Assets purchased for Business use require Commercial Finance and will have a variety of loan products available. They are quite varied however a Chattel Mortgage is the most common. There are different tax and GST implications for each type of facility, so it is important to speak with your accountant about which is right product for the applicant’s business.

Client profiles can include:

• A company and/or trust;
• An individual without an ABN with business use

If you are a company with a Trust or a Sole Trader with an ABN, then you qualify for Business Use and can therefore apply for a Commercial Loan. You may also satisfy the criteria for an Express Policy. See Client Profiles and Policies.

If you are an individual without an ABN but can still verify business use of the asset via an accountant’s letter or employment letter (for example, a real estate agent, or a tradesperson with a ute), then you can apply for a Commercial Loan however servicing will be assessed by the lender using verified income so you will not be eligible for an Express policy, rather you will fit into a Standard Policy.