FAQs

Heavy machinery may be financed with the operator’s choice of Rent-to-Own, Leasing, Hire Purchase and Chattel Mortgage.

The same credit facilities can be used to finance all types of heavy machinery. The interest rate, terms and conditions can vary for different operators, depending on aspects of the application and credit profile. New and used machine finance can vary.

Owner-operators with an ABN and ID can apply for commercial finance.

Where attachments are purchased from the same supplier as a machine, and at the same time, lenders generally allow the full acquisition cost to be covered with one loan.

Heavy machinery loan terms are subject to individual lender assessments of applications. Terms of up to 84 months are typical. Terms can vary for new and used models.

Lease and Rent-to-Own provide tax deductible monthly payments. Hire Purchase and Chattel Mortgage provide tax deductions when the machinery is depreciated according to the current ATO asset expensing rulings.

New machinery is typically accepted as the sole form of collateral for financing, subject to lender approval of the individual application. Used machines are subject to lender acceptance of the goods as suitable collateral. Some operators may be required to provide additional collateral.

Operators can generate estimates on machinery financing using an online loan calculator.

Most lenders will typically approve financing for custom-built heavy machinery.

To apply for mining equipment loans, businesses will need and ABN and provide financials on their operation. Financial documents can include tax and BAS returns, annual business accounts, bank statements, profit and loss figures, trading figures for 12 months, and asset and liability schedules.