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Asset Finance

By Darren Law

What is Asset Finance?

When considering asset finance options, ask yourself:

  • How much capital do I need to grow my business?

  • How is my cashflow?

  • Are there tax benefits to asset finance?

  • How long will I need the equipment and will I need to upgrade it?

  • What impact is technology having on my industry?

  • Do I want to ‘finance to own’ or ‘finance to return’ my asset?

Ensuring you have the right asset finance for your business needs is essential and can allow you to focus on what you do best; your business. Having the right asset finance can help avoid headaches like owning outdated equipment, avoiding huge upfront capital expenditure whilst maximising the best tax outcomes.

We take into account your business and provide advice on what will best suit your needs. We can literally assist with finance from used gym equipment right the way through to heavy machinery & more!

There are three main categories of asset finance which are:

Chattel Mortgage

The easiest way to think about it, Chattel mortgages are the same as secured car loans but used for assets purchased for business use. Similar to a car loan, the lender will provide the funds for you to purchase the equipment and you will, therefore, own that equipment. The lender then takes a ‘mortgage’ over the assets as security. After paying out the loan, you’ll own the asset.

Finance Lease

A finance lease is often used to secure equipment for a set period. The equipment is financed excluding GST and will have a balloon payment (set final payment) at the end of the contract period. After paying the final balloon payment you will own the equipment. 

Novated Lease

If you want to include a vehicle in your salary package, a Novated Lease can help. The financier owns the asset, while you and your employer sign a novation agreement to share the responsibilities of the loan. If you are interested in a Novated Lease, talk to your HR department for options. 

Often there are tax advantages and additional benefits that may better suit your business. We recommend double-checking.

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