Keep your business moving with an equipment loan through Focus Finance
Whether you’re running a small landscaping business out of your home or a large earthmoving company, it’s essential to make sure your business has the right gear. That’s where an equipment loan through Focus Finance can help you out.
With dedicated consultants and a wide range of trusted lenders on our panel, we take the hard work out of applying for finance by handling the process for you, allowing you to focus on running your business.
Receive a free, no-obligation pre-approval for your equipment loan so you can know exactly what you’ll be able to work with. It’s never been easier to apply, so get the ball rolling with us today!
Why Focus Finance?
More choice
With access to over 50 of Australia’s top lenders, we’ll be able to compare more options to find the best one available to you.
Convenience
We do all the hard work for you in comparing loan products, interest rates, fees and lending criteria, saving you time and effort.
A modern approach
We make use of industry-leading technology to help connect you with your ideal lender as quickly as possible.
Personal touch
Your consultant will guide you through the whole process, keeping you informed and answering all your questions along the way.
Understanding
You won’t be treated like just another number. We make sure we understand your needs to find you the solution you’re after.
Brands you can trust
We’re accredited with reputable insurers, banks and non-bank lenders, so we’ll only connect you with trustworthy financiers.
Equipment Loan Eligibility Criteria
While exact requirements vary between lenders, here are the key criteria you’ll typically need to meet when applying for a equipment loan:
Age & Residency – You must be at least 18 years old and an Australian citizen, permanent resident, or eligible visa holder.
Stable Income – Lenders require you to earn a consistent income above their minimum threshold to ensure you can manage repayments.
Employment & Banking – A steady job and having your income deposited into a bank account are essential for approval.
Credit Score – Your credit history should meet the lender’s minimum credit score requirements to demonstrate financial responsibility.
Equipment Eligibility – The equipment you’re financing must meet the lender’s age, condition, and value criteria.
At Focus Finance, we work with a panel of trusted lenders to find the best loan for your circumstances. Our consultants will guide you through the process and match you with a lender that suits your needs.
Documents Needed for Your Equipment Loan Application
While requirements can vary between lenders, you’ll typically need the following documents to apply for an equipment loan:
- Identification – A valid driver’s licence or another government-issued photo ID, such as a passport and/or Medicare card.
- Proof of Income – Your last two payslips to verify your earnings and financial stability.
- Bank Statements – Some lenders may request 3 months bank statements as a part of their assessment.
Your Focus Finance consultant will guide you through the process, ensuring you have everything needed to secure the best loan for your situation.
The tax benefits of equipment loans explained
Purchasing equipment with a loan through your business means there’s a variety of expenses that can be claimed as a tax deduction. These include:
- The GST on the purchase of the asset
- The interest and certain fees (such as application costs) on your loan
- The depreciation of the asset
It’s important to note that you can only claim up to the amount equivalent to your business’ use of the equipment. For example, if you bought an advanced computer system for your home business but used it for personal purposes 30% of the time, you’d only be able to claim up to 70% of the above expenses.
Each business is different, so it’s essential to consult with your accountant or a financial advisor to find out exactly what you can and can’t claim.
Frequently asked questions
A lease is another option available to business owners who may not want to purchase their equipment outright. This essentially allows your business to rent it over one to five years, with up to 100% of the payments being tax-deductible (subject to its usage).
However, if you take out a finance lease, ownership will be transferred to your business once you pay the residual, meaning you’ll have to buy it, sell it or trade it in to cover the residual or refinance the amount to extend your current lease. Ownership rests with the leasing company at all times during an operating lease, as there’s no residual to deal with.
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