Written by Flexible agricultural loans and leases tailored to you
Running any kind of agricultural business demands more than just water, sunlight, and working from dawn ‘til dusk. When your situation changes, you need access to reliable, flexible finance solutions, too – and that’s where Savvy can help. We assist farmers with buying and leasing assets, vehicles, and machinery, accessing loans for livestock, and even unlocking the value of their sales with invoice finance.
Our consultants understand the needs of our nation’s growers and the unique challenges they face. Whatever your operation, no matter how small or big – our expert brokers will find the right agribusiness loans for you and then help you put one quickly in place. Get started with a free, no-obligation quote today.
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Agriculture finance questions answered
Yes – lenders who offer (or specialise in) agricultural finance solutions can work with businesses that have seasonal income. They understand that the revenue stream of a farm is unlikely to be consistent year-round, so you may be able to negotiate an alternative payment plan, such as quarterly instalments instead of fortnightly or monthly.
Yes – you’ll have the option to pay out your chattel mortgage or business loan early and cancel your lease ahead of schedule. However, in most cases, you’ll be charged hefty fees for doing so. However, this is less common with unsecured business loans. It’s important to check what your loan or lease’s terms are in relation to early repayment before you sign on the dotted line.
Residuals on finance leases must meet the required minimum amount set by the ATO, which depends on the length of your lease term. These are as follows (correct as of November 2024):
- One year: 65.63%
- Two years: 56.25%
- Three years: 46.88%
- Four years: 37.50%
- Five years: 28.13%
Lease residuals can exceed each of the above but can’t be under these percentages. In contrast, there are no requirements for residuals on chattel mortgages, allowing you to negotiate your preferred amount with your lender.
As mentioned, business loans can essentially be used however you like, but they aren’t the most suitable option when it comes to purchasing a rural commercial property. By opting for a mortgage product instead, you’ll likely receive a lower interest rate and have much more time to repay it.
Invoice financing is a type of commercial finance that allows you to borrow against the value of invoices owed to your business. This can either come in the form of invoice factoring, where your invoices are sold to a third party, or invoice discounting, where you’re still responsible for debt collection but can use the debt as security for the loan. If your business deals in invoicing, this may also be an option for you.
Yes – at Savvy, we’re partnered with a range of lenders who are ready to work with businesses who’ve struggled with their credit in the past. Speak with one of our experienced consultants about your options today!
A hire purchase falls somewhere in between a chattel mortgage and lease. A financier purchases an asset, such as a vehicle, and allows you to use it throughout your term while you pay it off. However, ownership rests with the financier throughout your term and is only transferred to your business once the final payment is made. This option may be suited to businesses using off-balance sheet accounting, but the product is very rare today and offered by very few companies.
Some specialist lenders can offer financing specifically for farm livestock, which can be secured by a registered livestock mortgage. However, in other cases, property or other assets may be used.
