The weather’s getting a bit chillier which is usually the sign to head indoors for winter. But for keen boaters, it’s time to get out and check out what’s new in boating. The boat show scene is only just warming up after being all but frozen out in 2020 due to COVID-19 and there is plenty to stay across if you’re in the market for a new boat.
Sanctuary Cove Wrap
The Sanctuary Cove Boat Show was the first big show event for 2021 and according to reports, it was a massive success. Held over 20-23 May, the organisers report record crowds of over 50,000, which exceeded expectations of around 45,000. According to reports, buyers were out in force and continuing the recent uptick in demand for all types of boats.
As announced in the lead-up to the show, there was a slew of new models launched for eager buyers to inspect along with an impressive array of electronics, accessories and boating gear. The display of boats on the water was larger than in previous years. But trailer boat displays were reported down, reflecting the huge surge in demand in this sector and resultant stock shortages. (Hint: if you’re in the market for a trailer boat, organise a pre-approved loan so you’re ready to grab what you want as are limited across many manufacturers.)
A Horizon RP100 superyacht was one of the first big sales of the event with Riviera also welcoming a swathe of new owners to its family. The new Riviera 78 for 2022 was unveiled, Maritimo showed off its new M55 and S55 models, Princess Yachts debuted its V55 and F55 and Palm Beach Motor Yachts its GT60.
Multihulls were also on display with the Multihull Group showing a number of exciting catamarans including the Fountaine Pajot MY5 and Elba 45 and the ILIAD 50.
There was plenty of attractions and activities for all to enjoy and the show appears to have set a huge benchmark for the rest of the boat shows for 2021. If you didn’t get the chance to attend the Sanctuary Cove Boat Show, the Sydney International Boat Show is not too far away. Get your boat loan organised well ahead so you are ready to place your order at the event.
Queensland Superyacht Hub
Queensland Deputy Premier opened the Sanctuary Cove show and took the opportunity to announce additional funding for the boating sector. In addition to the $2.87 million already committed to developing a superyacht berthing facility at the Southport Yacht Club, the Government has now contributed $19,000 to a simulator. More info.
The simulator allows high-tech computer simulations which will ensure large vessels safely make their way to the superyacht facility. If you own a superyacht, then Queensland appears ready to provide you with berthing facilities as you cruise the world’s oceans.
Federal Budget Injection
The Queensland Government was not the only government contributing to the boating sector in recent weeks. The Federal Government has also announced an additional $10 million in the 2021/22 budget for local councils to improve facilities. The funds are earmarked to improve infrastructure for boaters and fishers including boat launch ramps.
This is a continuation of a program to support the recreational fishing sector and was commenced in 2019. The funding in total allocated to date is around $29 million. The funding is purposed to create greater opportunities for fishing in rivers and coastal locations.
Boat Lending News
Expecting a tax refund this year? Many Australians will courtesy of the tax cuts brought forward in the 20/21 budget and the continuation of the low and middle income tax offset.
If you have an existing secured loan, you may consider making extra payments on your loan. That is permitted with both secured and unsecured loans and while break fees may be applicable, depending on the loan type, this would reduce the total amount of interest you will pay on the loan and you’ll own your boat outright sooner.
Alternatively, use that refund as a down payment on a boat and reduce the overall amount you need to borrow. Head to our boat loan calculator to work up different repayments scenarios to assist your decision-making.
Interest rates remain low with the RBA holding the official cash rate at 0.1% at their May board meeting. Speculation in certain areas of the finance and economics media about possible rate rises in home loans continue to emerge. For now, our interest rates on boat loans remain low and are always the cheapest available. Compare multiple banks and lenders with our boat finance interest rates tool.
Business Boat Finance Opportunities
For those acquiring a boat loan for business purposes, the temporary full expensing measure has been extended through to 30 June 2023. This accelerated asset depreciation measure allows businesses a tax deduction on eligible depreciable assets in the year of purchase rather than in small amounts over multiple years. Chattel Mortgage is best suited for this measure and you can use our loan calculator to plan how you would like your finance structured in regard to loan term and optional balloon.
To be ready to buy what’s new in boats, call 1300 000 003 for pre-approved marine lending.
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.