Machinery Refinance
Machine refinancing replaces your existing machinery loan with a new finance facility, potentially giving you a lower interest rate, better repayments or improved loan terms. The new lender pays out your current finance while you keep the same machine on the road and operating in your business.
Who We Help
Owner-operators buying their first machine
Civil & earthmoving contractors expanding their fleet
Operators who've won a new contract
Refinancing an existing equipment loan
Machinery Refinance: Lower Repayments, Better Rates & Flexible Terms
Already have machinery finance but think you're paying too much? We help Australian businesses refinance existing plant, yellow goods and machinery loans to access more competitive rates, lower repayments or a better finance structure.
What Is Machinery Refinance?
Machinery refinancing involves replacing an existing finance facility with a new commercial finance arrangement. The new lender generally pays out the existing loan, and you begin making repayments under the new agreement. Businesses may refinance to obtain a more competitive rate, lower repayments, a different loan term, a different balloon, or to consolidate eligible business debt.
Can I Get a Better Rate by Refinancing My Machinery?
If your business or credit profile has improved since you originally financed the machine, you may now qualify for more competitive lender pricing. Send through your current finance contract or payout figure and we'll compare it against available refinance options.
Refinance a Machinery Balloon Payment
Have a large balloon approaching at the end of your current machinery loan? You may be able to refinance the outstanding balloon rather than paying the full amount from business cash flow.
Release Equity When Refinancing
Own your machine outright or owe significantly less than it's worth? Depending on the lender and circumstances, you may be able to release available equity for approved business purposes, subject to lender criteria.
Low Doc Machinery Refinance
Depending on your circumstances, low doc or reduced-documentation machinery refinance options may be available for eligible applicants.
Compare Machinery Refinance Rates
Send us your current loan statement, payout figure or finance contract and we'll compare it against suitable refinance options through our lender panel. Free to compare. If the existing deal is better, there's no reason to change it.
Get a Machinery Refinance Quote
One application. Competitive refinance options across Australia. One dedicated broker from assessment through to settlement. No handovers. No call centres.
Why finance with Overdrive Machinery Finance
Free service with no upfront costs or hidden fees.
Overdrive is a specialist machinery finance broker comparing 80+ banks and non-bank lenders on one application. Explore machinery finance across every machine type, or get a free quote in minutes.
Machine Finance Solutions
Whatever your situation, there's a finance structure to suit — we'll match you to the right one for your business.
Machinery We Finance
Caterpillar
305, 320, 336, D6, D8
Komatsu
PC130, PC200, PC300, D61, WA380
Hitachi
ZX135, ZX210, ZX350, EX300
Volvo
EC140, EC220, EC380, L90, L120
John Deere
310, 410, 644, 870G
JCB
3CX, 4CX, JS130, JS220, Teletruk
Plus Liebherr, Terex, Bobcat, Manitou, Case, New Holland and more.
Low Doc, Light Doc & Full Doc Machinery Finance
When applying for machinery finance, lenders will generally offer Low Doc, Light Doc or Full Doc options. The right choice depends on your business structure, trading history, and the type of machine you're purchasing.
| Feature | Low Doc Machinery Finance | Light Doc Machinery Finance | Full Doc Machinery Finance |
|---|---|---|---|
| Financial Statements Required | No | No | Yes |
| BAS Statements Required | No | Usually | Sometimes |
| Business Bank Statements | No | Yes | Sometimes |
| Approval Speed | Fastest | Fast | Standard |
| Interest Rates | Higher | Competitive | Most Competitive |
| Borrowing Capacity | Up to $500k | Up to $500k | Up to $10m+ |
| Ideal Outcome | Quick approval with minimal paperwork | Balance of flexibility and pricing | Best pricing and maximum borrowing power |
Which Option Is Right For You?
Need help deciding? Our finance specialists will assess your circumstances and recommend the most suitable asset finance solution for your business.
| If You Are… | Recommended Option |
|---|---|
| Self-employed or businesses with limited financial records | Low Doc |
| Businesses with bank statements and BAS available | Light Doc |
| Businesses with full financials | Full Doc |
Low Doc Machinery Finance
Low Doc finance is designed for borrowers who want a simple, streamlined approval process. In most cases, no financial statements or BAS statements are required. Approval is generally based on your ABN history, credit profile, and the asset being financed.
Light Doc Machinery Finance
Light Doc finance provides a middle ground between Low Doc and Full Doc lending. Borrowers can often qualify using recent business bank statements and limited supporting documentation, without the need for full financial accounts.
Full Doc Machinery Finance
Full Doc finance is suitable for borrowers who can provide complete financial records and supporting documentation. This option typically offers the most competitive rates and highest borrowing capacity.
Machinery Refinance — frequently asked questions
What is machine refinancing?
Machine refinancing involves replacing your existing machinery finance with a new loan or finance facility. Businesses may refinance to secure a better interest rate, reduce repayments, change the loan term or restructure existing machine debt.
How does machine refinancing work?
When you refinance a machine, the new lender generally pays out your existing machinery finance and replaces it with a new facility. The new loan is then repaid under the agreed rate, term and repayment structure.
Can I refinance my machine for a lower interest rate?
Yes, depending on your circumstances. If better machinery finance rates are available, refinancing may help reduce your interest rate and overall finance costs. It’s important to compare any payout costs and fees against the potential savings.
Can I refinance a machine to lower my repayments?
Yes. Machine refinancing may reduce your repayments through a lower interest rate, a different loan term or a different finance structure. Extending the loan term can lower regular repayments but may increase the total interest paid over the life of the loan.
Can I refinance a used or older machine?
Yes. Refinancing may be available for used and older machines, subject to lender criteria. The machine’s age, value, condition and remaining loan balance can influence which lenders and loan terms are available.
Can I refinance multiple machines at once?
Yes. Businesses with multiple financed machines may be able to refinance several loans at the same time. This can be an opportunity to review rates, repayments and finance structures across an existing machine fleet.
Can I refinance a machine with bad credit?
Potentially. Some commercial lenders consider machine refinancing applications involving previous or current credit issues. Your available options will depend on your credit history, business performance, existing finance and the value of the machine.
Can I refinance my machine and borrow extra money?
In some circumstances, you may be able to refinance a machine and access additional funds using available equity in the vehicle. The amount available will depend on the machine’s value, existing payout amount, your business circumstances and lender criteria.
When should I consider refinancing my machinery loan?
You may consider refinancing if your current interest rate is no longer competitive, your repayments are putting pressure on cash flow, your business circumstances have improved or you want to restructure existing machinery finance. The costs of refinancing should always be considered against the potential benefit.
Are there fees for refinancing a machine?
There can be. Your existing lender may charge payout or early termination costs, while the new lender may have establishment, documentation or other fees. We compare the overall cost of refinancing, not just the advertised interest rate, to determine whether changing lenders makes commercial sense.
Can I refinance a machine balloon payment?
Yes. If your machinery finance has a balloon payment approaching, you may be able to refinance the outstanding balloon rather than paying the full amount from your business cash flow. Approval will depend on the machine’s value, age and your circumstances.
What are the current machine refinance rates?
Current machine refinance rates generally range from 6.55% to 15% p.a., depending on your credit profile, business history, documentation, machine age, loan amount and wanted finance terms. Our job is to compare 80+ lenders to find the lowest rate and repayments for your credit profile and wanted terms, then negotiate directly with lenders to get you the best deal possible. Rates are indicative only and subject to lender criteria, credit assessment, fees and individual circumstances.
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What Our Clients Say
★★★★★ 5.0 / 5 based on our Google reviews