If you work FIFO, you’re probably used to budgeting a bit differently than most people. There’s big pay cycles, lots of time away from home and financial goals that are a little more lifestyle-focused.
One of those goals might be buying a new boat. If it is, you’ll be needing a marine finance plan. Our boat loan calculator is designed for FIFO workers in Australia and will give you a clear picture of what a loan will mean for your finances.
Here’s how you can get the most out of it.
FIFO income can be strong, but it’s not always consistent week to week.
Depending on who you work for and the nature of your swing, you might get paid fortnightly or in larger monthly chunks. Also, the traditional weekly budget won’t always work when you’re not home all of the time.
That why our boat finance calculator is ideal for FIFO workers in Australia. It gives you a clear estimate of your repayments so you can match them with your actual income flow. Using the calculator makes you, not the bank manager, the commander of your loan.
For the smoothest and most manageable boat loan, FIFO workers need to align their repayments with their income schedule. For example:
If you’re paid fortnightly, choose a fortnightly repayment frequency so payments are made once your income hits your account
If you prefer to budget monthly, set your repayments to monthly so it’s easier to manage during your time off
For shorter rosters or higher-frequency pay (like 8/6 or 7/7), a weekly repayment option may suit
Matching repayments to your roster helps you avoid any surprise financial craters, smoothing out cash flow whether you’re on-site or at home.
Here’s how the Loans Unlimited boat loan calculator works:
Choose ‘Boat’ as your asset type
Enter the total price of the boat you’re considering
Add an estimated deposit (if you’re contributing one)
Input an annual interest rate or use the example rate as a guide
Select a loan term between 1 and 7 years
Once you submit, you’ll instantly see an estimated repayment figure. If you’re not happy, you can rework the numbers as many times as you want until you find a better plan. You can:
Increase or reduce your deposit
Extend the loan term
Target a lower price bracket to keep payments under a certain cap
After that, see how the repayment fees factor in to your income schedule and begin the application process! If you’d like our crew to give you a hand, don’t be afraid to reach out.
With Loans Unlimited, you absolutely can. We have a 100% online application system, meaning you can apply on smoko, from camp or wherever there’s a connection.
We aren’t just online because its more accessible, it also makes the process:
Faster: Your application only takes minutes
Smoother: There’s no paperwork
Smarter: We’ll match you with the right lender, not just the first one available
Flexible: It doesn’t matter if you’re pursuing a new, used or private sale or you’re a low doc borrower
All you need is a few key documents handy: ID, proof of income and basic details about the boat you’re looking at. Once submitted, our crew handle the rest and chart you a course toward your boat-owning dreams.
It doesn’t get much better than spending your downtime out on the water. Securing marine finance if the first step to getting there.
Make sure you’re not leaving any black holes in your budget by using our calculator. Plan around your roster, keep your repayments practical and align your loan with your income. It lets you enjoy the boat, not stress about it.
Use the calculator today or press ‘apply now’ if you’re ready to make it happen.
Loans Unlimited are Perth and Western Australia’s premier loan and finance brokers. We have helped thousands move towards their financial goals by offering lower rates and faster approvals when it matters. Financial services are provided by Total Biz Pty Ltd T/A Loans Unlimited ABN 78 624 937 882 ACL 506875.
* The comparison rate shown is for a secured loan amount of $30,000 over a term of 5 years based on monthly repayments. Warning: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Any calculations or estimations do not constitute an offer of credit or a formal credit quote and is only a calculation of what you may be able to achieve based on the information you have entered. It does not take into account suitable product features or loan product types. Rates + repayments shown are based on user inputted data. All applications for credit must be verified prior to the formal assessment process. All applications for credit approval are subject to lender credit approval. Approval is not guaranteed.
