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If you’re looking to buy your dream boat, getting the right finance can help you get there much sooner. Boat financing allows you to pay off a loan in regular instalments, whether weekly, fortnightly or monthly, during a set loan term and paying interest on the total loan amount.

Interest rates and loan terms for each boat loan will vary depending on the lender, the loan amount, your credit score and income, and whether the loan is secured or unsecured. Boat loans can be arranged for boats purchased for both personal and professional use.

The best possible boating experience starts with flexible and affordable finance. By tapping into our network of top lenders,

We’ll help you navigate no deposit options, balloon payments and the benefits of seven-year terms, so you arrive at a repayment schedule that’s built to your expectations.

To get started, use our helpful loan calculator or get a quote today. We can also help you find the right insurance solution to protect your new asset.

If you're buying or financing a boat for the first time, or just want a refresher on the key things to consider before you make that commitment, we've put together a boat finance guide to help you get started.

Using a consumer loan to buy a boat

Fancy a new boat but can’t afford the asking price? Then a consumer loan could be the perfect option. With this kind of loan, the lender will use your new boat as security for the loan which often means more affordable repayments. This is also why it’s sometimes called a secured loan.

How it works

When you agree to a consumer loan, your lender provides you with the funds to buy your new boat, and once you purchase it, you have ownership. However, the lender will take an interest in it as security for the money you borrowed. And as soon as you make your final payment, your lender will remove their interest giving you full ownership.

  • Opt for repayment terms from one to seven years (12 to 84 months)
  • You may be able to tailor your monthly payments to suit your means by arranging a balloon payment at the end of the loan term
  • Fixed interest rates
  • You may receive a tax deduction if using the boat for business*
  • Get lower interest rates with a secured loan

Using a personal loan to buy your boat

A personal loan is a way to borrow money without having to put up any security against the loan. And yes, you can, of course, use one to buy your next boat or even a yacht. Some people call it an unsecured boat loan but we like to call it marine finance.

How it works

When you take out a personal loan, the financier or lender, gives you the money required to buy your new boat. The lender agrees not use the boat as security over the loan so once you find and purchase one, you take full ownership of it. All you need to do is make your monthly payments.

  • Flexible contract terms mean that you can choose a loan term from 12 to 84 months (one to seven years)
  • Fixed interest rates so you can work repayments into your budget
  • If you use the boat for business, you may qualify for a tax deduction. Speak to your accountant about this

Using a chattel mortgage to buy a boat

If you intend to use your boat for business more than 50% of the time, then the chattel mortgage is a great option to get you in the water. The great thing about this financial product is that just like you own a house from the moment of purchase, with a chattel mortgage the boat is all yours from the start.

How it works

Buying a boat with a chattel mortgage is a relatively simple process. Your lender advances the necessary funds, you buy the boat, and they take out a mortgage over the boat as security for the loan. Once you make your final payment, your lender then removes the mortgage and the title of the boat belongs to you.

  • You can choose a term of anything from twelve to sixty months (one to five years)
  • When you use your boat for business purposes you may qualify for a tax deduction*
  • If you’re registered for GST, you may be able to claim the GST in the boat price as an input credit on your next Business Activity Statement (BAS)*
  • Monthly repayments along with your balloon payment are fixed and GST free.
  • Lower interest rates because the loan is secured against the boat

Anytime, Anywhere, Anyhow

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Financial Flexibility

Our lenders have a wide range of options that give you flexibility including no early termination fees, variable loan terms and the ability to add a residual.

Lifetime Support

Don't get left alone to figure out how much you owe, changing your details, or assessing your changeover options; we're here for you over the life of your loan.