The boating season is well underway and while boaters and fishers are keen to spend as much time as possible on the water, it can be worthwhile staying across developments in the sector. For those looking to buy a new boat in the near future, keeping up with what new and news is an important and often an enjoyable part of the process. Through 2020 and 2021, the opportunities to see new models at boat shows was seriously curtailed due to COVID restrictions and global supply chains. With cases of the Omicron variant already soaring, many are anxious as to how it will impact 2022. To assist new boat buyers, boaters and fishers, Jade Boat Loans provides updates on points of interest in the latest fishing and boating industry news and on boat loan interest rates.
Boat Show Cancellations
One of the first casualties for 2022 is the Melbourne International Boat Show, cancelled for yet another year. The reasons given by organisers is the challenges faced by some manufacturers and the withdrawal of key exhibitors. The ongoing global supply chain issues continue to plague many Australian manufacturers across many sectors with boating included.
The shortage of computer chips has been going on for some time and these are used in many components of boat building. Other shortages around resins and other supplies are also taking their toll on manufacturers being able to meet demand. The supply shortages are even extending to trailer builders with costs of supplies such as steel on the rise.
While the April event is cancelled, at this stage, the Boating Industry Association Victoria still intends to proceed with the Discover Boating Showcase, scheduled for 19-20 February. Due to be held at the National Water Sports Centre, those interested can stay across updates and ticketing info at the event website.
Boat shows offer potential buyers ideal opportunities to review many makes and models in the one place. With this opportunity unavailable, Victorian buyers may need to look for other opportunities to view boats for sale.
Dealers will of course be keen to meet with buyers in person at their showrooms and marinas. As stocks may be limited for some models, it can be a very smart idea to discuss pre-approved boat finance with Jade Boat Loans prior to embarking on that process. By having your loan secured, you will be in a better position to make a quick decision, place your order and potentially expedite delivery.
Pre-approved boat loans offer the same interest rate and loan features as loans secured after purchase. Use our boat loan calculators to get repayment estimates for pre-approved loans to assist in the boat selection process. By narrowing down the wish list, you can save time in how many boats you need to inspect in person.
Recreational Boating Strategy: Victoria
Victorian recreational boaters and fishers that constantly contend with issues around facilities will be interested to learn that Better Boating Victoria (Victorian Government) has released its Victorian Recreational Boat Strategy 2021-2030 Report.
The report forms a 10 year vision of what needs improvement in the recreational boating sector. The focus includes the rebuild of infrastructure and addressing many of the pain points faced by boaters. Issues such as trailer parking, waterways management and rescue services to name just a few. An action plan will be developed from the strategy report to plan where the Government will invest revenue in the next 10 years to improve boating facilities.
Full details of what projects have been earmarked can be obtained at Better Boating Victoria.
Richmond River NSW Update
A key action in the NSW Marine Estate Management Strategy (2018-2028) has been delivered with the removal of the Cookes Weir on the Richmond River. The removal was a collaboration between the NSW Department of Primary Industries Fisheries and Water NSW and signal an improvement for fish passage on the river. Access to in excess of 250 klms of upstream aquatic habitat has been created. The action is also designed to improve river safety and to improve the potential for use of the river for recreational users.
This is part of the Reconnecting Fish Habitats strategy in NSW.
Boat Buying and Boat Loan Interest Rates
As specialist marine lenders, an update on boating industry news from Jade Boat Loans would not be complete without mention of what’s happening on the lending scene, including interest rates on boat loans.
Interest rates across the lending market have enjoy historic lows over the past 13 months, courtesy of the RBA holding the official cash rate at 0.1% How long that will be maintained is not certain but the Governor of the RBA again this week, reiterated previous comments that it was not expected a rise would come in 2022.
So while boat buyers can enjoy cheap interest rate boat loans through Jade’s lenders, actually securing the boat they want could be more of a challenge. As mentioned in the beginning of this article, boat manufacturers are facing challenges to production output on multiple fronts. With Omicron raging through Europe, that situation may continue here in Australia for some time.
Those looking to buy a new boat would be advised to possibly approach the process with an open-mind and focus on what makes and models are available for soonest delivery rather than on finding the perfect boat that ticks all their boxes. A boat which could be some time away before becoming theirs. To assist buyers be in an ideal position to place an order, our consultants can arrange pre-approved boat loans for all types of boats.
We will of course be watching any potential impact of Omicron on the lending market and posting updates. So stay connected with us.
For a pre-approved boat loan, contact Jade Boat Loans on 1300 000 003
DISCLAIMER: THE INFORMATION AND SPECIFIC DETAILS CONTAINED IN THE CONTENT OF THIS ARTICLE HAVE BEEN PREPARED AND ARE PRESENTED PURELY AS GENERAL INFORMATION AND NOT INTENDED AS THE ONLY SOURCE OF FINANCIAL ADVICE FOR BOAT BUYERS AND LOAN BORROWERS. FOR THOSE THAT CONSIDER THEY REQUIRE SPECIFIC ADVICE, THEY SHOULD CONSULT WITH A FINANCIAL ADVISOR. LIABILITY IS NOT ACCEPTED IN REGARD TO ERRORS AND MISPRESENTED DATA AND DETAILS HEREIN.