Car and equipment finance carded interest rates
The following rates form part of the Government Coronavirus SME Guarantee Loan Scheme Phase 2 (The Scheme). Please submit the Asset Finance SME Guarantee Scheme Phase 2 Declaration form with each customer application. For transactions that do not meet The Scheme criteria and require a standard Asset Finance product, add 70 basis points to the rate.
Broker Checklist required for complete applications
Please complete the Asset Finance Full Application Broker Checklist and include this with your applications for the best broker service experience.
Asset Finance SME Guarantee Scheme - Phase 2 requirements
Please ensure you complete the Asset Finance Coronavirus SME Guarantee Phase 2 Declarations form and submit it with every customer application.
The Asset Finance Agreement - Customers Eligible for Coronavirus SME Guarantee Scheme Phase 2 Declarations form must be provided to customers as required.
Instant Asset Write-off - Extended to 30 June 2023
The Federal Government has announced a further extension of the Instant Asset Write-off, allowing eligible businesses who invest in vehicles and equipment to claim an immediate deduction for certain costs relating to depreciating assets.
How it works
- Businesses with an aggregated turnover of up to $5 billion may be eligible. For a business with an aggregated turnover of less than $50 million, the full cost of all eligible second-hand assets may also be claimed.
- Depreciating assets may include new business vehicles and equipment. For businesses with an aggregated turnover of less than $50 million, the assets can be second-hand.
- Depreciating assets must be acquired after 6 October 2020 and installed ready for use by 30 June 2023.
- Businesses may borrow funds to purchase equipment and still claim a deduction for the cost of eligible items.
- Deduction claims may be made for the year in which the equipment is used or installed, ready for use. This may be the same year in which the equipment is financed.
- Unlimited numbers of new eligible assets of any dollar value (and eligible asset improvements for new and existing assets) if the business has an aggregated annual turnover of less than $5 billion.
Contact your BDM for more details or any questions.
*WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.