Enhance your brand and attract more business with an improved work environment.

With the right refurbishment, you can attract more customers and create an aesthetically pleasing environment for your employees. Fit Out Finance can allow a better work for all your business stakeholders.

What is Fit Out Finance?

Fit out finance is a loan option to cover the cost of refurbishing a business premises such as a shop, factory, warehouse, doctors surgery or office space to name a few. Depending on your type of business your fit out needs will change ranging from chairs and desks, to technology requirements and specialised equipment relevant to your industry.

What can Fit Out Finance be used for?

Most building internals are covered, so fit out finance generally cover:

• Electricals, including lighting, air conditioning, and electrical sockets
• Cabinets and shelving
• Flooring
• Signage
• Workbenches and counters
• Security systems and fittings
• IT infrastructure and phone hardware
• Minor modifications to the walls and internal structure

How does Fit Out Finance work?

Fit out finance is available both as secured and unsecured loans, depending on what collateral you have to offer as security. If you go for an unsecured loan, you can generally borrow up to half the cost of the fit out – although, the amount offered depends on both the lender and your business’ financial position.
If you have an asset such as a commercial property or specialised equipment to use for a secured loan, you can often borrow up to the full fit out cost.
When choosing fit out finance it is important to note that your fit out must be done by a registered builder.

 How long is the term for Fit Out Finance?

The loan term for fit out finance is generally up to 5 years, an increase on a standard unsecured business loan which is usually 3 years.

Types of loans which can be used for fit out finance:

• Secured & Unsecured business loans
• Lines of credit
• Chattel mortgage

Is my business eligible for Fit Out Finance?

 To be eligible you will require the following:

• At least 18 years old
• An Australian resident
• Have a good credit rating and not be going through the process of bankruptcy
• Have a valid Australian Business Number (ABN)
• Is registered for Goods and Services Tax (GST)
• Planed details of your fit out
• Generally 2-3 years’ worth of business financials
• Bank statements (for you and your business)

Most lenders will also require that the business has been trading for more than 12 months, however the minimum length of trade varies between lenders.

How do I apply?

If you would like to know more or need assistance determining the best equipment financing solution for you, one of our experienced finance consultants are happy to assist, contact us today.