Shift penalties, overtime and allowances can be a large share of police and firefighter pay. The difference between lenders is how much of it they count.
Lenders count a police officer’s or firefighter’s base salary in full, then treat shift penalties, overtime and allowances by their own rules, usually averaging them over recent months or a year.
Most lenders do not offer professional lenders mortgage insurance waivers to these roles, so the 5% Deposit Scheme, a family guarantee or a 20% deposit are the usual ways to avoid LMI.
Part of the employment and income home loans guide.
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No LMI: an estimated $22,800 premium avoided (a broad guide; real premiums vary by lender and loan).
Stamp duty: $0 for eligible NSW first home buyers (saves $30,187).
Indicative only. The deposit excludes stamp duty, legal and inspection costs, and a participating lender, not this calculator, confirms 5% Deposit Scheme eligibility.
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Most lenders reserve professional LMI waivers for occupations such as doctors, dentists and some other professions, and police and firefighters are not usually on those lists. Policies change, so it is worth having a broker check current options.
The common routes are the 5% Deposit Scheme, which removes LMI with a 5% deposit for eligible buyers, a family guarantee, or a 20% deposit. See waived LMI home loans and what LMI is.
If you salary package, your payslip shows a lower taxable salary, but lenders can usually count the packaged amount with evidence. How they treat it varies; the salary packaging guide explains it.
The documents that let a lender count the full picture.
Most do, usually averaged over recent months or a year, and some count more of it than others.
Not usually. Most professional waivers are for other occupations. The 5% Deposit Scheme or a guarantee are the common alternatives.
Often in full when the roster is regular and payslips show them consistently.
Yes, if you are eligible and the price is under the cap.
It helps, though some lenders accept applicants on probation in a permanent role; see home loans on probation.
There is no government home loan scheme for police or firefighters in NSW. The practical advantage is choosing a lender that counts overtime and shift penalties in full, which can lift how much you can borrow.
Read how overtime and allowances are assessed.
Charles can show which lenders count your penalties and overtime most fully, from your payslips and roster.
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General information only, not credit, tax or legal advice. Lender policies change and differ between lenders, and any loan is subject to the lender’s assessment.
