Chattel Mortgage
A Chattel Mortgage is an agreement whereby the borrower allows the Bank of Queensland Equipment Finance Limited to take a legal charge over goods to secure due performance of an advance made to the borrower. Title to the goods remains with the Borrower.
Features and benefits
The charge document remains effective until such time as repayment of the advance has been made by the payment of predetermined instalments. A Bill of Sale or Stock Mortgage operates on the same basis as a Chattel Mortgage.
What are the advantages?
- The borrower may be entitled to claim interest paid and depreciation on the goods. You should seek independent taxation advice, as this may not be applicable to your situation.
- Repayment structures can be designed to suit individual customer needs.
- Repayments may either be in advance or in arrears with the possibility of providing a "Balloon End Payment" structure.
Fees and charges
There are some Government charges and costs, which may vary from state to state, in addition to our fees and charges.
To apply for an equipment loan visit one of our convenient locations or call one of our friendly customer service consultants on 1300 55 72 72.
Important information
Information current as at September 3, 2010.
Equipment and vehicle finance products are offered by Bank of Queensland or its wholly owned subsidiary, BOQ Equipment Finance Limited ABN 78 008 492 582.
Fees and charges are payable. Normal credit assessment criteria apply. Full terms and conditions are available from BOQ Equipment Finance Limited.