The short version
Most equipment finance needs less paperwork than people expect. If your business is established and you're buying a standard asset, a lender can often approve it on your ID, your ABN and the asset details, with no financials. That's called a low-doc application.
Bigger loans, newer businesses and unusual assets need more: financial statements, tax returns and bank statements. That's a full-doc application.
Low-doc equipment finance: the short list
Low-doc suits established businesses buying a standard asset, up to the lender's limit. You'll usually need an ABN and GST registration that have been in place for a while. Many lenders will go up to around $150,000 to $250,000 per asset on low-doc terms.
What you need:
- Photo ID for each director or guarantor. A driver licence is fine.
- Your ABN, and usually your GST registration.
- The seller's invoice or quote, showing what you're buying, the price and who you're buying it from.
- Basic business details: how long you've been trading and what you do.
Often that's everything. With no financials or BAS to check, asset finance can settle in days.
Full-doc equipment finance: the longer list
Lenders ask for full-doc on larger amounts, newer ABNs, weaker credit or non-standard assets. On top of the low-doc list, expect to provide:
- Your business financials: profit and loss and balance sheet for the last one to two years, usually prepared by your accountant.
- Business tax returns for the same period, and sometimes personal ones too.
- Bank statements, often the last three to six months of your main trading account. Lenders read these closely. Here's what they look for.
- Your recent BAS, to confirm turnover and GST.
- The invoice or quote for the asset, same as low-doc.
If you have an ATO payment arrangement, have the details ready. It won't automatically stop the deal. Business finance with ATO debt explains how lenders treat it.
Got a new ABN?
A new ABN doesn't rule you out, but the list changes. Lenders lean harder on your ID, the asset and a deposit, and sometimes ask for property security or a stronger personal guarantee. Some want to see the asset earning money. There's more in equipment finance with a new ABN.
How to get approved faster
Most delays come from documents that arrive late or incomplete. Three things help:
- Get the invoice right. The seller's invoice or quote should be in the name of the business that's borrowing, and clearly list the asset and price.
- Send full bank statements, every page. Screenshots won't do.
- Raise anything unusual at the start, like ATO debt, a recent default or a private-sale asset. A lender who knows early can work with it. A surprise at settlement can kill the deal.
A broker puts all of this into one application and sends it to the lender most likely to approve it, so you're not guessing. Start an application. It takes under a minute, and most enquiries get a response within four business hours.