Asset finance
Finance the purchase of primary and secondary assets on flexible terms
Asset Finance features:
- Single price point for primary. Simple add-ons for secondary and aged assets
- Flexible terms up to 7 years and balloons available on most assets
- Limits provided to eligible businesses to support future needs
Bank connections streamline access to funding
Shift’s streaming data service allows us to securely use a customer’s business data in a read-only format, to assess credit, set limits, and create future opportunities for limit increases as the business grows. Your customers need to connect their banking to access these benefits.
Pricing and fees
Base Rate
Primary assets
Annual Turnover | > $10m | $1.5m–$10m | < $1.5m |
|---|---|---|---|
Property owner | 7.95% | 7.95% | 7.95% |
Non-property owner | 8.25% | 8.95% | 10.45% |
Rate add-ons & fees
Secondary asset | +0.70% |
Asset age > 5 years | +1.50% |
Asset age > 10 years | +2.00% |
Highest rate add on to apply (does not compound) | |
Fee | Amount |
|---|---|
Establishment fee (added to loan amount) | $499 |
Minimum qualifying criteria
Time in business | 2+ years |
Minimum director Equifax score | 550 (2.0 Comprehensive score) |
Revolving facility |
|
Baloons and terms
Balloons
Annual Turnover | > $10m | $1.5m–$10m | < $1.5m |
|---|---|---|---|
Balloon qualifying criteria | Asset is on our acceptable asset list |
| |
Balloon and term options |
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Terms
Annual Turnover | > $10m | $1.5m–$10m | < $1.5m |
|---|---|---|---|
Primary assets | 24 - 84 months | 24 - 60 months | |
Secondary assets | 24 - 60 months | ||
Maximum exposure
Maximum exposure is based on aggregate exposure to Shift across all of our products
Annual Turnover | > $10m | $1.5m–$10m | < $1.5m |
|---|---|---|---|
Property owner | $2m | $500k | |
Non-property owner | $250k We may consider exposures up to $1m. Please discuss any scenarios with your BDM | $250k | |
Property equity requirements
- Generally, for proposed total exposures less than $500K the amount of equity (i.e. market value of the property less any debt) will have no impact on the amount of credit we will extend to a business.
- For exposures between $500K and $1M the amount of equity in the property will be considered as a factor in determining our ability to approve the proposed exposure
- For exposures above $1M our decision to lend will be impacted by the combined strength of the collateral, equity in real estate and the strength of the balance sheet of the borrower. Please contact your BDM to discuss scenarios involving exposure > $1M
Documentation requirements
Total Exposure | Bank Statements |
Financial Statements | Property Ownership |
|---|---|---|---|
$0 – $250K | Applicant bank statements connected via Shift Bank link or uploaded PDF including:
| Not Required | |
$250k – $1m | Not Required | Addresses of any residential property owned by Guaranteeing Directors | |
$1m – $2m | Up-to-date financial statements are required (including aged AP & AR) | ||
Customer onboarding (AML / KYC)
Entity Type | Borrower | Identity Verification |
|---|---|---|
Trust |
|
|
Corporation | Nil | Copy of an Australian Passport or Driver’s License for:
|
Partnership | Not Required |
|
Individual / Sole Trader | Copy of an Australian Passport or Driver’s License for the Sole Trader / Proprietor | |
Other Entities | Refer to BDM for discussion | |
Settlements requirements
Sale type | Invoice | Direct Debit Authority | Signed Loan Agreement |
|---|---|---|---|
Dealer sale | Yes | Yes | Yes |
B2B private sale | Yes | Yes | Yes |
Individual private sale | Yes | Yes | Yes |
Equity release | No | Yes | Yes |
Sale buy back | Yes | Yes | Yes |
Refinance – other lender | No | Yes | Yes |
Additional requirements
Individual private sale:
Copy of the seller’s bank account information
Refinance: other lender:
Payout Letter
Approvals >$250k:
Certificate of currency
Note:
Other documentation may be required depending on the scenario
Commissions
Loan amount | Commission (excl. GST) |
|---|---|
< $100,000 | 6% |
$100,000 to <$250,000 | 5% |
$250,000+ | 4% |
Add 0.5% to the base rate for every 1% over 4% | |
Restricted sectors: Property Development, Mining Exploration/Services and Primary Agriculture (Farms). To discuss options for clients in these sectors, please contact broker support on 1300 249 649 (option 1). Additional documents may be requested at the discretion of the credit officer.
Restricted industries may be considered as an exception if there is evidence of monthly cash flow – please discuss with your BDM.
At Shift we always endeavour to solve the finance needs for our current and prospective customers. There are industry sectors that generally do not align well with our credit policy and appetite. Where these businesses have strong financial performance, we may be able to make an exception. Please speak to your BDM as a first step for more information.
Restricted sectors: Property Development, Mining Exploration/Services and Primary Agriculture (Farms). Additional documents may be requested at the discretion of the credit officer.
Restricted industries may be considered as an exception if there is evidence of monthly cash flow – please contact your account manager.
At Shift we always endeavour to solve the finance needs for our current and prospective customers. There are industry sectors that generally do not align well with our credit policy and appetite. Where these businesses have strong financial performance, we may be able to make an exception. Please speak with your account manager as a first step for more information.