand which banks can help you in your current situation.
Time is very precious to a fifo worker, we spend so much of it onsite that we don’t have much to spare when we are back in camp or better yet back home. If you do a quick google search you will find 100’s of options to reduce your interest rate and it’s a very daunting task to know where to start.
When you do start, you will more than likely be rejected because you don’t fit into the boxes the lender has put in place for people to get those super low interest rates. That’s why it can be so disheartening and many give up before they even begin when they try to refinance to a lower interest rate.
A fifo broker knows which lender to check with first, which saves you time and money because it will speed up the process of actually refinancing your home to a lower rate. The reason is a lot of lenders put in extra restrictions for fifo or casuals which means they won’t accept all of your income which can be the difference in getting the loan or being rejected.
It can become an expensive exercise if you don’t know which lender to use at the start. Luckily there are a few lenders that offer brokers free valuations, so I can find out quickly and for free what your home is worth and which lender to go with.
Find out how much you can save by refinancing today.
Every dollar you make in your FIFO job is precious. You have taken time away from your life, your family, your hobbies (for me it was my cricket club) and so many other things so that you can bring in the money. Any money you earn doing FIFO work should NOT be wasted away with a bank who doesn’t understand you or your situation.
You may have taken your mortgage out for your home a couple of years ago when policies were different for FIFO workers and based solely on your annual income they signed you up as soon as they could.
Bank policies can change by the day so whatever situation you are in now- it can in some cases literally pay to do a refinance. You don’t need to be paying for the bank manager’s holidays, you should be banking time and money for your own holidays with what you save by doing a simple refinance.
How much more time, how many more weeks, how many more years , do you want to be working FIFO just so you can pay your bank a higher interest rate, when if you switched banks you could save hundreds of dollars a month.
Every dollar you save converts to time earned back in your ‘real life’. More time with your kids. More time at family birthday parties because you’re actually able to be at home more. More time enjoying the footy with your mates because you’re actually at home to attend the game.
Can you afford to delay refinancing if this is the case?
Act at the right time.
Be in the best position.
If you have kids and people ask you, “When is the best time to have kids?” often the answer is, “There is no right/best time to have kids”. All situations are different. There are so many contributing and individual factors to consider. The same goes for mortgages.
Sometimes people think waiting until you have more savings will help you be in a better position to get a mortgage or refinance. Sometimes people think that working for a bit longer will help. Sometimes people think that they should get a car/personal loan (a smaller loan) before they should get a bigger loan (a mortgage). Sometimes people are right… but sometimes they are wrong, according to various bank policies.
The best time to talk to a broker is NOW. We might have a chat and you might decide that you actually aren’t in the best position yet, but you will be in a couple of months, and that is OK. That is what I’m here for – to look into your options now, and into the future. BUT we also may look at all of your options, and all of the bank policies that can apply to you, and decide that even though you may have very little savings you will actually save more money by refinancing now.
Don’t EVER hesitate to get a better understanding of your personal finance. The first and most simple action you can take towards saving money and being home more often, is just to talk about it with a professional. The longer you wait to talk to a professional who understands your FIFO lifestyle, the more time you could be spending FIFO and the more money you could be wasting paying interest to the bank in the meantime.
You don’t ever need to wait to be in control of your finances and aware of exactly what options you have.
Get the process started and start saving cash!
Take 5’s and JHA’s – we all hate filling them out, but we do it because we know at the end of the day, by filling it in, you’re getting paid to and you’re putting money in the bank.
The same can happen when you fill in the paperwork for a mortgage or refinance with me. It might not seem appealing or worth your time, but just imagine how much money you could put back into your bank by filling in a form that takes about the same amount of time as a JHA.
PLUS, you didn’t have to spend any time away from home to do it!
Once you have filled in all the info you can either email it back to me or come and drop it into the office and we will have a chat about your options. NONE of this costs you a thing! My services are complimentary. Mortgage brokers make their money from the bank you decide to go with. This whole process is in your control 100% of the time.
There really is no reason not to have a quick chat with me today. You have everything to gain, including money in your hands and time back at home. Isn’t a 10 minute phone call worth that to you?
I understand the FIFO life and so if you’re on nightshift I know when phone calls can and can’t be made. Things that other brokers won’t understand. I can help with any paperwork, because I know when you’re away it’s not always easy to get your hands on a printer or scanner. I can answer questions you have about credit ratings, casual and contract employment, current interest rates, and how to go through the refinancing process. I will go above and beyond for you, I have proved this time and time again with my clients.
I know.
I’ve been there.
Let me help.
I know first hand what it’s like to feel like you should be getting ahead faster but not quite knowing where to start. Here it is. Here’s where you start to take control. Here’s where you find out what your options are. Here’s where you decide how and where you want to spend your time.
It’s just a phone call or email.
0448 912 765
That. Is. It.
Make a choice today about where you want to be financially and physically a year from now. Then, let me help you get there.