Equipment Finance Calculator

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How to use our equipment finance calculator

Our equipment finance calculator lets you see how much your repayments and total costs will be on an equipment loan based on your finance amount, loan term and interest rate. You can also factor in establishment fees and an optional balloon payment to estimate your overall finance costs accurately. Additionally, you’ll be able to see a breakdown of interest and loan principal over the term of the equipment loan.

To use our equipment finance calculator, you’ll need to enter the following details about your loan:

  • Loan amount: The amount of money you’ll be borrowing with the equipment finance. This is usually the same as the value of the business asset you’re buying, unless you’re contributing a deposit or borrowing additional funds to cover other costs.
  • Interest rate: This is the fixed interest rate the lender will apply to your equipment loan.
  • Loan term: This is the length of your equipment finance agreement (i.e. how long it will take to repay the loan).
  • Establishment fees: Any upfront fees the lender charges when establishing the equipment finance agreement. Factoring this in will allow you to see the total cost of your equipment finance.
  • Balloon payment: With a balloon payment, you will have reduced regular repayments but a large residual payment at the end of the equipment finance term. The balloon payment amount is usually calculated as a percentage of the total loan amount. Balloon payments are commonly used when purchasing a vehicle through equipment finance, such as a chattel mortgage.

Once you’ve filled in your equipment finance loan details, simply click ‘See My Repayments’ to view your estimated repayment amount. You can then select monthly, fortnightly, or weekly repayments to see what your repayment amount will be at various frequencies.

How are equipment finance repayments calculated?

Your equipment finance repayments will be based on your loan amount, interest rate and loan duration.

Lenders usually calculate interest based on the current balance of the loan each day (also known as your daily interest charge). Then, they add up the interest for each day in the current month and add it to the loan balance monthly. This is why making extra repayments to lower your balance can save you money in interest over time.

If you want to quickly calculate your repayments, our free equipment finance calculator above will do the hard work for you.

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Equipment finance calculator FAQs

The minimum eligibility criteria for equipment generally includes:

  • Australian citizenship or permanent residency
  • An active ABN or ACN
  • At least six to 12 months of trading history
  • Your business must be GST-registered
  • The ability to provide bank statements
  • A good credit score — the minimum business credit score is around 475
  • You must be purchasing equipment that will be used for business at least 51% of the time

You can still qualify for equipment finance if you are self-employed, a sole trader, or your business has been operating for less than 12 months, however you may be required to provide extensive documentation to prove your ability to repay the loan.

A balloon payment is a residual lump sum (calculated as a percentage of your loan amount) paid at the end of the finance term to clear the remaining debt. It’s not factored into your monthly repayments.

If your equipment finance loan includes a balloon payment, you will have two choices at the end of the loan term:

  1. Pay the balloon amount in full, resulting in paying off your loan
  2. Talk to your lender about refinancing the residual amount into another loan.

No, you don’t generally need to put down a deposit on equipment finance. Lenders will typically finance 100% of the purchase price (including GST and stamp duty) as the equipment serves as collateral for the loan.

In some cases, you may be asked to provide a minimum 10% deposit if your business has been trading for less than two years, or if you don't own a home (as this increases the risk to the lender). Lending criteria vary significantly between lenders.

Business Loan guides and resources

Learn more about your business finance options and how to get the funding you need to grow your business.