Fran Jerome at Oliey Finance is a CPA-qualified mortgage broker who works with Victoria Police members and Protective Services Officers across Melbourne's south-east. Police income is stable, but it's rarely simple: allowances, shift penalties, overtime and the possibility of transfers all affect how a lender sees you.
What makes a police home loan different
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Allowances and shift penalties. Some lenders count them in full with a few months of history; others discount them or need 12 months.
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Overtime. Regular overtime may be counted at 100% by one lender and 80% or less by another.
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Transfers. If a rural or regional posting is possible, it's worth planning now whether you'd sell, rent out or keep the home. That decision affects how the loan should be set up from day one.
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Recruits and probation. Lender treatment of academy and probationary income varies, so timing your application matters.
Can police officers get an LMI waiver?
Sometimes. In 2025, at least one major bank expanded its LMI waiver policy to include police officers, assessed case by case. Fewer lenders include police than doctors, and policies change, so check current options before you plan your deposit. First home buyers should compare this with the Australian Government 5% Deposit Scheme.
Planning for a posting
If your home might become an investment property after a transfer, setting up the loan with an offset account (rather than paying extra directly into the loan) can keep your options open. Your accountant can explain the tax side; Fran structures the lending so it supports whatever you decide.
Questions worth asking
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Would you keep this home if you were posted elsewhere?
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Do you want repayments based on base pay only, with overtime building a buffer?
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Is a promotion or a move to a specialist unit likely in the next few years?
Frequently asked questions
Do lenders count police allowances? Many do, but rules differ on how much history is needed and what percentage is used. Choosing the right lender can lift your borrowing capacity.
Can I buy a home while I'm on probation with Victoria Police? Some lenders will lend on probationary income in a permanent role; others prefer to wait. Fran can check which lenders currently accept it.
What if I'm transferred after I buy? You can usually rent the home out, but tell your lender, and review your structure. Planning for this upfront makes it far simpler.
Talk to Fran
Book a free 30-minute strategy call around your shifts: calendly.com/fran-oliey1/30min or call 0409 961 703.
Related: Home loans for paramedics · Home loans for nurses and midwives · Mortgage broker Narre Warren
Fran Jerome | Credit Representative 442427 | Authorised under Finsure Finance & Insurance Pty Ltd | ACL 384704 | MFAA Member. General information only, not credit or tax advice. Credit eligibility is subject to individual assessment. LMI waiver eligibility varies by lender and is subject to change.