Finance question
Can I refinance my equipment loan to lower repayments?
Often yes. If your equipment loan is priced higher than today's market, refinancing can move it to a cheaper lender or a longer term and lower the monthly repayment. A broker re-shops the same asset across 40+ lenders to find a better fit.
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The short answer
Re-shop the rate, lower the repayment
The rate you signed is not fixed for life. Loans taken when your business was newer, your credit was thinner or rates were higher can often be improved once things have settled. Refinancing moves the existing equipment loan to a lender offering better terms today, using the same asset you already own as the security.
There are two ways to cut the repayment. One is a lower rate, found by putting the same asset in front of the 40+ lenders rather than staying with your original one. The other is extending the term, which spreads the balance over more time. A broker weighs both against the total cost so you improve cashflow without overpaying overall, and can combine the two where it makes sense for your situation.
The asset still does the securing. Because the equipment continues to back the loan, refinancing is usually straightforward and often low-doc. We check the payout figure, any early-exit cost on the current loan, and compare it all to fresh offers, then only move if the new deal genuinely leaves you better off once every cost is counted.
Do you qualify?
What makes a refinance worthwhile.
A financed asset
Equipment with an existing loan to move.
Room to improve
A rate or term that has moved against you.
An active ABN
Sole traders and companies both qualify.
A payout figure
The current balance to compare against new offers.
Why refinancing can lower the payment
Lenders differ
What one lender charges, another beats. A broker knows which is which.
Term flexibility
Extending the term can ease monthly cashflow when you need it.
Asset-secured
The equipment keeps securing the loan, so the switch stays simple.
A real example
An operator financed a $60,000 machine two years ago at a high rate when the business was new. With a track record now behind them, the loan is refinanced to a lower-rate lender, cutting the monthly repayment while keeping a sensible term. Illustrative only.
Common questions
Frequently asked questions
Will refinancing always lower my repayment?
Not always. We only recommend it when the new deal genuinely improves your rate, term or cashflow.
Does a longer term cost more overall?
It can, since you pay interest for longer. We weigh the monthly saving against the total cost before moving.
Do I need financials to refinance?
Often no, because the asset secures the loan. It depends on the lender and the deal.
Is there a fee to use a broker?
No upfront fee to you. The lender pays the broker on settlement.