Cars, 4WD, Utilities, Trucks, Caravans, Marine, Equipment and Machinery.

​​Chattel Mortgage

A Chattel Mortgage* is one type of finance used to acquire vehicles (new and used) as well as a range of other equipment and machinery.  Under a Chattel Mortgage, the customer (you) has possession and use of the asset in return for making the usual regular payments to the lender.  The financier takes a securty over the asset at the time of purchase in exchange for providing the loan funds.  This is similar to a homeloan and mortgage arrangement.  

So, if you don’t make the repayments, the lender may repossess the asset.

Once the final payment has been made, (including any residual/balloon payment), the loan is finalised.If the customer is not in a position to payout the balloon payment, it can sometimes be refinanced into a new loan facility. 

So, what is a balloon/residual payment you may ask?  The balloon payment is a lump sum amount paid as the final repayment on the loan term.  It is most common with car loans, ute’s and trucks for businesses, but is also available with some assets for personal use.  Commonly, they are 10%, 20% or 30% of the purchase price and have the effect of reducing the repayments during the loan term, but leave a potentially large lump sum at the end.  The customer has the choice of paying out the balloon, or refinancing it into another loan, or selling the vehicle to pay it out. *

Maximum loan term is 5 years for business related loans and 7 years for private use.  Finance up to 100% of the asset value.  Deposits may be used.

Interest on payments and depreciation may be tax deductible if used for business purposes.*  Input tax credits may be available under some circumstances if registered for GST.*

Chattel Mortgage Asset Finance Options
Cars, 4WD, Utilities, Trucks, Caravans, Software, Office Equipment etc

​​Finance Lease

Finance Lease Asset Finance Options

Finance Leases are used to finance assets such as cars (new and used), ute’s, caravans, office equipment, software, trucks, and trailers.  In these cases, the asset is owned by the financier, and the customer has the asset (registered in your name) in return for making regular lease payments.  Once the final payment has been made, including any balloon payment, the ownership of the asset transfers to the customer. 

The lease is a legal contract between the lessor (bank) and lessee (customer).

Is a finance lease right for you? *

If you are self-employed and own a business, there are several things to consider with a Finance Lease as it can be a tax effective way of financing an asset under some circumstances.  GST is payable on both the monthly lease payment and the residual.  Input tax credits may be available if you are registered for GST. *

In some circumstances, you may be able to claim the full rental amount as a tax deduction if the financed amount is under the depreciation limit set by the Australian Taxation Office (ATO).  If it’s above the depreciation limit, then you may be able to claim the interest charges on the lease and on the depreciation. *   

To determine the best options, Hewcorp Finance strongly recommends seeking appropriate financial advice through your accountant or financial advisor.*

Maximum loan term is 5 years for business related loans and 7 years for private use.*  Finance 100% of the asset value.*

 
Self Employed - Home Loans, Vehicles, Equipment & Machinery loans

Low Doc Loans

Low Doc Loans* are designed for self-employed people looking for a lending option that is quick to set up.

In addition to vehicles, equipment and machinery, low doc policy and options also applis to home loans for self employed people depending on eligibility criteria.

Under Low Doc Loans the banks don’t require the same financial documents as traditional loans.  Depending on your circumstances or the time of year you want to purchase a new asset, the current financial statements and tax returns of your business may not be available.

Low Doc Loans are generally approved in shorter timeframes as there are fewer documents to assess within the streamlined assessment process.  If time is of the essence, a low doc loan may be a suitable option for you to consider.

Low Doc Loans* are designed for self-employed people looking for a lending option that is quick to set up.

In addition to vehicles, equipment and machinery, low doc policy and options also applis to home loans for self employed people depending on eligibility criteria.

Under Low Doc Loans the banks don’t require the same financial documents as traditional loans. Depending on your circumstances or the time of year you want to purchase a new asset, the current financial statements and tax returns of your business may not be available.

Low Doc Loans are generally approved in shorter timeframes as there are fewer documents to assess within the streamlined assessment process. If time is of the essence, a low doc loan may be a suitable option for you to consider.

Low Doc Loan Asset Finance Options

Finance Services

Car Finance

it’s important to explore competitive financing options for your new pride and joy, unless you want to get caught in one of the many car buying traps.

Truck Finance

When it comes to sourcing appropriate finance, it's important to ensure the loan is structured the right way, as well as offering competitive interest rates and fees.

Caravan/Trailer

Whether it's a small camper trailer, a fully featured caravan, a modern motor home, or a specialised trailer for a prime mover, we can help you.

Marine Finance

With some of the most beautiful parts of Australia, it's only natural you might want to purchase a boat or other water based recreational devices and explore the waterways.

Home Loans

Getting the right loan that not only meets your needs, but fits in with your long term financial goals is vitally important.