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Step-by-Step Guide to Getting a Boat Loan in Australia

If you’re considering buying a boat, the first thing you need to do is to figure out how to finance it. While this may seem daunting, it’s not that difficult as long as you know what you’re doing. To help simplify things, here’s a brief guide on getting a boat loan in Australia.


Understand the Process

To be eligible for a boat loan, you must be 18 years of age or older, an Australian citizen or permanent resident, and have a regular source of income. The amount you can borrow depends on factors such as your income and repayment ability, but typically starts from $5,000 and goes up to $200,000.

Choose the Type of Boat Loan

There are two types of boat loans you can apply for – secured and unsecured. Secured loans are lower risk to the lender, so they typically offer better rates and terms. This means you can borrow more money, and it will cost you less overall. The downside is that if you stop making payments on your loan, the lender could repossess the boat. Some lenders will only allow new or nearly-new boats as security. Unsecured boat loans don’t have as many advantages, but they do allow you complete freedom in the use of funds. This means you could use part of the loan for a boat and part for buying equipment, like fishing or water sports gear.

Decide on a Lender

Many of you may not know this, but banks are not the only option for financing a boat purchase. There are many other lenders that offer loans specifically for boat purchases. These loans may have a faster approval process and be easier to apply for than a traditional bank loan. Many boat dealerships will offer to finance a boat purchase. This can be a convenient way to purchase a boat, but it is important to compare the offers from dealerships to other lenders to make sure you are getting the best deal.

Compare Boat Loans

When you’re looking for a boat loan, it’s important to compare all your options and make sure you can comfortably afford the repayments over the lifetime of the loan. Here are some of the major things to look out for: 

  • Interest rates are the percentage of a loan that a borrower pays for the use of the money they borrowed. The lower the interest rate, the less the borrower has to pay in interest costs.

  • Boat loans can have a lot of fees associated with them, so make sure you understand all the fees before taking out a loan. You can find this information in the Product Disclosure Statement, which will also include the comparison rate.

  • The length of your loan will affect how much you have to pay back each month, as well as the total amount you will end up paying. Most boat loan companies offer terms up to 10 years, so you can choose a plan that is affordable for you while still saving money on interest and fees.

Some boat loans offer features that make the loan easier to repay or offer more flexibility. Some features may allow you to make early repayments without fees, which could help you save on interest. Others may allow you to borrow more than 100% of the boat’s value to buy boating equipment.



We hope this article proves to be useful when it comes to helping you gain a better understanding of how to secure a boat loan. While it may seem difficult at first, the information that we’ve laid out here should make things considerably easier for you. Be sure to keep everything that we’ve discussed here in mind so that the process goes as smoothly as possible.


If you’re in need of boat loans, then you’ve come to the right place. At Rpm Finance, we strive for excellence in all that we do and look forward to helping you reach your financial goals. We believe that loan products should be easy to understand, easy to access, and allow you peace of mind. For more information on what we can do for you, reach out to us today!

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