Specific Security Agreement
A Specific Security Agreement (formally known as Chattel Mortgage) is an agreement whereby the borrower allows BOQ Equipment Finance Limited to take a legal charge over goods as security for the debt or obligation attaching to property of 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 loan has been made in full, usually by the payment of predetermined instalments.
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.