Consumer Mortgage
The first choice when financing vehicles/goods for private use.
Features
- The financier has security over the goods being purchased.
- You retain ownership of the goods
- Loan terms up to seven years subject to age of goods
- Flexible monthly, fornightly & weekly payment options available
- No deposit required to approved purchasers.
Chattle Mortgage
The most popular choice when it comes to financing vehicles/goods that are predominantly for business use.
Features
- The financier has security over the goods being purchased
- You retain ownership of the goods
- Loan terms up to seven years & balloon payments at the end of the loan to help reduce payments, subject to age of goods
- Used to free up business capital and overdrafts
- No deposit required to approved purchasers.
Finance Lease
A tax effective way of financing business use goods.
Features
- The financier has title over the goods therefore the borrowing becomes an off balance sheet transaction
- No deposit is allowed for leasing, however a first lease payment of up to 25% can be made, resulting in lower payments
- The maximum term is seven years, subject to age of goods
- A lease must have a residual value payable at the end of the loan
- The residual value will represent the estimated value of the goods at the completion of the lease. ATO sets guidelines for this
- Used to free up business capital and overdrafts
- Ownership of the goods pass to the borrower when the lease is paid out.
Novated Lease
A popular way for individual employee’s to finance goods in a tax effective way. The agreement is between the employee, employer & finance company so you will need assistance from your employer to use this facility.
Features
- Same as a Finance lease, however your employer makes the repayments on your behalf
- Repayments are deducted from your salary in pre-tax dollars
- If you leave your employment, you can continue your repayments on your own or negotiate a new novation agreement with your new employer
- At the end of the lease you retain any equity built up in the vehicle.