Buying property - home loans for shift workers
Are you a shift worker struggling to imagine a future where you own your own home? You’re not alone. Many people working irregular hours - police, nurses, paramedics, hospital staff, emergency responders and other essential workers - face the same challenge. The good news: at BankVic, we help shift workers and people with fluctuating wages secure home loans every day.
Shift work often comes with penalty rates, overtime, and flexibility that can boost your earning potential. But it also means your income may vary from week to week. This can make income assessment tricky when applying for a home loan. Fortunately, there are lenders who understand the realities of shift work - and we’re one of them.
How we support shift workers into home ownership
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Holistic income assessment
- Unlike some other banks, BankVic looks at your full earning picture - not just your base salary. Our lenders may consider up to 100% of your overtime, penalty rates and shift allowances when calculating your borrowing capacity.
- Casual employees could also benefit. Many of our members who were overlooked by larger banks find they do qualify for a home loan with us. We understand that shift work doesn’t fit neatly into a 9-to-5 box, and our approach reflects that.
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Borrow up to 90% with no LMI
- For eligible police, emergency services, and healthcare shift workers buying their first home, BankVic offers the ability to borrow up to 90% of the property’s value without paying lenders’ mortgage insurance (LMI).*
- Avoiding LMI could save you thousands of dollars and help you enter the market sooner.
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Support to maximise overtime and pay off your loan faster
- If you rely on overtime for larger savings goals or to speed up your loan repayments, we may be able to help you structure your money more effectively. Our team can guide you on potential strategies to save smarter and reduce interest over the life of your loan.
Ready to take the next step?
Reach out to our BankVic Home Loan Mentors to help you find out how to maximise your overtime to get into your home sooner.
We’re here to help
If you have any questions about buying your first home, visit www.bankvic.com.au/home-buying , call 13 63 73 or book an appointment with a Home Loan Mentor by visiting www.bankvic.com.au/book-appointment. * LMI waiver criteria applies, please discuss with a BankVic lender for more information.
