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Marine Finance

Areas of finance:

  • New and used motor boats / sailing boats
  • New and used outboard motors (with boat as security)
  • Boat Trailers (may require boat as security)
  • Person Watercraft e.g. wave runners, jet skis

In situations where any of the above items is not suitable or sufficient as a security, the financier might require additional security in the form of an unencumbered motor vehicle(s).

The Financier will register security interests over all the assets financed via the Personal Property Security Register (PPSR).

Specifications*:

  • Minimum Loan: $15,000
  • Maximum Loan: $2,000,000
  • Term: minimum 12 months to maximum 60 months
  • LVR - up to 80%
  • Minimum cash equity is normally 20%
  • Full comprehensive insurance cover required
  • Equal or Variable monthly installments
  • Equal monthly installments with one final "balloon" installment

Costs*: (these are industry standards)

  • Interest Rates:
    • $15,001 -> $100,000 (12-36 mth) 11.25% (>60mths) 10.95%
    • $100k plus (12-36 mth) 10.50% (>60mths) 10.25%
  • Documentation Fees: range from $325 to $150
  • Legal Costs: vary upon financier and your solicitor

The exact interest rate depends on the market conditions, strength of the securities and the credit risk associated with the application and the applicant.

 

  * All of the above are subject to the property, business location and normal lending criteria and do vary depending on the particular lender.
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