FAQs

For small and self-employed entities, it is quite normal for the owner’s personal financials to be requested as part of the application.

Many commercial credit applications are approved with the assets being funded as the collateral. Self-employed operators may be requested to provide additional security. This is subject to individual lender decisions.

All types of equipment used in a commercial entity may be funded with commercial credit for all types of operators. IT systems, hardware and software would be included.

Credit terms are subject to the individual decision of the lender. As a guide, 7 year funding terms are typical on wheeled and yellow goods such as excavators.

No. Applicants for ute funding do not need to be registered for Goods and Services Tax.

Car Leasing payments are deductible but Chattel Mortgage and CHP repayments are not fully deductible, only the interest is a deduction. CHP and Chattel Mortgage deliver deductions via depreciation of the car.

When credit is approved for self-employed operators, the operator is entitled to the deductions and benefits relevant to the type of credit product.

Terms and conditions attached to credit are determined by lenders and based on the assessment of the individual application. Self-employed applicants are not automatically subject to strict conditions.

Online calculators are available on lender and broker websites and can be used to calculated estimated repayments.

ABNs may apply for funding for a wide range of assets including plant, machinery, equipment, trucks and motor vehicles.

ABNs may choose from Chattel Mortgage, CHP, Rent-to-Own and Leasing for equipment funding.

Lenders have their own criteria in regard to trading time. Some stipulate a minimum of 12-24 months. Newer operators may seek lenders and brokers that approve applications for lesser trading periods.

Yes. Leasing is one of the credit products available. The others are Chattel Mortgage, Rent-to-Own and Commercial Hire Purchase.

Interest rates are determined by lender assessment of individual applications.

Yes. Holding an ABN is mandatory for commercial funding applications.