Applications & Approvals

For most applications under $150,000 you will need:

• ABN (active Australian Business Number)
• Trading name and business structure (sole trader, company, trust, partnership)
• Full legal name of the applicant/director
• Mobile number and email address
• Driver's licence or other government-issued photo ID
• The type of equipment you want to purchase and the purchase price
• The supplier's name and contact details

For applications over $150,000, you may also need:

• 3–6 months of business bank statements
• Business Activity Statements (BAS returns)
• Profit & loss statement and balance sheet (most recent year)

The application form only prompts for what is needed for your specific profile — you won't be asked for unnecessary documents.

No — you do not need a formal invoice to apply. At the application stage, a quote or even an estimated price is sufficient to progress the assessment and get conditional approval.

A formal invoice from the supplier will be required before final settlement occurs — this is when the lender pays the supplier directly. But you can get your approval sorted, understand your repayments, and then approach the supplier with confidence knowing your finance is lined up.

This is particularly useful if you are still comparing suppliers or negotiating pricing.

Yes. GST registration is not a requirement for applying for equipment finance through EquipPay. Businesses with a turnover under $75,000 are not required to register for GST, and many businesses in this category successfully finance equipment through our platform.

If you are not registered for GST, you will not be able to claim the GST component of the equipment purchase in your BAS. Your accountant can advise on the impact for your situation.

Applications are assessed across four key dimensions:

• Creditworthiness: Your personal and/or business credit file is reviewed. This includes any adverse listings (defaults, judgements), payment history, and existing credit exposure.
• Business financials: How long has the business been trading? What is the annual revenue? Are there existing debt obligations?
• Equipment details: The type, age, and purchase price of the equipment matters because the equipment itself is the primary security (collateral) for the loan.
• Finance structure: The requested amount relative to the business's revenue, the loan term, and any balloon or residual are all considered.

For standard applications under $150,000 with clean profiles, the assessment is largely automated. Larger or more complex applications involve human review by EquipPay's credit team.

There is no single minimum credit score threshold for EquipPay applications. Credit score is one input among many — and different lenders on our panel have different credit score requirements and weightings.

What matters more than the raw number:

• The nature and age of any adverse listings
• The overall credit file pattern
• Whether business financials compensate for a lower score
• The size of the finance amount relative to the business profile

If you are uncertain about your credit profile, you can obtain a free copy of your credit report from Equifax, Illion, or Experian before applying.

The most common reasons applications are declined include:

• Adverse credit history: Recent defaults, court judgements, or Part IX debt agreements
• Insufficient trading history: Very new businesses (under 6–12 months) with limited financial track record
• Revenue too low relative to finance amount: The requested amount is disproportionate to the business's demonstrated income
• Equipment age or condition: Equipment that is too old or in poor condition
• High existing debt load: Existing credit facilities that exceed comfortable serviceability levels
• Incorrect or incomplete information: Applications with missing documents or inconsistent details

If your application is declined, EquipPay will explain the reason and outline constructive options.

Yes. Sole traders are among the most common applicants on the EquipPay platform. Requirements for sole traders:

• Active ABN registered in the individual's name
• The applicant must be 18 or over
• The equipment must be for business use (not personal)
• Personal credit history is a primary assessment factor
• No separate director guarantee is required — you are already personally liable as a sole trader

Yes. Proprietary limited companies (Pty Ltd) are eligible to apply. The application is made in the company's name, with the company's ABN and ACN. Typically:

• At least one director is required to provide a personal guarantee
• The company's credit file and trading history are assessed
• Director(s) personal credit profiles are also reviewed
• For amounts over $150,000, company financial statements may be required

Yes. Trusts — including discretionary (family) trusts, unit trusts, and hybrid trusts — are eligible. The application is typically structured as the trustee (usually a company) applying on behalf of the trust. Requirements include:

• The trust's ABN
• The trustee company's ACN and details
• Director(s) of the trustee company to provide personal guarantees
• A copy of the trust deed may be required depending on the lender and amount

Yes, but with some practical considerations. New businesses (under 12 months trading) face a narrower set of eligible lenders on the panel, as trading history is a key risk factor for most lenders.

New businesses that successfully obtain finance typically:

• Have directors with strong personal credit profiles
• Are applying for a finance amount aligned with the scale of the business
• Can provide evidence of existing contracts, orders, or signed clients
• May be asked for a larger deposit to reduce the lender's risk exposure

Contact EquipPay before applying to discuss your specific situation — we'll give you an honest assessment of what is achievable.

For most business structures, yes — at least one director or officer is required to provide a personal guarantee for the finance facility.

• Sole traders: No separate guarantee required — you are personally liable by default.
• Companies: At least one director personal guarantee is standard.
• Trusts: The trustee company's director(s) typically provide personal guarantees.
• Partnerships: Each partner may be asked to personally guarantee depending on the lender and amount.

A personal guarantee means the guarantor accepts personal responsibility for the debt if the business is unable to meet its repayment obligations.

In some cases, yes — a third-party guarantor (someone outside the business) can be considered if they have a strong financial position and are willing to accept the guarantee obligation. This is sometimes used when:

• A director has adverse credit history and a spouse or business partner has a stronger profile
• A business is new and a parent or related party with financial strength can provide support

Third-party guarantors must fully understand their obligations before signing — they should be advised to obtain independent legal advice before providing a guarantee.

The EquipPay timeline is designed to move at the speed of business:

• Application: Under 60 seconds to complete
• Assessment decision: Same-day for most standard applications (often within hours). 1–3 business days for larger or more complex profiles.
• Written approval: Issued same day as the decision for standard applications
• Document signing: Electronic — typically completed same day you receive the documents
• Settlement: 1–2 business days after signed documents are returned
• Full journey: 2–5 business days for most applications from lodgement to funded

Contrast this with a traditional bank: 2–8 weeks for a commercial loan application, branch visits, paper forms, and manual processing.

Yes — here are the things that most often cause delays and how to avoid them:

• Have your ID ready: A clear, current driver's licence or passport photo uploaded immediately avoids back-and-forth.
• Confirm the correct ABN: Your ABN must be active and registered in the correct entity name.
• Respond promptly to document requests: Same-day response keeps momentum.
• Prepare your supplier's details: Having the supplier's name, ABN, and a quote or invoice ready from the start avoids delays at settlement.
• Review and sign documents quickly: Loan documents sent for e-signature should be reviewed and signed the same day.