Hire Purchase

An agreement between the hirer and the Bank to purchase equipment for business use. During the hiring period, the Bank owns the equipment and the hirer makes regular instalments to the Bank. Ownership of the equipment is transferred to the hirer once the final payment is made. The interest component of the payments and the depreciation may be tax-deductible.

Equipment Loan

Often referred to as a Chattel Mortgage or Bill of Sale, this is a loan agreement where funds are borrowed to purchase equipment. The borrower provides security for the loan by way of a mortgage to the Bank over the equipment financed.

Finance Lease

An arrangement for financing equipment where the Bank retains legal title during the lease period. The interest rate, rental amounts and residual value are fixed at the outset. Rentals may be tax deductible provided equipment is used for business purposes. Although there is no right to own the equipment within the agreement, at the expiry of the lease, the Bank may accept an offer from the lessee to purchase the equipment at the residual value.

Novated Lease

A Novated Lease is an arrangement between the lessee, their employer and the Bank. Under this arrangement, the Bank owns the car and the employer makes the monthly lease payments to the Bank by deducting them from the employees’ pre-tax salary. The agreement and the credit risk moves with the employee.

Protected Novated Lease

A Novated Lease that includes protection for the customer in the event of involuntary unemployment. It provides a choice of either: (1) lease payment cover for 6 months cumulative up to $20,000 over the life of the lease; OR (2) an option to hand back the vehicle with up to $20,000 gap cover for the shortfall between fair sale price and the novated lease payout amount.

Operating Lease

An arrangement between lessee and the Bank to rent equipment for business purposes for a fixed period. The lessee has no right to purchase. The equipment is returned at the end of the term subject to return conditions.

Fleet Lease

If your client requires more than five vehicles then a Fleet Lease facility may be what they need. With our partner – Fleet Australia we provide a range of options for the funding and management of your vehicle fleets.

Location

Remember it doesn’t matter where your car loan was organised in Australia. We organise car loans in every state and capital city, including: Car Loans in Melbourne, Car Loans in Sydney, Car Loans in Brisbane, Car Loans in Perth, Car Loans in Adelaide, Car Loans in Hobart, Car Loans on The Gold Coast, Car Loans in Darwin, and Car Loans in Cairns.