Application Process

What is a balloon payment?

Some lenders will have the option or requirement to make a balloon payment at the end of your loan term. A balloon payment means that you pay a lower amount in your scheduled repayments – so you pay less each week, fortnight, or month. And when you reach the end of your loan term, you pay off the remaining amount as one lump sum.

What is a finance broker?

A finance broker is someone who finds and secures a loan on your behalf. Instead of enquiring with possible lenders one after another on your own, a broker can identify multiple suitable loan options from within their network of lenders all at once—saving you time, stress and money by negotiating better rates and fees for you.

Does Oceania Finance have a finance broker near me?

Oceania Finance is a team of Australian loan experts, so chances are we have a broker near you. Hit the ‘enquire now’ button to speak to one of our specialists today.

I’ve been rejected by the bank – can you help me?

Absolutely! We have a large network of specialist lenders nationwide, which means the chances of us being able to secure a suitable loan for you, even if you’ve been rejected by your bank, are very high. We pride ourselves on being able to help Aussies with any credit rating – great, good, average or bad.

How does a finance broker get paid?

We charge a fee for our brokerage services, which covers the time it takes our team to understand your unique circumstances and find you the best finance option available. The rates and terms associated with the loan you choose are generally separate. Find out more: How we work.

Vehicle Loans

Is a vehicle loan tax deductible?

This will depend on your type of vehicle loan. Vehicles being used for business purposes can claim certain tax deductions, like interest costs and depreciation value. But personal use cannot be claimed for tax.

What are vehicle loan rates?

The interest rate on auto loans is calculated by how old the vehicle is (newer vehicles have lower rates, second-hand vehicles have higher), the length of the repayment period, your credit score, and the lender you choose.

An auto finance broker can help negotiate terms to suit your individual financial situation.

What happens if you buy a car with finance owing?

Buying a second-hand car from a reputable dealer means they will inform you of any finance the car is under. However, this isn’t legally required and a private seller may decide to withhold this information from you.

Although the debt is attached to the car and will not be transferred to you, it can still affect you in certain circumstances. For example, if you get into an accident and put in an insurance claim, the insurer may have to transfer the payout to the creditor and not you.

Security is linked to a car via its VIN number, so you can check beforehand if a car is encumbered by looking it up on the Register of encumbered vehicles.

Can you transfer vehicle finance?

You generally can’t transfer vehicle finance because lenders are required to meet strict ASIC responsible lending laws – which involves checking if the client is financially capable of making the car loan repayments. However, there are ways for you to sell your vehicle while it is encumbered.

You could pay off the remaining debt using money from your savings. Or alternatively, you could negotiate with the buyer to have them pay the remaining loan balance to the lender upon transfer of ownership.

How old can a vehicle be to finance?

The limit on vehicle age for financing will depend on the lender and type of vehicle. If you are unsure you can check the specific vehicle page or contact us for more information.

Can I get vehicle finance with a low credit score?

You may still be able to get automotive finance with a lower credit score but you will have fewer options. A vehicle finance broker can help you find a loan to suit your financial situation.

Vehicle finance or personal loan?

Vehicle finance is a type of personal loan used specifically for the purchase of a vehicle, often a car.

It might seem counterintuitive but in some instances, a vehicle loan may not be the best choice for you. For example, if you have other loans, it might be more financially savvy to get a debt consolidation loan. This means you get the money to finance your vehicle and pay off your other debts from one loan. That way you aren’t paying interest on multiple loans, and it is simple to keep track of your payments.

Renovation Loans

Home renovation vs build

It’s generally cheaper to renovate an existing home rather than build a home from scratch. It also takes less time and relies on fewer variables and people to complete the work. However, if your renovations are extensive it could be worthwhile investing in a brand new home. Keep in mind that budgets often get blown out when making any kind of renovation or construction, and building a home is a much larger commitment.

Can you use your home loan to renovate?

You may be able to use the equity in your mortgage to finance your home renovations. Depending on your bank and how much equity you have, you could refinance your home loan for repairs or improvements.

Renovation loan vs personal loan

A renovation loan is a type of personal loan used for home renovations or improvements.

Can I get a renovation loan without equity?

Yes, you can get a home renovation loan without equity. An unsecured renovation loan allows you to get a loan without any collateral.

Be aware that unsecured loans tend to have higher interest rates to meet the higher risk for the lender.

Why was my renovation loan rejected?

Your loan can be rejected for a number of reasons. It’s important to find out why your loan was rejected before you consider applying for another loan. Some of the most common reasons for your application getting rejected include:

  • Not meeting eligibility requirements
    Sometimes you do not get approved for not meeting basic eligibility requirements such as the minimum age (above 18), or employment history. You should always check eligibility requirements before applying for a loan if you apply directly through a lender.
  • Poor credit report and rating
    Check your credit history and rating before you apply. Some lenders will not lend to people with a poor credit history. You can find where to check your credit history for free here.
    A broker assesses your eligibility for you and will only apply for a loan you are likely to be approved for. They are able to work with most credit ratings to find a satisfactory outcome.
  • Applying too soon after being rejected
    If you apply immediately after being rejected for a personal loan, lenders can be less willing to approve your loan. Especially if you apply multiple times in a short time frame. Check why your application was rejected before you apply somewhere else to avoid being rejected for the same reason.
  • Lack of stable income and employment
    Showing financial stability is essential to proving your creditworthiness. Not only will you need to meet a certain level of income depending on the loan and amount you want to borrow.  but demonstrate stability. So if you have changed jobs recently, you may find lenders less willing to approve you for a loan.
  • Insufficient credit history
    Building up a credit history is important if you want to borrow a larger amount of money. Having a guarantor is a useful way to show suitability if you are still in the process of building your credit history.
  • Poor repayment history
    Showing that you meet repayments is important not only for your overall credit score but for showing a history of responsible behaviour with your other credit.

Will my personal loan affect getting a renovation loan?

If you already have a personal loan and you’re looking to get another loan for home renovation there are several options. Depending on your circumstances you could apply for a second loan or refinance your existing personal loan.

Is it hard to get a renovation loan?

How easy or difficult is it to get a personal renovation loan depends on your individual circumstances.

If you are concerned about your chances of getting approved for a renovation loan it can be worthwhile to reach out to a finance broker. They can help you find the right lender and loan for your situation.

Can I borrow money to renovate?

Yes, there are several ways to borrow money to renovate your home. Your home finance options will depend on your financial circumstances and how much you want to borrow.

It can be tricky to find a lender when you don’t have a perfect credit score. But with an expert broker, you can easily compare a large number of options that give you the best possible chance of getting approved. So you don’t have to risk hurting your credit score by applying for a loan you’re not likely to qualify for.

Wedding Loans

Do people take out loans for weddings?

According to a government survey, 60% of couples take out a personal loan to help pay for their wedding.

What is the interest rate on wedding loans?

The interest rate depends on the lender, loan term, your repayment schedule, fortnightly, or monthly, your credit score, and how much you are borrowing.

Is it possible to get a loan without collateral?

Yes, at Oceania Finance we have lenders offering both secured and unsecured personal loans for weddings.

Wedding loan vs personal loan

A wedding loan is a type of personal loan. Both secured and unsecured loans are available to finance weddings, with weekly, fortnightly, or monthly repayments options.

Do banks give loans for weddings?

You can get a personal loan for a wedding from most banks in Australia.

Is the interest on wedding loans tax deductible?

No, as it is not a business expense you cannot get a tax deduction on the interest on your wedding loan.

What credit score will I need to get a wedding loan?

Most lenders require you to have a good or average credit rating or higher. However, it will depend on the lender, how much you want to borrow, and whether you want a secured or unsecured loan.

Lenders use different scoring ranges, so make sure to check before you apply so you know you meet their eligibility requirements.

How long does it take to pay off a wedding loan?

You can get a loan term of between 1-7 years with Oceania Finance.

Business Loans

Is a business loan secured or unsecured?

You can get either a secured or unsecured business loan.

Why was my business loan rejected?

There are a number of reasons why a commercial loan gets rejected. One of the most common is that you may not meet the minimum credit score requirement. Each lender has different requirements for credit history and rating, which is why it is important to check before applying.

A business loan broker will check all requirements for you so you don’t apply for a loan you are not likely to get.

Where can I get a business loan?

Oceania Finance’s commercial loan brokers operate nationally and service all of Australia, including, Sydney, Melbourne, Brisbane, Adelaide, Hobart, and Perth.

Will a business loan affect getting a mortgage?

Business finance loans can affect your chances of getting a mortgage in the same way as other types of loans. Which means the loan will affect your credit history and score. So, if you make repayments on time and eventually settle the loan it will have a positive impact and vice versa.

Personal Loans

Personal loan broker vs bank loan broker, which is better to go through?

A broker has access to a wide range of lenders, so there are more finance options that they review. Also, as responsible lenders, under the National Consumer Credit Protection Act 2009, they are obligated to find you the best option for your circumstances. Whereas a bank broker works for the bank and can only review the loan options offered by that bank.

How much is a broker fee?

It will depend on what broker you go through. Some brokers offer set fees or rates for their brokerage services. At Oceania Finance, we prioritise personal service, so the fee will depend on the unique service provided.

What’s the easiest type of personal loan to get?

Secured personal loans are the easiest type of personal loan to get because there is less risk involved for the lender. So, they are typically more willing to approve loans and lend larger amounts.

Holiday Loans

Can a debt consolidation loan be used for a holiday?

A debt consolidation loan can be used to combine your debt into one loan and fund your holiday. So, instead of taking out an additional loan and paying more fees and interest, you can manage your debt in one easy payment.

Can I get a holiday loan with bad credit?

Most lenders require a good or average credit score. However depending on how much you want to borrow, and what other assets and liabilities you have, we may still be able to help.

Can you use a personal loan for a holiday?

Yes, you can use a personal loan for a holiday. Personal loans do not come with restrictions around what they can be used for.

Is a travel loan secured or unsecured?

You can get both secured and unsecured travel loans with Oceania Finance.

Will a personal travel loan affect my credit score?

A travel loan can improve your credit score over time if you make repayments on time and settle your loan. But it can also negatively impact your credit score if you fail to make repayments.

Is it hard to get a holiday loan?

With Oceania Finance it’s easy to get a personal loan for your holiday. After we’ve gathered some information from you, our expert loan brokers will review your options and find a tailored finance solution.

We take care of the whole application process so you can sit back and relax. Simply fill in the form at the top of the page or contact us to get started.

Medical Loans

Are there loans for medical procedures?

Absolutely. You can find a loan for any type of medical procedure, including cosmetic, dental, physical or mental.

Learn more: dental loans

Can someone with bad credit get a medical loan?

Generally, you’ll want to have at least a ‘good’ credit score of 600 and above. Having a score below will limit your borrowing options. If you apply directly through a lender, you’ll need to do your research to make sure you meet their credit eligibility criteria before you apply.

The benefit of a broker is that they can find you a loan to suit your credit rating. So, even if you don’t have the best credit score they may still be able to help you finance your medical procedure or emergency.

Keep in mind that lower credit ratings usually come with higher interest rates due to the higher risk to the lender.

Can I get a loan for surgery?

Yes, a medical loan can cover your surgery costs up to $65,000.

What is the interest rate on medical loans?

The rates and fees associated with your medical loan will depend on your credit rating, lender, loan amount, and loan term.

Is it a good idea to take out a personal loan for medical expenses?

As with all loans, it will depend on your particular situation and needs. But out-of-pocket medical costs have increased over time. And because of this, many Australians find it necessary to seek out additional ways to cover the cost of medical bills.

Dental Loans

How to pay for expensive dental procedures

A dental care loan is a fast way to get the money you need for expensive dental work. Some people also prefer to use a combination of private health insurance and a personal loan.

What credit score do you need to finance dental work?

If you apply for a personal loan to finance your dental work, it’s best to have a ‘good’ credit score of 600 and up. A lower credit score will limit your options for lenders and borrowing power. It also means you’ll probably face higher interest rates due to the higher risk to the lender.

Make sure to check the eligibility criteria if you are worried about your credit score. Applying for multiple loans that you aren’t eligible for, and getting declined, will only decrease your credit score further.

A broker has access to a large portfolio of lenders and can find you a loan to suit your credit rating. So you may still be able to get dental finance even if your credit rating is not ideal right now.

Should you take out a loan for dental work?

Dental loans are one way of financing your dental procedures. To find out if a loan is right for you, consider how much you need to borrow, how soon you need the money, and what interest rates and fees are involved.

Is it hard to get dental finance?

This will depend on your income, credit history and rating, and the lender you choose. The better your credit score, the more finance options you will have open to you. However, having an imperfect credit score does not necessarily mean you will be unable to get a loan.

Getting dental finance is easier with a loan broker. They can look at your unique situation and find a solution to meet your needs. Our brokers at Oceania Finance have over 20 years of finance experience helping people with a range of credit ratings to get a loan that suits them.

Car Finance

Are car finance rates negotiable?

A car loan broker can negotiate with the lender to get you a better deal on your car finance.

Can car finance be in joint names?

Yes, car finance can be in joint names. The specific application and eligibility requirements will depend on the lender. Often a joint loan will be taken out by long-term partners, married couples, or joint business owners.

Will car finance affect my credit score?

Just like other types of loans, a car loan will affect your credit score. It will have a positive impact if you make payments on time and eventually settle your loan. And it will have a negative impact on your credit score if you miss payments.

Can car finance be transferred to another person?

While you can transfer ownership of an encumbered car to another person, it is unlikely that you will be able to transfer the car loan.

Responsible lenders are required by law in Australia to meet certain requirements that ensure the person getting a loan will reasonably be able to repay it. This is why credit history checks and financial records are required before a loan can be approved. A lender would not have access to this in the event of you transferring the debt to another person.

Should I use a car finance broker?

Some people prefer to handle everything themselves and there are a lot of resources available to help guide you through the process. But there are a lot of car finance options available in Australia and it can be hard to know which way to go.

A car finance broker streamlines the application process and negotiates to get the best deal for you. By using a loan broker you can relax and feel confident that you’re getting a loan deal that will fit your unique circumstances and needs.

Can you pay off a car loan early?

This depends on the terms and conditions set out in your car loan.

Motorbike Finance

Are motorcycles hard to finance?

Motorcycle finance can be more straightforward than other types of finance. However, it will depend on where you apply for a loan, what your financial and employment situation is, and how old the motorcycle is.

What credit score is needed to finance a motorcycle?

There’s no set minimum credit score that will guarantee approval for a motorcycle loan. However, having a ‘good’ credit score will be favourable to lenders. There are three main credit reporting agencies in Australia, with different credit score ranges:

You may still be able to get a motorcycle financing loan with a low credit score, depending on your situation. Talk to one of our finance brokers today to understand your options.

Do banks finance motorcycles?

Some banks will offer specialty motorcycle loans or offer personal or vehicle loans that you can use to purchase a motorcycle.

How long can I finance a motorcycle?

You can get a loan of 3, 5, or 7 years depending on the age of your motorcycle, how much it costs, and your financial situation.

Can I buy a used motorbike?

You can get a loan for both new and used motorbikes.

How much can I borrow?

You can borrow up to $150,000 on motorbike finance through Oceania Finance.

Caravan Finance

Is it hard to get caravan finance?

It’s not hard to get camper trailer finance if you have a steady income, good credit score, and good credit history. It can be more tricky if you have a low credit score, but there may still be a suitable option for you.

A loan broker can improve your chances of getting approved for caravan finance as they will only suggest options that you are reasonably likely to get based on your credit score and financial situation.

Can I get caravan finance with bad credit?

You may be able to get finance with low or poor credit depending on your circumstances. Most lenders prefer or require you to have an average or good credit score.

What kind of loan do I need for a caravan?

You can get either a secured or unsecured personal loan to finance your caravan purchase.

How do you check if a caravan is on finance?

You can check the Personal Property Security Register for free to see if a vehicle is encumbered.

How long can you finance a caravan?

You can get a loan term of 3, 5, and 7 years, depending on the age of the caravan.

Boat Finance

Do you need a loan to buy a boat?

Boats are an expensive asset and it can be a good idea to use a loan rather than pay the full cost upfront. If you have the disposable income to spare and don’t foresee any potential need to use it anytime soon, then paying out of pocket might be a good option for you.

Are boats easy to finance?

If you handle the entire finance process yourself, it can be quite a complicated, lengthy process. So you will need to do proper research before applying or entering into any agreements.

Alternatively, the loan process becomes much more straightforward and streamlined through the help of a loan broker. But be aware that you will need to pay a brokerage fee for the services of a finance broker. Even so, they can save you money by ensuring the loan agreement is tailored to your individual circumstances and aligns properly with your needs.

Can you finance a used boat?

Yes, you can finance both new and used boats.

How long can you finance a boat?

Depending on the age of the boat, you can get a boat loan term of 3, 5, or 7 years through Oceania Finance.

What type of boat can I finance?

You can finance any type of boat through Oceania Finance as long as it’s within the right age limit. The maximum possible age of a boat to get a loan through Oceania Finance is 20 years old (at the end of the loan term).

Can I buy a boat for my business?

Yes, you can finance both consumer and commercial or business boats.

Cash Flow Finance

How much can I borrow?

You can borrow up to $250,000 to finance your cash flow through Oceania Finance.

Cash flow finance vs asset-based finance

When you get cash flow finance, it’s based on the expected cash flow of your business. In contrast, an asset-based loan is backed by your company’s tangible assets, like equipment, or real estate. Both finance options can be secured or unsecured.

What does negative cash flow mean?

Your cash flow can either be positive or negative. If you have more money flowing into your business than out of it over a set period of time, then it is a positive cash flow. And if you have more money going out of your business than coming into it, you have a negative cash flow.

Business Vehicle Finance

How much can I loan for a commercial vehicle?

You can borrow up to $500,000 on commercial vehicle finance⁠—depending on the type of vehicle/s and your individual circumstances.

Can I finance a car though my business?

Absolutely! Instead of paying out of pocket or using cash wrapped up in your business, you can get a business car loan through Oceania Finance.

Business car loan vs personal loan

Although business vehicle loans are designed to suit business finance situations and can have tax benefits, they are not your only option. In some instances, you may find a personal loan suits your situation more. For example, you may use the vehicle mostly for personal use, or you may want more freedom on how you can spend your money.

If you’re unsure what type of finance would suit you, contact our personal loan brokers today, so we can help you find what you need.

What qualifies as business use of a vehicle?

According to the Australian Taxation Office, you can claim the following business use expenses on tax:

    • Fuel
    • Repairs and servicing
    • The interest on your vehicle loan
    • Lease payments
    • Insurance cover premiums
    • Registration
    • Depreciation

Are car loans tax deductible?

You can claim certain tax benefits on your car loan if it’s used for business purposes. Generally, you can claim part of the interest and depreciation of the vehicle on tax.

Can I finance a car with my ABN?

Yes, your ABN or ACN can be used in your business vehicle finance application. Having an ABN can help cut down on the amount of paperwork you need to apply. With most lenders, you’ll need an ABN if you want to apply for a low doc business loan. This is so they can verify that you are self-employed.

Truck Finance

How do I qualify for a truck loan?

Specific eligibility requirements will depend on the lender, but at a minimum, you will need to:

  • Be 18 years old or over
  • Be a permanent Australian resident or hold a valid visa
  • Not filed for bankruptcy
  • Have a regular income and demonstrate financial stability

How long can you finance a truck for?

Truck finance through Oceania Finance has a loan term of 5 years.

What credit score is needed to buy a commercial truck?

Each lender has different requirements when it comes to credit history and score. But, in general, it’s good to have a ‘fair’ rating or higher. The exact score range will depend on the credit bureau. For example, at Equifax ‘fair’ is between 510-621, Experian is 550-624, and illion is 300-499.

Having a higher credit score increases your chances of being approved. And the better your credit score, the better your interest rate and loan terms are likely to be. Your credit score isn’t the only deciding factor in whether you get approved, but it does play a role in your outcome.

Trailer Finance

How many years is a loan for a trailer?

Business trailer finance through Oceania Finance is 5 years.

What credit score do you need to finance a trailer?

Credit score requirements will depend on the type of loan and lender.

If you’re having trouble finding finance you’re eligible for, a loan broker can help improve your chances of getting finance. They have access to a large number of lenders and are experienced at finding finance options to suit different financial situations.

How much can you get with trailer finance?

You can get a trailer loan of up to $250,000 through Oceania Finance.

Is trailer financing hard to get?

With Oceania Finance, it’s a simple process to get trailer finance. Our team of loan brokers are experts at what they do. They provide specialist advice and can find solutions to suit a wide range of credit and financial situations.

Equipment Finance

Can you refinance an equipment loan?

Yes, you can. Talk with one of our expert loan brokers today to get the loan process started.

Is it hard to get equipment financing?

It’s easy to get business equipment financing with Oceania Finance. Our loan brokers are financial specialists with over 20 years of experience providing fast easy finance solutions.

What credit score do you need for equipment financing?

Every lender is different and will have different eligibility requirements. But, generally, you’ll want to have at least a ‘good’ credit score of 600 or above. Having a score below will limit your borrowing options. If you apply directly through a lender, you’ll need to do your research to make sure you meet their credit eligibility criteria before you apply.

The benefit of a broker is that they can find you a loan to suit your credit rating. So, even if you don’t have the best credit score they may still be able to help you finance your home renovations.

Keep in mind that lower credit ratings usually come with higher interest rates due to the higher risk to the lender.

Agriculture Finance

Which bank is best for an agriculture loan?

The best bank for agriculture finance depends on your business needs. An experienced broker at Oceania Finance can help you find the perfect finance option for your business.

How do you finance farm equipment?

There are a variety of equipment loans available for farmers, including small business loans for agriculture, equipment and tractor loans, leasing finance options, and hire to purchase.

How long does a farm loan last?

Farm and agriculture business loans through Oceania Finance have a loan term of 5 years.

Low Doc Loan

How much can I borrow if I am self-employed?

You can borrow up to $500,000 with a low doc loan through Oceania Finance.

How can I get a business loan with no documents?

Yes, you can apply for a low doc loan. A low doc business loan enables you to get a loan for your business without all of the usual documentation.

What is the difference between a full doc and low doc loan?

A full doc loan is a ‘standard’ loan that requires specific documentation, like income statements and payslips. Whereas a low doc loan provides an alternative, non-traditional way for businesses to provide evidence of their creditworthiness.

Can you get a low doc loan for debt consolidation?

Yes, you can get a low doc loan to consolidate debt.

Do low doc loans have high interest rates?

Yes, low doc business loans tend to have slightly higher interest rates than standard loans. There are, however, many factors that influence interest rates. And a loan broker may be able to negotiate a lower interest rate for you, depending on your circumstances.

Is it hard to get a low doc loan?

It isn’t necessarily any harder to get a low doc loan compared with a standard business loan. The process requires different documentation and more consideration of other factors like assets and liabilities.

A loan broker can help you apply for a low doc loan and make sure you get all the information correct the first time around to make the process easier.