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Easing COVID-19 Restrictions, Easing Lending

After some very challenging and difficult times during the coronavirus pandemic, the seasons are changing in more ways than one for the boat-loving, boat-owning and boat-ownership-aspiring community. Much-needed rains are seeing good flows in rivers, creeks and lakes that have been extremely dry during the long-running drought. With fish stocks returning, fishers can now head back to these waterways.

With the infamous COVID-19 curve flattening all states and territories are easing their individual restrictions and many include putting boating now back on your agenda. After an initial cautious reaction to the volume of requests for assistance, some banks and lenders are easing their tightened lending restrictions, making boat loans more accessible.

Overall….the stress, worry and disappointment about not being able to go boating, fishing, water skiing, jet skiing and generally messing about in boats for enjoyment is being eased, at least gradually.

For those wanted to get into boating or upgrade to a bigger, better boat, the conditions around finance are also favourable.

Marine Lending Conditions Update

As we’ve reported regularly, interest rates remain at historic low levels and the Reserve Bank has indicated it is not considering lowering the cash rate below the current .25% What does that mean for borrowers? The lending rates will not likely be lowered any further than existing levels unless some lenders alter rates for specific loan categories or have delayed passing on previous decreases.

The good news on lending restrictions is also very encouraging. When the economic crisis first hit and the banks were called on to ‘play their part’ and provide relief for their customers, the initial reaction was mixed. Some took a cautious approach and actually tightened their lending guidelines make it more difficult for some to source cheap boat loans for Australia.

This particularly impacted those seeking a low docs or no docs boat loan. Jade Boat Loans always welcomes enquiries from businesses seeking boat loans and marine finance and strives to achieve the cheapest and best offer for all our businesses. But the tightened restrictions had made it more difficult for us to achieve a positive outcome for some customers.

But as the Government is easing restrictions, so are the banks and lenders. Including some in relation to low docs and no docs boat loans.

So if you are in the market for a boat loan, surprisingly possibly, now could be the ideal time to get in touch with us and let’s make it happen for you.

For individuals seeking a boat loan the options include a Secured Boat Loan or an Unsecured Personal Loan.

For businesses seeking marine finance, we offer the full range of commercial finance products including Marine Chattel Mortgage, Marine CHP, Boat Leasing and Rental. Deciding which is best suited to your business should start with a conversation with your accountant and then a call to Jade Boat Loans.

Boat Loan Calculator

If you’re new to our website, here’s a tip – while browsing boats for sale online, keep our Jade Boat Loans Calculator open in another browser. That way you can easily calculate a rough estimate on monthly repayments for each boat. The calculator is very easy to use: just enter the amount you want for your loan, ie the full purchase price of the boat or the price plus extra for delivery charges or the price less any deposit you may like to include.

Then enter the other data as indicated: number of years/months you would like to repay the boat loan; the current interest rate we are showing for boat loans; and for business loans, any residual or balloon amount.

Then click calculate and a figure will be displayed. This is only a rough ballpark as it does not allow for any fees and charges which may be applied to your loan and it is in no way an indication of a loan offer or an approved application. Your repayment amount may be lower or higher than the amount indicated. Please read the disclaimer on calculator page for more details.

But it is a great tool for comparing boats and can be a great assistance in deciding which boat to buy.

With boat sellers complying with social distancing, many have upgraded their online selling platforms so buying a boat online is easier than ever.

So is applying for a boat loan. Just email us for a quick quote by clicking on the icon on our home page or better still, give us a call and speak with one of our consultants.

Call Jade Boat Loans for a quote on your boat finance 1300 000 003 and let’s get you out of lockdown and out on the water as quickly as possible.

DISCLAIMER:THE INFORMATION PROVIDED IS FOR GENERAL CONSIDERATION. ANY REFERENCE TO OFFICIAL GOVERNMENT POLICIES HAS BEEN SOURCED FROM AUSTRALIAN GOVERNMENT AND STATE GOVERNMENT SOURCES. NO LIABILITY IS ACCEPTED FOR ANY ERRORS IN PRESENTATION OR INTERPRETATION OF THE FACTS AS PROVIDED BY THESE SOURCES. WE ADVISE ALL INDIVIDUALS AND BUSINESSES TO REFER TO THEIR ACCOUNTANT OR FINANCIAL ADVISOR FOR PROFESSIONAL ADVICE SPECIFIC TO THEIR INDIVIDUAL CIRCUMSTANCES.

 

 

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