Similar to that of a Home Mortgage, a Chattel Mortgage allows you to buy an asset, which the finance company finances on your behalf.  The financier has a mortgage over the asset until you have paid it off. At the end of the term, the asset is yours and there is nothing more to pay.

The general features of Chattel Mortgage*:

Traditional form of equipment loan.

Equipment is owned by the client from the outset.

Payments are a Capital expense which include a degree of expendable interest cost.

Is reported on your balance sheet as a debt or loan.

GST is claimed upfront on the entire purchase price.

Finance the equipment cost only.

Ability to set a residual if required to lower the payments, however not required.

*This information is not intended to constitute taxation advice and does not take into account your financial cirucmstances. Refer to your accountant for taxation advice.

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