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Home Loans for Fire Fighters

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 HOME LOANS FOR FIRE FIGHTERS

Did you know there are better home loans than simply going to the Fire Fighters Mutual Bank? We're accredited with them too, but why not speak to us about our panel of 50 lenders?

What is a Fire Fighters Borrowing Capacity?

✅Borrow 95% of property value. For this you will need full time regular income, good credit, and buy in a major city.
✅Borrow up to 105% of property value if you have a guarantor. That is 100% of property value plus purchasing costs.
✅Negotiated interest rates - if borrowing less than 80% of purchase value.

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Emergency Services Credit Policy:

✅Has been amended to increase full time emergency services workers borrowing capacity. This means you can borrow more.
✅Fire Fighters can now include overtime, penalty payments, vehicle allowance, industry specific payments, and shift allowances.
✅These non base incomes are now assessed at 100%.
❗️Any pre-tax or salary deduction will be treated as per the previous standard practice.
❗️Interest earned, dividend income or bonuses will be assessed at 80%.

Why Does This Matter for Fire Fighters?

✅You can lean on the emergency services policy when you do not met serviceability as a standard PAYG applicant.
✅Helps you get your loan across the line.

Criteria for Fire Fighters?

✅Must be front line Fire Fighters currently stationed at their duty stations.
✅Employed by same employer for at lest 12 months, unless change is due to promotion. Will need an employment letter if have changed within the last year.

Documents to Provide:

✅1 year-to-date payslip covering 2 pay cycles OR 2 last consecutive payslips.
AND -
✅Latest PAYG summary or last tax return & notice of assessment.

Fire Fighters & Lenders Mortgage Insurance?

✅Borrow 85% without paying LMI.
✅Saves you over $9,000 on a $800,000 loan.
✅Borrow over 85% and you pay LMI.

Fire Fighter Qualification Process?

✅Borrow less than 85% property value
✅Borrow less than $1.5 million
✅Stable income & 6-12 months in your role
✅Clean credit file

Fire Fighters Second Job?

✅Yes, if it's in the same line of work like consulting.
✅Expect this income to be assessed at 60-80%. However some lenders will assess at 100% if you've been working at least 1-2 years.
✅Some lenders will accept if you have clear debt history and a strong deposit.

Fire Fighter Salary Packaging?

✅Some banks will accept fringe benefits as tax free. This means they will add back 100% of novated car lease or clothing allowance as income. Improves your borrowing power.
✅An employment letter is needed.

No fee service.

Get in touch


Matthew Stack
matthew@mortgagebrokerrevesby.com.au
0423 237 242











Location: Revesby, Sydney Revesby NSW 2212, Australia
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