New to mining: when can I get a home loan? Probation, experience, contracts and labour hire

Starting a job in mining often means a big jump in income. The natural next question is how soon you can use it to buy a home. The short answer is that it depends on your work history, how you're employed and which lender you use. For some people it's possible within weeks of starting. For others it makes sense to wait a few months.

Here's how lenders tend to look at the common situations.

On probation

Many mining roles start with a probation period. Lenders view this differently:

• Some lenders will consider you during probation, especially if you've done similar work before.
• Some want you past probation before they'll lend.
• Some will consider it case by case with a letter from your employer confirming your role, pay and that your job is expected to continue.

Probation by itself doesn't rule you out. What matters more is what came before it.

Industry experience

Lenders like continuity. If you've been working in the same line of work, many will look past a recent job change. A few common examples:

• Same trade, new setting. A diesel fitter or electrician moving from a town workshop to a mine site is doing the same trade. Many lenders treat that as continuity.
• Moving between mines. Changing employers inside mining is common and usually easy to explain.
• Career changers. Moving into mining from an unrelated field, such as retail or hospitality, is where lenders are most cautious. Some may want you to build a few months of history in the new role first.

Bring evidence of your previous work: old payslips, an employment letter or tax returns that show the earlier role.

Permanent, contract, casual or labour hire

Permanent full time

The most straightforward. Once you're past probation, or during it with relevant experience, most lenders are comfortable.

Fixed-term contract

Lenders look at how long the contract has left, whether you've had contracts renewed before, and whether you've worked in the industry for a while. A contractor with a history of back-to-back contracts can look stable even without a permanent role.

Casual

Many site roles start as casual. Lenders usually want a period of casual work behind you so they can see your income is regular. Some will accept a shorter history if you've worked in the same type of role before.

Labour hire

If you're placed on site through a labour hire company, that company is your employer. The mine is the host site. Lenders look at your arrangement with the labour hire company: whether you're casual or permanent, how long you've been placed, and how regular your hours are. Time on the same site helps. A letter from the labour hire company confirming your placement can make a real difference.

Overtime and allowances in your first months

Even if a lender is happy with your job, it may not count all your overtime, penalties or allowances straight away. Some want a few months of payslips to see a pattern. Early on, your base pay may do most of the work in the borrowing calculation. Our guide to mining and FIFO home loans explains how each type of income is usually treated.

Three illustrative situations

Illustrative only. These are general examples, not real clients, and the outcome always depends on the lender and your circumstances.

1. An experienced operator who changes mines. Ten years in mining, two months into probation with a new employer. Many lenders may consider this person now, based on the work history.
2. A tradesperson moving to site. Eight years as an electrician in town, one month on site as a permanent employee. Some lenders may consider this person now, while others may want probation finished.
3. A career changer on labour hire. First mining job, casual through labour hire, six weeks in. Most lenders would want to see a longer history first, so this person may be better off building savings and payslips for a few months.

Before you change jobs

If you already have a conditional pre-approval, talk to us before you change jobs or move from permanent to casual. Lenders can reassess before settlement, and a change in employment can affect the loan.

If you're a first home buyer, government help like the 5% Deposit Scheme may also be available. See our first home buyers page.

What to bring

• Your employment contract or letter of offer
• Your payslips so far
• Evidence of previous work, such as old payslips or tax returns
• For labour hire, a letter confirming your placement and employment type
• Statements for savings, debts and credit cards

Talk it through

Tell us your start date, your role and how you're employed, and we'll explain whether now or later may be the right time to apply. Call or text 0458 773 002, or book a free assessment. For most home loans there's no broker fee; any fee is disclosed upfront in our Credit Guide.

Common questions

Sources

• First Home Buyers: Australian Government 5% Deposit Scheme

This guide is general information only and doesn't take into account your objectives, financial situation or needs. Talk to us about your circumstances before acting on it. Related: Mining & FIFO loans.