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Chattel Mortgages
Looking to finance a boat for your business? A chattel mortgage could be the perfect solution. At Credit One, we can help you secure flexible finance while maintaining full ownership of your vessel from the start.
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Own Your Boat with a Chattel Mortgage
Own Your Boat with a Chattel Mortgage
A chattel mortgage is a popular choice for business buyers who want to purchase a new or used boat while keeping repayments predictable and tax-effective. You take ownership of the boat up front, while the lender takes a mortgage over the asset as security. Once the loan is repaid, the mortgage is released, and the vessel remains yours throughout.
Whether you're buying a commercial fishing boat, charter vessel, or support craft, we’ll help you set up a loan that works with your cash flow and business goals.
We Are Marine Finance Specialists
We’ve helped marine operators across Australia finance commercial vessels using chattel mortgage agreements. Our team understands the commercial marine space and will guide you through the process, from selecting the right loan term to structuring balloon payments and forecasting monthly repayments. We’ll handle the paperwork and keep things moving, so you can focus on running your business.
Our Quick and Simple Application Process
01
You’ve Found Your Dream boat
02
One minute
We’ll recommend a loan based on your finances and the boat you want.
03
5 minutes
We’ll submit your application and negotiate all the terms for you.
04
1-2 hours
Once the loan is approved, all you have to do is sign and begin making your payments.
Your adventures begin!
Once the lender has paid the seller, you’ll sail away in your boat.
Structured Boat Finance with Commercial Benefits
Structured Boat Finance with Commercial Benefits
Chattel mortgages are designed for businesses, sole traders, and ABN holders who use the boat primarily for business purposes. They offer flexible loan terms, fixed interest rates, and optional balloon payments at the end of the loan. You’ll own the boat from day one, and depending on your situation, you may be able to claim GST, depreciation, and interest charges as tax deductions. If you’re not sure whether a chattel mortgage is the right fit, our marine finance specialists can talk you through the alternatives — including commercial hire purchase or business loans — and help you compare.
Why Choose Credit One for Chattel Mortgages
Easy Applications with Fast Approvals
Need boat finance fast? Credit One makes it simple with a quick 60-second quote and same-day approvals. Our online application is obligation-free and hassle-free, getting you on the water sooner.
Flexible Boat Finance Options
Finding the right boat loan is easy with Credit One. Our finance specialists assess your needs and compare options from a wide range of lenders to secure a solution tailored to your business or personal circumstances.
Competitive Rates with Low Fees
We offer finance packages with low establishment fees, no ongoing charges, and competitive interest rates. Whether you're financing a single boat or an entire fleet, we can structure a loan that suits your cash flow and budget.
Recognised for Outstanding Service
As an award-winning finance broker, we provide independent advice to help you secure the best loan for your needs. That’s why Credit One has been recognised as ‘Broker of the Year’ for three consecutive years.
Specialists in Boat Finance
Our dedicated boat finance consultants are available seven days a week to assist with your application. Call us today on 1300 087 087 or request a callback to explore your finance options.
Access to Leading Lenders
With connections to over 40 trusted Australian lenders, including major banks and specialist finance providers, we can connect you with lenders not available directly to the public.
FAQs on Chattel Mortgages
What is a chattel mortgage and how does it work for boats?
A chattel mortgage is a type of equipment loan designed for businesses. You take ownership of the boat upfront, while the lender holds a mortgage over it as security. Once the loan is repaid, the lender releases their interest. It’s one of the most popular forms of business boat finance because you own the vessel from day one and can tailor the loan structure to suit your cash flow.
Can I claim tax deductions on a chattel mortgage?
In many cases, yes. If the boat is used for business purposes, you may be able to claim tax deductions on interest payments, depreciation value, and even GST on the purchase. Business chattel mortgages can offer significant tax benefits, but we always recommend seeking independent tax advice to understand what applies in your situation.
What’s the difference between a chattel mortgage and a finance lease?
With a chattel mortgage, you own the boat outright from the start. With a finance lease, the lender retains ownership and leases the asset to you for a fixed term. At the end of a finance lease, you may have the option to purchase the boat. Chattel mortgages tend to suit buyers who want full ownership and the ability to claim tax benefits tied to ownership.
Can I include a balloon payment in my chattel mortgage?
Yes, balloon payments are a common feature of chattel mortgage agreements. A balloon payment is a lump sum that’s due at the end of the loan term. It helps reduce your monthly repayments but requires you to pay or refinance the remaining balance later. We’ll help you structure a balloon payment that works with your long-term plans.
How is a chattel mortgage different from a standard equipment loan?
A chattel mortgage is a specific type of equipment loan designed for business use, where the borrower owns the asset from day one. It offers more flexibility in how the loan is structured and may allow for tax deductions on interest payments and depreciation. It’s ideal for businesses that want to retain ownership while spreading the cost over time.
Can I get a chattel mortgage on a used boat?
Yes. Business chattel mortgages are available for both new and used boats, including dealer and private sales. Some lenders may have age restrictions on the boat, but we’ll work with you to find a solution that fits.
What loan term options are available?
Chattel mortgage loan terms typically range from two to seven years. We’ll help you select a term that balances your monthly repayments with your cash flow needs and overall financial goals.
Are there any tax benefits with a chattel mortgage?
Yes, there can be several. Depending on your business structure, you may be able to claim GST on the purchase price, deduct interest payments, and depreciate the vessel over time. These tax benefits can make chattel mortgages a very cost-effective option for commercial buyers. As always, it’s best to speak with your accountant for independent tax advice.
Can I finance other items alongside the boat?
Absolutely. We can structure your loan to include trailers, safety gear, electronics, or engine upgrades — anything that’s part of the total package. This helps streamline your finance and keep your setup complete from the start.
How quickly can I be approved for a chattel mortgage?
In most cases, we can provide conditional approval within 24 to 48 hours, provided your business financials are in order. Once approved, we finalise the loan, pay the seller, and you take full ownership of the vessel.
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