Equipment Finance

Finance options for the purchase of vehicles or equipment for your business

Why choose Equipment Finance?

Our Equipment Finance options help you purchase or upgrade vehicles and equipment without drawing on your working capital. We offer both Finance Leases and Chattel Mortgages, each with potential tax saving benefits and flexible payment options to match your cash flow.

Choose between a Finance Lease and a Chattel Mortgage:

	Finance Lease	Chattel Mortgage
How it works	Suncorp Bank purchases the vehicle or equipment and you enjoy the use of the goods for an agreed time in return for rental repayments.	You have full immediate ownership of the vehicle or equipment with Suncorp Bank holding a charge over the goods until the final payment is made.
Amount financed	Suncorp Bank finances 100%, so no capital outlay or ownership obligation is required. Minimum facility amount of $20,000 applies.	Choose between paying a deposit to reduce the overall debt or ask us to finance 100% of the purchase price. Minimum facility amount of $20,000 applies.
Flexible terms	1-5 years	1-5 years
Flexible repayment options	Tailor the repayments to suit seasonal cash flow. A lump sum payment known as the residual will be payable at the end of the Lease. This is based on the value of the equipment at the end of the lease per Australian Taxation Office guidelines.	Tailor the repayments to suit seasonal cash flow. You can choose an optional lump sum payment, known as a balloon payment, at the end of the term. This helps to reduce repayment amounts during the loan.
Tax benefits	Repayments are generally tax deductible and you may even be able to claim an input tax credit.	Interest and depreciation may be claimable.
GST	GST is payable on each repayment. You may be able to claim the GST paid via Input Tax Credits monthly, quarterly or annually.	We can fund the GST on the purchase price. There’s no GST on the repayments.

We also offer luxury car leases for vehicles above the ATO threshold and novated leases for employee salary packaging.

Key features

Maximise your business cash flow by freeing up your working capital
Flexible terms – choose from 1 to 5 years
Flexible repayment options to suit your cash flow – choose from monthly, half-yearly, yearly, seasonally, either in advance or arrears
Tax effective solutions – you may be able to claim interest, rental payments, and depreciation
Purchase new or used equipment within age parameters

Fees

Establishment Fees

$350 (minimum, includes GST for Finance Leases)

Other fees and government charges associated with each Lease and Chattel Mortgage will vary depending on the state you are in, the vendor of the goods being purchased, the amount of finance involved, and any Federal government charges.

Please contact your Equipment Finance Specialist on 13 11 55 for more information.

Make sure you are eligible

To be eligible for Equipment Finance you must have been in business for at least 2 years and be able to provide 2 consecutive years of financial statements and tax returns.

Vehicles or equipment must be used for business purposes at least 50% of the time.

Preparing your application

Before you complete the application form, please take a moment to review the required documentation listed below:

Financial Statements for the business for 2 years, including the Balance Sheet and Profit & Loss Statements.
Interim Financial Statements if accountant prepared Financial Statements are over 12 months old.
Full personal tax returns for each Business Principal for the last financial year.
Payslips (if employment income will be used to service the finance).
Tax Invoice for the vehicle or equipment being purchased
Copy of all business related bank account statements for the last 12 months (if not with Suncorp Bank).