Machine Refinance
Need a machine loan? Whether you're buying a new or used machine, upgrading or growing your fleet, we work hard to deliver the cheapest deal. We're known for delivering sharper rates than banks, dealerships and other brokers, with a loan strategically structured around your business.
How Machine Refinancing Works in Australia
Machine refinancing allows you to replace your existing machinery loan with a new loans facility, potentially giving you a lower interest rate, better loan structure or more manageable repayments.
With machine refinance in Australia, the new lender pays out your existing machinery loans and replaces it with a new loan. You keep the same machine and continue using it in your business as normal.
Refinancing may be worth considering if your current interest rate is too high, your business or credit profile has improved, your repayments are putting pressure on cash flow or another lender can offer a better deal.
We compare machine refinance options across 80+ lenders and can negotiate pricing directly with lenders to help secure a competitive rate and loans structure for your business.
Depending on the value of your machine and the amount you currently owe, you may also be able to access equity in the machine, subject to lender criteria, valuation and approval.
Example: Refinancing a $100,000 Machinery Loan
If you currently owe $100,000 on your machinery loans, a new lender could refinance that balance by paying out your existing lender and replacing the loan with a new loans agreement.
For example, if the new lender offers a lower interest rate or a more suitable loan term, your business may be able to reduce repayments and improve cash flow while continuing to use the same machine.
If your machine is worth more than the outstanding loan balance, you may also be able to access some of that available equity, subject to lender approval.
The actual interest rate, repayments, savings, fees and amount available will depend on your existing loan, machine value, lender criteria and credit assessment.
Why get a loan with Overdrive Machinery Finance
Free service with no upfront costs or hidden fees.
Machine Loan Solutions
Whatever your situation, there's a loans structure to suit — we'll match you to the right one for your business.
Low Doc, Light Doc & Full Doc Machinery Finance
When applying for machinery finance, lenders will generally offer Low Doc, Light Doc or Full Doc options. The right choice depends on your business structure, trading history, and the type of machine you're purchasing.
| Feature | Low Doc Machinery Finance | Light Doc Machinery Finance | Full Doc Machinery Finance |
|---|---|---|---|
| Financial Statements Required | No | No | Yes |
| BAS Statements Required | No | Usually | Sometimes |
| Business Bank Statements | No | Yes | Sometimes |
| Approval Speed | Fastest | Fast | Standard |
| Interest Rates | Higher | Competitive | Most Competitive |
| Borrowing Capacity | Up to $500k | Up to $500k | Up to $10m+ |
| Ideal Outcome | Quick approval with minimal paperwork | Balance of flexibility and pricing | Best pricing and maximum borrowing power |
Which Option Is Right For You?
Need help deciding? Our finance specialists will assess your circumstances and recommend the most suitable asset finance solution for your business.
| If You Are… | Recommended Option |
|---|---|
| Self-employed or businesses with limited financial records | Low Doc |
| Businesses with bank statements and BAS available | Light Doc |
| Businesses with full financials | Full Doc |
Low Doc Machinery Finance
Low Doc finance is designed for borrowers who want a simple, streamlined approval process. In most cases, no financial statements or BAS statements are required. Approval is generally based on your ABN history, credit profile, and the asset being financed.
Light Doc Machinery Finance
Light Doc finance provides a middle ground between Low Doc and Full Doc lending. Borrowers can often qualify using recent business bank statements and limited supporting documentation, without the need for full financial accounts.
Full Doc Machinery Finance
Full Doc finance is suitable for borrowers who can provide complete financial records and supporting documentation. This option typically offers the most competitive rates and highest borrowing capacity.
Machine Refinance — frequently asked questions
Can I get a loan on a new or used machine refinance?
Yes — we arrange new and used machine refinance loans bought from dealers, private sellers or at auction, with the rate and term matched to the asset.
What interest rate will I get on a machinery loan?
Rates start from 6.55% p.a. for a strong, asset-backed machinery loan and move up with the age of the machine, the term, any deposit and your credit profile. Because we compare a panel of lenders on one application, we quote the sharpest rate you actually qualify for rather than a single bank's rate card.
Can I get a machinery loan without financials (low-doc)?
Yes. For an eligible loan under a lender limit we can arrange a low-doc machinery loan with no tax returns or BAS, on the strength of your ABN age, GST registration and clean credit. It typically needs a 2+ year ABN and sits slightly above a full-doc rate.
Who can apply for a machinery loan?
ABN holders — sole traders, partnerships and companies. Commercial lending to ABN holders sits largely outside consumer credit rules, which usually means a faster, simpler process than a personal loan.
Does enquiring about a machinery loan affect my credit score?
No. The initial enquiry is a soft check only and does not affect your credit score. We only lodge a formal loan application to a lender once you have seen the numbers and told us to proceed.
Do I need a deposit for a machinery loan?
Not always. $0-deposit machinery loans are available for eligible deals, subject to assessment. A deposit or trade-in can help with a newer ABN or an older asset, and it lowers the amount borrowed and your repayments.
What loan terms are available?
Machine loan terms typically run from 1 to 7 years. A longer term lowers the repayment but costs more interest overall; a shorter term costs less interest but repays faster. We help you balance cash flow against total cost.
Can I get a loan on a new or used machine?
Both. We arrange loans for new machines (dealer stock and factory orders) and used machines bought from a dealer, at auction or from a private seller. On a used machine, its age, kilometres and condition can affect the rate and term.
Can I buy from a private seller or at auction with a machinery loan?
Yes. For a private sale the lender verifies ownership and checks the machine is clear of existing finance (a PPSR check) before releasing the loan funds. We manage that process with you.
How does a balloon or residual work on a machinery loan?
A balloon (or residual) is a lump sum set aside to the end of the term. It lowers your regular repayments now, which suits operators who refresh machines every few years — you pay it out, refinance it, or trade in at term end.
How quickly can a machinery loan be approved?
For a straightforward, asset-backed machinery loan we can often come back with an indicative answer the same business day, with conditional approval frequently inside 24 hours, and settlement within a few days once documents are in.
Machine loans by type
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