Using a chattel mortgage to buy a boat
If you intend to use your boat for business more than 50% of the time, then the chattel mortgage is a great option to get you in the water. The great thing about this financial product is that just like you own a house from the moment of purchase, with a chattel mortgage the boat is all yours from the start.
How it works
Buying a boat with a chattel mortgage is a relatively simple process. Your lender advances the necessary funds, you buy the boat, and they take out a mortgage over the boat as security for the loan. Once you make your final payment, your lender then removes the mortgage and the title of the boat belongs to you.
- You can choose a term of anything from twelve to sixty months (one to five years)
- When you use your boat for business purposes you may qualify for a tax deduction*
- If you’re registered for GST, you may be able to claim the GST in the boat price as an input credit on your next Business Activity Statement (BAS)*
- Monthly repayments along with your balloon payment are fixed and GST free.
- Lower interest rates because the loan is secured against the boat
* Please refer to your accountant for eligibility.
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