Key highlights
- Funds haul trucks, loaders, drills, dozers and ancillary plant
- Structures repayments around your contract and project-based income
- One application compared across 80+ banks and non-bank lenders
- Broker matches high-value specialised assets to the right lender
A mining equipment finance broker funds your plant by comparing lenders on your behalf, rather than tying you to one bank. At Overdrive, a dedicated broker runs your deal past 80+ banks and non-bank lenders on one application, then places it with the lender most likely to approve your equipment at a sharp rate. Mining assets are high-value and specialised, from haul trucks and loaders to drills, so the right lender match and a structure aligned to contract income are where a broker adds value.
Why mining plant needs a specialist approach
Mining equipment is high-value, heavily used and specialised, so lenders scrutinise the asset, its hours, its resale market and the strength of the contracts behind it. A general bank may price cautiously or decline, while a lender comfortable with resources plant can move confidently and competitively. A broker knows which lenders on a wide panel actively fund mining and civil equipment and steers your deal there. You get one point of contact who presents the machine and your contracted work clearly, manages the lender's questions and coordinates settlement, so significant capital is deployed without unnecessary delay.
Documents you will usually need
Given the value and usage, mining equipment deals usually need solid supporting information. Established contractors may access some lower-doc structures, but larger amounts, older machines or newer ABNs typically need bank statements, recent BAS, tax returns and often evidence of contracted work to confirm servicing. Have the machine's make, model, year and hours, the purchase invoice, your director ID and any contract or hire details ready. Your broker confirms exactly what your matched lender requires, so you compile the right documents once rather than gathering paperwork a lender never asks for.
Structuring around contract income
Mining and civil work is often project-based, with income tied to contract milestones or campaign periods rather than a steady monthly flow. Many lenders can align repayments to that pattern, or use a balloon to keep regular repayments manageable while the equipment is earning on site. A broker knows which lenders accommodate project-based income and can match your deal to one that fits your contracts. Where a machine is committed to a specific job, sharing that contract can strengthen your application, because steady, evidenced income reassures the lender about servicing.
Indicative rates, terms and structure
Rates start from around 6.55% p.a. for strong, asset-backed deals; lower-doc applications, older or cheaper machines and weaker credit are priced higher, and all figures are indicative and subject to lender assessment. Terms typically run one to seven years, with balloon or residual options to ease large repayments. A chattel mortgage often suits mining purchases because you own the asset from day one and may claim GST and depreciation, though you should check with your accountant. Your broker will model structures so repayments align with the income the equipment generates on the project.
Comparing lenders beats the first quote
On assets this valuable, even a small rate difference compounds heavily over the term, so the first offer is rarely where you should stop. A single lender only shows its own appetite, and some are wary of resources exposure. When a broker runs your mining deal across a broad panel, lenders that understand the sector compete for it, which can improve the rate, reduce fees or unlock a project-aligned structure, while protecting your credit file from multiple formal enquiries that each leave a mark. That comparison is done for you while you keep your crews and machines productive on site.
Tell Overdrive what equipment you are buying, its hours and the contracts behind it, and your dedicated broker will compare 80+ lenders and return clear, indicative options structured around your project income. There is no cost and no obligation to look. Ask for a free quote today and keep your site productive.
Frequently Asked Questions
What mining equipment can a broker finance?
A broker can arrange funding for haul trucks, loaders, excavators, drills, dozers, water carts and ancillary plant, new or used. The key is matching each high-value, specialised asset to lenders comfortable with the resources sector, so your application goes where the equipment is understood and the pricing stays competitive.
Does contracted work help my application?
Yes. Evidence of contracted or committed work reassures lenders about your ability to service the finance, which can strengthen approval and pricing. If a machine is tied to a specific project, share that with your broker, who can present it clearly and match you to lenders that weigh contract income favourably.
Can I finance used mining equipment?
Yes, though older or high-hour machines usually attract closer scrutiny, higher pricing or a valuation, given heavy usage in the sector. A broker knows which lenders are comfortable with used resources plant and its hours, so your application goes where approval is realistic rather than being declined by an unfamiliar bank.
Do mining equipment loans need full financials?
Usually. Because of the value and usage, most lenders ask for bank statements, BAS, tax returns and often contract evidence to confirm servicing. Some lower-doc structures exist for established contractors on standard machines. Your broker will tell you exactly what your matched lender needs before you apply, so nothing stalls assessment.
Ready to compare cheap rates?
Free quote in minutes, decisions in 24–48 hours. No credit-score impact to enquire.