Obtaining a home loan on a fluctuating wage with BankVic benefits

Are you a shift worker who finds it hard to envision a future where you own your own home? Fret not—at BankVic, we work with shift workers and those with fluctuating wages to secure home loans all the time.

Shift work, penalty rates, and overtime can all add up to excellent flexibility and often better pay, but it does mean your wage may fluctuate from week to week. This presents one major challenge: income testing for those with a fluctuating wage. Fortunately, there is still a way for shift workers to get a foot on the property ladder

Our points of difference that boost shift workers

Assessing your income holistically

BankVic treats you differently when determining how much you can borrow. To accommodate shift workers, our lenders may consider up to 100% of your overtime and shift allowance as part of your overall income.

Casual employees can also benefit, with many finding home lending eligibility with BankVic. Larger banks often treat shift, casual, and other workers who fall outside the 9-5 norm as a ‘fringe’ working class, and their cases are rarely considered in income testing.

A Bank that favours shift workers

With BankVic, police, emergency and health care shift workers buying their first home can borrow up to 90% of the property’s value without having to pay for lenders’ mortgage insurance (LMI)*. Avoiding LMI can save you thousands of dollars.

For those who rely on overtime for those big purchases, we can help make your money work for you by advising on the most efficient way to save and help pay off your home loan faster. For more on saving, check out Police, put your overtime into overdrive with these 4 tips | BankVic.

Contact BankVic to chat about home loans by calling 13 63 73.

*Police, emergency and health workers may borrow up to 90% LVR (Loan to Value Ratio) and pay no LMI (Lenders Mortgage Insurance) for certain home loan purposes (e.g., owner-occupied property purchase), property type and location. Terms and conditions apply, refer to a BankVic lender for more information.

The information in this article is general in nature and does not take into account your objectives, financial situation, or needs. You should consider whether it is appropriate for you before acquiring a product or service. Note a fee may apply to loans over 80% LVR. Police Financial Services Limited ABN 33 087 651 661—trading as BankVic | AFSL and Australian Credit Licence 240293.