- The lender takes a security charge over the assets to be financed for chattel mortgage
- The assets must be “owned” by the client at settlement
- Supplier/dealer must therefore invoice the client for the goods
- The Chattel Mortgage may be registered with ASIC and/or the Land Title Office under a Bill of Sale
- Loan term of 12 – 60 months available for chattel mortgage
- The GST-inclusive amount is financed
- Deposits and /or trade-ins can be used to reduce the loan amount
- Loan can be fully amortised (nil residual balloon) or a residual balloon payment can be factored in to reduce the monthly payments.
- Other payment structures such as seasonal payments or GST going back in as a rental are available
- Customer interest rate is fixed for the loan term for chattel mortgage
- The repayments and residual balloon payments do not include a GST component.
- For chattel mortgage Fees and stamp duty may be included in the loan amount if desired.
- For asset depreciation and interest deductibility purposes, the asset is “owned” by the client.
- Clients on either an accrual or a cash accounting basis for GST can claim the full GST component when lodging next BAS.
- Therefore a Chattel Mortgage is suitable for clients on a cash accounting basis for GST*
Benefits of Chattel Mortgage:
- Client get the ownership of the asset from the time of purchase.
- Client will get the benefit to claim GST impute credit.
- Client will get tax deductions for interest payment and depreciation as per tax table.
Simply send us the details of your desired purchase and a brief of your financial situation to get a free quote for your for chattel mortgage application.
Click here to submit a query for free assessment for chattel mortgage.Click here to read documentation process for chattle Mortgage.
Click here to view interest rates for chattel mortgage.
New ABN OK
Old Equipment OK
Private Sale OK
Defaults, Credit impairment OK
No Deposit OK
Traditional, Non Bank and Private Lenders
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