Boat Loans Newcastle
Set sail on the open water in your very own boat. Our experienced brokers will find a boat loan in Newcastle, Maitland, or the Hunter that perfectly matches your budget and lifestyle. Contact Watson Mortgages today.
Your number one choice for boat loans in Newcastle
Let us help you get a competitive boat loan
What kind of boat loans are available?
Secured and unsecured loans are two kinds of financing for a boat.
- Secured boat loans — This kind of loan uses the purchased boat, marine vessel or another asset as collateral (security) for the loan so that if you can’t make your agreed loan repayments, the lender can take possession of the asset and sell it to cover the remaining cost of the loan. The lender is at less risk, so secured loans have a lower interest rate than secured loans and usually have a minimum loan amount of $5,000.
- Unsecured loan — This is a versatile kind of loan that can be used for almost any purpose e.g. debt consolidation, holidays, weddings and boats that do not qualify for a secured loan. No security is needed for this kind of loan — the lender is at more risk, so the interest rates are much higher than a secured loan.
If you’re unsure which option is best for you, we’re here to help. At Watson Mortgages, we have close connections with more than 20 Australian lenders (including the big banks). We can compare lenders and loans to ensure you get the best interest rate.
Boat financing in Newcastle is smooth sailing with Watson Mortgages. Contact us for an obligation-free consultation today.
Why choose Watson Mortgages for boat and yacht finance in Newcastle?
Our team of independent mortgage brokers in Newcastle is committed to helping Novocastrians get a better deal and achieve their financial goals — even if it’s just buying a new or used boat!
We understand that comparing marine finance lenders and loans can be stressful — interest rates and repayment terms can vary drastically from lender to lender. We’re here to make choosing boat loans and yacht finance simple.
Here are the benefits of choosing Watson Mortgages for boat financing in Newcastle:
- We have close connections with more than 20 lenders. We’ll compare them all on your behalf and present the best possible finance options based on your financial situation.
- We’ll manage the whole process from start to finish. We’ll find the right boat or yacht loan, communicate with lenders on your behalf, submit documents and secure a loan for you. Plus, we’ll continue to support you throughout the loan term.
- Our services are complementary and convenient. Our brokers can meet at your location or we can have a more formal meeting in our office.
- We’ll find a competitive interest rate so you can be confident with your weekly, fortnightly or monthly repayments.
- We have the experience and knowledge to provide mortgage and debt consolidation advice so you feel supported and on top of things from day one.
Contact the team from Watson Mortgages for an obligation-free quote and consultation today.
Contact Watson Mortgages for a no obligation consultation
Frequently asked questions
How old can my new boat be?
This tends to vary from lender to lender. If you’re looking at an older pre-owned boat, we recommend contacting our finance specialists for a consultation. We’ll find a flexible loan so you can purchase the boat you’ve had your eye on.
Is it possible to get pre-approval on a boat loan?
Absolutely. With a pre-approved boat loan, you will have a solid idea of how much you can realistically spend. This means you will also be in a better negotiating position when talking to a dealership or private seller.
Keep in mind that pre-approved loans generally only last for 30 days but you can apply for an extension if you can’t find a suitable boat in that time.
How long does it take for a boat loan to be approved?
This tends to vary from lender to lender. Time approvals can range from two hours to 48 hours depending on the size of the loan and the complexity of your financial situation. No matter how long it takes, we will keep you posted every step of the way and push for your application to be approved as soon as possible.
If I repay my loan early, will the interest be reduced?
Yes! Interest calculation is based on your daily repayment balance. The smaller the remaining balance, the lower the interest rate. You can pay off your loan completely or make additional payments at any time.
How much can I borrow?
It depends on the finance company and your borrowing power, i.e. your income, credit rating, any other personal loans, etc. Based on your information, we will find a reputable lender with the best boat loan and interest rate to match your lifestyle.
What if I have a bad credit score?
You should still be able to get a boat loan with a “bad” credit history, although it depends on how bad it actually is. Most lenders offer a “second chance” finance option with a higher interest rate (a bad credit rating can be risky for the lender). The lender will review your financial situation and history to determine your eligibility for a boat loan.
What documents do I need to provide for my application?
Lenders will consider all of your personal finances including but not limited to:
- Credit rating/history
- Current monthly and annual income (bank statements)
- Existing debts
- Employment status
- Bankruptcy status
- Net worth
- Any properties you own
- Tenure at your current address.
In our initial consultation, we will provide a list of documentation for you to collect and supply to us ready for a boat loan application.
What other services do you offer?
At Watson Mortgages, we have close contacts with local financial planners, banks, lawyers, and many more essential services, meaning we can get you the home loan that suits your needs.
As well as Watson Mortgages, we also offer services via:
Stop waiting for the right time to purchase a brand new boat. With Watson Mortgages, boat loans and yacht financing is easy. Contact us for a no obligation consultation — we’ll find the most suitable boat loan for your financial situation.
