Medical Equipments Loans in Australia
Purchasing medical equipment requires huge financial investment or budget. Therefore, it is rarely possible for a business to independently fund its own equipment acquisition. However, there are many companies in Australia who offer a variety of loansto cater to the needs for Medical Equipment like CT Scanners, MRIs, Ultrasound equipment, Nuclear medicine PET, X-ray equipment, Cardio-vascular/cath labs and other general medical equipment and accessories.Obviously, Medical Equipment Finance gives you the flexibility to own the latest Medical Equipment when you need it without sucking up your cash flow.
Medical Equipment Loans can be obtained from numerous lenders whohave faster turnaround time from a streamlined application process to less-document funding procedure. In addition, some lendershave gone extra miles and provide Finance up to 100% of the cost of the equipment with no deposit and easy EMI options. Online access to detailed informationincluding location, age and costsof your medical equipment is available.
There are also rental programs available where you pay for the benefit of using the equipment and not the cost of owning it. This in turn helps to avoid technology obsolescence with a fixed term agreement to match the effective life of the equipment and flexibility to upgrade equipment when you require it.All Applications for finance are subjected to the Bank’s normal credit approval with bank fees and charges payable.
If you have property that you wish to securitize against your purchase; we can negotiate some very good rate for you with the lenders.
The most popular types of loans available in Australia are,
In this type of loan, finance companies purchase the medical equipment on your behalf, and then hire it over to you over a contracted time frame. During this time the finance companies own the medical equipment and when the contract period is completed and you have paid the loan in full, you are the owner of the Medical Equipment. This is ideal for acquiring large assets that has a service life of many years or more. Also, the hiring costs are tax deductible.
This type of loan is applied when you can take the ownership of the medical or dental equipment at the time of purchase. The cost of mortgage is tax deductible. This again is ideal for acquiring large assets that has a service life of several years or more.
This is a kind of rent where the equipment is purchased by the finance company and then rented to you for a regular tax-deductible amount of rent and a fixed monthly repayment over an agreed period. You cannot purchase the equipment during the contract period and after the contract period the finance company owns the equipment. This is suited for equipments of all size.
This is also a kind of renting the medical equipment for operational purpose for a fixed term. You get to operate the equipment without the hassle of disposing it after its lifetime. The cost of the lease is recognized as expenses and deductible for tax purposes. This is best suited for equipments like Computers, Telecommunications, Office equipments, etc. No deposit is required in this type of loan and you can even make changes to the equipment during its operating period.
In conclusion, you can select from a range of equipment finance options including lease, hire purchase or chattel mortgage. It is wise to seek advices from your tax advisors or accountants to ensure that payment plans, tax and GST benefits and types of loan that really works for you.