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Loan Comparison

LoanPlace.com.au

By using LoanPlace.com.au you will Save Time, Save Hassle, Save Money and ultimately find the very best finance deal for you. No more roaming from website to website trying to pick up bits of information, and to find the best deals. To make things fast and easy for you we’ve put everything in 1 place – LoanPlace.com.au.

Whether you’re full time employed, part-time, casual, self-employed, retired or operating a small business, experienced professionals will help you find the right solution. Even If you’re on a working visa, a recent migrant or had credit problems in the past you will be matched with a specialist loan expert who can assist you.

LoanPlace.com.au is a free, independent service. We don’t arrange finance and aren’t tied to any particular lender or broker. To learn more about who we are and what we do click here.

 

Narrow down the options

Finding the right type of loan can seem confusing but it doesn’t need to be. While there are lots of different types of loans and leases available, once you consider your own individual circumstances and what’s important to you, you can begin to narrow down the options.

LoanPlace.com.au is here to help you make sense of it all by providing you with information resources and connecting you with experienced professionals who specialise in what you’re looking for and will search their lenders to find the latest deals so you get 3 Free Quotes to evaluate and compare.

Use the summary information below then get more details and learn more by clicking on to a specific product.

Get 3 free quotes

*We strongly recommend that you consult your accountant or tax advisor to confirm the tax benefits available to you prior to entering into any finance agreement. The information provided is for product description purposes and is not intended to be used as taxation, financial or legal advice.

 

Quick Summary

 
How does it work?
Who is it
suited to?
Pros
Cons
Things to
consider
Secured Loan
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The lender provides the loan to enable you to make your purchase and then uses that asset as security for the loan.

Private individuals buying assets for mostly personal use.
  • Lower interest rates
  • Include fees and insurances
  • Finance minus equity
  • Lender takes the asset as security
  • Loan is for asset only, can't use for mutiple purposes
  • Not suited to business use
  • Option to include balloon payment
  • Payment frequency
  • Current and future circumstances
Unsecured Personal Loan
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Loan can be used for various purposes and the lender has no security over what you use the loan for.

Private individuals buying assets for personal use purchases.
  • No security given to the lender
  • Can use loan for multiple purposes
  • Suited to low value and older assets
  • Higher interest rates
  • Stricter lending criteria
  • Balloon payment unavailable
  • Payment frequency
  • Current and future circumstances
Hire Purchase
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Lender owns the asset until the end of the loan term when ownership transfers to you.

Individual or business entity using the asset mostly for business purposes.
  • Lower interest rates
  • Potential tax benefits*
  • Low capital outlay and cashflow benefits
  • Lender takes the asset as security
  • Loan is for asset only, can't use for multiple purposes
  • GST charged on fees and interest
  • Option to include balloon payment
  • Payment frequency
  • Current and future curcumstances
Chattel Mortgage
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The lender provides the loan to enable you to make your purchase and then uses that asset as security for the loan.

Individual or business entity using the asset mostly for business purposes.
  • Lower interest rates
  • Potential tax benefits*
  • Low capital outlay and cashflow benefits
  • Lender takes the asset as security
  • Loan is for asset only, can't use for multiple purposes
  • Not suited to personal use
  • Option to include balloon payment
  • Payment frequency
  • Current and future circumstances
Lease
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The user pays the owner for use of the asset.

Individual or business entity using the asset for mostly business use.
  • Lower interest rates
  • Potential tax benefits*
  • Low capital outlay and cashflow benefits
  • Lender takes the asset as security
  • Lease is for asset only, can't use for multiple purposes
  • Not suited to personal use
  • Balloon payment included
  • Payment frequency
  • Current and future circumstances
Novated Lease
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3 way agreement between an employee, employer and leasing company. Employee pays lease payment from pre-tax income.

Employees leasing a vehicle for personal or business use.
  • Lower interest rates
  • Potential tax benefits*
  • Can include maintenance and running costs
  • Lender takes the asset as security
  • Lease is for asset only, can't use for multiple purposes
  • Fees for administration of maintenance
  • Balloon payment included
  • Payment frequency
  • Current and future circumstances
Operating Lease
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You effectively hire the asset over a fixed term and have the option to hand it back to the leasing company at the end of the term.

Individual or business entity using the asset for mostly business use.
  • Lower interest rates
  • Potential tax benefits*
  • Can include maintenance and running costs
  • Lender takes the asset as security
  • Little opportunity to build equity
  • Charges for exceeding agreed Kms if asset is handed back
  • Balloon payment included
  • Payment frequency
  • Current and future circumstances

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