Financing Your Boat

Our promise to you

Boat finance isn’t one-size-fits-all. At Legacy Mortgage Solutions, we specialise in connecting you with lenders who understand the unique needs of recreational and commercial boat purchases. Our solutions offer:

Tailored Finance Options

From personal loans and chattel mortgages to hire purchase agreements and leases, we offer a range of finance products for motorboats, yachts, sailboats, and other watercraft.

Competitive Rates & Flexible Terms

Access competitive interest rates and repayment options that fit your budget, whether you’re buying new or used.

Expert Guidance

Our experienced team will walk you through the process, ensuring you understand the nuances of boat finance and find a solution that’s right for you.

Streamlined Application Process

We manage the paperwork and negotiations, making it simple and hassle-free for you to secure the funds you need.

Maximising Financial Efficiency

We work alongside your financial adviser to structure your finance in a tax-effective manner, helping you make the most of your investment.

Start Building Your Legacy

Are you located outside of Melbourne? Get in touch and we can help find the best solution for you, no matter where in Australia you’re located.

How it works

Our Boat Finance Process

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Initial Consultation

We start with an in-depth discussion to understand your boat finance needs, budget, and long-term goals.

Tailored Strategy Development

Based on your requirements, we design a customised finance plan that aligns with your purchasing strategy and cash flow.

Lender Sourcing & Comparison

Leveraging our extensive network, we compare offers from specialised lenders to present you with the most competitive options.

Application & Negotiation

We manage the documentation and negotiate on your behalf to secure favourable terms and prompt approval.

Settlement & Ongoing Support

Once your finance is in place, we guide you through settlement and continue to support you with any future refinancing or upgrade needs.

Understanding Boat Finance Options & Considerations

Take advantage of the incentives at your disposal

Every boat purchase is unique, and so are its financing requirements. Here are some key options and factors to consider:

Personal Loans & Chattel Mortgages

Ideal for financing recreational boats, these options allow you to claim depreciation benefits and secure competitive rates.

Hire Purchase Agreements

Spread the cost of your boat over time with instalment payments, with ownership transferring once the final payment is made.

Leasing Options

For those who prefer not to commit to ownership, leasing offers a flexible alternative with the possibility to upgrade to newer models.

Loan-to-Value Ratios (LVRs)

LVRs play a significant role in determining how much you can borrow relative to your boat’s purchase price. We help you evaluate your borrowing capacity while ensuring you maintain a manageable debt level.

Repayment Structures

Consider whether an interest-only period might suit your cash flow during initial ownership, or if fixed principal-and-interest repayments are preferable for long-term budgeting.

Additional Costs & Fees

Boat finance may involve various fees such as application fees, valuation fees, and ongoing administration charges. We ensure you’re fully informed of all costs upfront.

Government Initiatives & Incentives

If your boat is used for commercial purposes or in a business context (such as charter services), there may be tax concessions or deductions available.

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Access the best lenders in Australia to help purchase your boat!

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Frequently asked questions

Everything you need to know about securing your boat financing in Melbourne.

What is boat finance?

Boat finance is a specialised funding solution designed to help you purchase a boat - whether new, used, or refurbished - through various finance products like personal loans, chattel mortgages, or hire purchase agreements.

Who is eligible for boat finance?

Eligibility typically depends on your credit history, income, and the value of the boat. Both individuals and businesses can secure boat finance, and we’ll help you determine the best option based on your circumstances.

What types of boats can be financed?

Our finance options cover a wide range of vessels, including motorboats, yachts, sailboats, and recreational watercraft. We can tailor solutions for both personal leisure and commercial applications.

How do interest rates affect my repayments?

For fixed-rate options, your repayments remain consistent throughout the loan term, providing certainty. Variable-rate options may fluctuate with market conditions, potentially offering savings when rates are low but carrying a risk of increases.

Can I refinance my boat finance if I need better terms later on?

Yes, refinancing is an option if market conditions change or if your financial circumstances improve. Our team can help you reassess and secure more favourable terms when the time is right.

What documentation is required for a boat finance application?

Typically, you’ll need proof of income, bank statements, identification, and details about the boat you intend to purchase. We guide you through the process to ensure all necessary documentation is in place.

Are there any government initiatives or incentives for boat finance?

While there are no direct government grants for boat finance, lenders may occasionally offer promotional incentives. If your boat is used for commercial purposes, you might also benefit from certain tax concessions. We keep abreast of relevant initiatives to maximise your benefits.

What should I consider before choosing a finance option for my boat?

Consider your budget, cash flow, the total cost of ownership, and how long you intend to keep the boat. Assess whether a loan, lease, or hire purchase arrangement best suits your needs, and ensure you factor in additional costs such as maintenance and insurance.

Ready to Set Sail?

Whether you’re planning a weekend getaway on the water or a commercial venture, we’re here to guide you every step of the way.

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Browse our other services

Can't find exactly what you're looking for? Here are some other services that we provide that might be more suitable to your situation:

First Home Buyer Loans

Access competitive loan options that can help you start your property journey in Australia, get in touch today.

Commercial Loans

If you need help to refinance or purchase commercial property, just contact us today to find a solution.

Variable & Fixed Rate Loans

Let us help you navigate the complexity around loans and find the best rate type for your goals.

SMSF Loans

An SMSF loan enables a Self-Managed Super Fund to borrow funds for acquiring investment properties or refinance existing SMSF debt.

Bridging Loans

A bridging loan may be necessary to cover the financial gap when buying one property before your existing one is sold.

Asset Finance

Need finance for another large purchase besides your home like a private car or commercial vehicle and equipment?

Restructuring Finances

Have you recently assessed your overall financial situation, or are you among those who simply set and forget?

Development Funding

Development funding offers a range of financial options tailored to help you successfully complete your project.

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Not sure what kind of loan you need?

The major benefit of using a broker to finance other large purchases besides property is obtaining finance that is tailored to fit your current financial circumstances and needs. With depreciating assets, the right finance can also potentially save you money on interest and fees, or potentially help you maximise your tax benefits. AND MORE – Not sure what kind of loan you need for your current financial circumstances? That’s our job. We deliver tailored finance solutions chosen from a panel of leading lenders, and give you peace of mind that your loan is working for you. Contact us today to find out all the ways we can help you.

Boat Financing Solutions in Melbourne

Secure the Finance to Get on Board with Your Dream Boat