Personal Loans & Asset Finance

Looking for something personal or need help funding a business purchase? We can help. We have several loan options available including:

  • Consumer Loans for Cars, Boats, Motorcycles and Caravans
  • Personal Loans for small household renovations, a dream holiday or something else
  • Business Loans for Trucks and Equipment though finance leases and chattel mortgages

We’re experts at facilitating secured and unsecured loans and we have access to more than 20 lenders, so you can be sure we will help you get a great deal. Bring your home loan across at the same time and we may also be able to secure you an even better rate. So speak to us before you go to your bank because we pride ourselves on providing great service and savings.

Check out our blog article, Bolt ons, Balloons and Repayments if you are in the market for Car Loan. These tips will help you when you’re next out shopping.


FAQ’s

We know you have lots of questions. So, we’ve provided answers to the most common ones here.

What is a secured vs unsecured loan?

A secured loan is whereby the borrower provides an asset as collateral to the lender who is issuing the loan. In a car loan the security would be the car that the loan written for. An unsecured loan is one where no asset is provided as collateral. Cheaper interest rates are typically associated with loans where security is provided.

Are there establishment or ongoing fees?

Generally speaking lenders will charge an establishment fee whereas ongoing fees are less common. The burden of an establishment fee is normally outweighed by the very competitive rates we have access to in our lender panel.

What loan terms are available?

We can get more specific when we know what the loan purpose is but in general we can look at loans from between 1 to 7 years in term.

What is a Finance Lease?

The finance company purchases the vehicle or equipment and then leases it to you. You will then make rental repayments on for the agreed term until the lease expires. At expiry the you can choose to return the vehicle to the finance company for sale at market price or offer to purchase the vehicle. The tax implications of the lease will need to be covered off with your accountant but essentially are as follows:

  • GST is generally payable with credits potentially available if your business is registered.
  • Deductions are typically available on the lease payments, the amount will be dependant on the asset value.

What is a Chattel Mortgage?

The finance company lends the customer money to purchase the vehicle or equipment with the customer taking on repayments for the specific term. The customer takes ownership over the asset (the chattel) whereas the finance company takes out a mortgage over the vehicle to provide security over the loan. At completion any residual value is paid to the finance company through what is known as a balloon payment. The finance company will then remove the mortgage giving the customer title to the asset. The tax implications of the chattel mortgage will need to be covered off with your accountant but essentially are as follows:

  • GST is generally payable on the purchase price but not the repayments with credits potentially available if your business is registered.
  • Deductions are typically available on the interest portion of the repayment and depreciation on the asset.

What is a Balloon Payment?

This is a lump sum or residual amount owed to the finance company at the end of the loan term. It is used to minimise the monthly repayments associated with the loan over the contracted period. The sale of the asset can be used to fund the required payment or if the asset is to be retained by the customer the balance can be paid in cash or potentially refinanced into a new loan facility.