Tradies & Contractors: Your Top 5 Finance Questions Answered

Generally yes, if the vehicle is used for business purposes and financed via a chattel mortgage, you may be able to claim the GST credit upfront and depreciate the asset — but confirm your specific eligibility with your accountant and a finance specialist, as it depends on your business structure.

It's asset finance specifically for equipment — welders, compressors, generators, or trade tools — rather than vehicles. It works the same way as vehicle asset finance: the equipment secures the loan, which usually means a faster approval and better rate than an unsecured loan.

Yes, though options can be more limited in the first year or two of trading. Some specialist lenders work specifically with new sole traders and contractors, assessing serviceability differently to a traditional bank. This is a case where matching with the right lender matters more than which bank you already use for everyday banking.

Some asset finance lenders can turn around approval within 24-48 hours for straightforward applications with good documentation, particularly for common equipment types. Having your ABN, recent bank statements, and identification ready in advance speeds this up considerably.

A broker (or a referral service that matches you with one) can compare multiple lenders in the time it takes to fill out one form, rather than you approaching each lender separately. For most tradies juggling job sites and admin, that time saving alone is worth it.