This means to the extent the vehicle is used in your business, you may be entitled to claim GST as an input tax credit on your next BAS.
Benefits and features
You own the vehicle
Your own tailored repayments
Every business is unique, so we work with you to ensure repayments are aligned with your anticipated cash flow and seasonality.
No deposit to pay and security is the vehicle itself so your capital stays in your business1.
Generally the interest you pay and the depreciation of the vehicle are tax deductible.
What you need to know
- Minimum term is one year.
- Maximum term is five years.
- Other terms can be considered on application.
- Minimum amount is $10,000.
- Maximum amount is unlimited.
- Equipment loan.
- Agreement under $500,000 is fixed.
- Agreement over $500,000 is fixed or floating.
- Monthly, quarterly, half-yearly, annually, in arrears, in advance.
- Seasonal - to suit your seasonal cash flow needs.
- The asset is generally used as the security. In some cases extra security might be needed which will be assessed on application.
Rates and fees
|Equipment loan documentation and settlement fee2||$475|
|Private sale (equipment loan)||$550 or .25% of the amount financed, whichever the greater|
||$750 or .25% of the amount financed, whichever the greater|
|Equipment loan variation fee (payable on total prepayment)
||One month's instalment (or equivalent for structured transactions)|
|Unrecovered Establishment Costs (Equipment Loan)||$275 prorated (based on remaining months of the loan) applicable on total prepayment of equipment loans entered into after 11 November 2016 where there is early termination of the entire contract|
|Early Termination Administration Fee||$125 per event (plus GST if applicable) applicable on prepayment of equipment loans entered into after 11 November 2016|
|Personal Property Securities Registration & Maintenance Fee - equipment loan||$25|
|Registration of a security interest on the Personal Property Securities Register (for each registration)
||Applicable government registration fees may apply|
Calculate your repayments
1Generally, the security is the asset itself; though in certain circumstances additional security might be required – this will be assessed on application.
2Fee applies for standalone facilities and those drawn under a Master Asset Finance Agreement.
Lending criteria and terms and conditions apply (available on application).
The tax comments provided in this document are of a general nature. NAB recommends that you seek independent tax advice in respect of the tax consequences arising from the use of any NAB Equipment Finance solution as they apply to your particular circumstances.