Australia’s love affair with the water is no secret. From the sparkling harbours of Sydney and the waterways of the Gold Coast to the fishing grounds of Queensland and the bays of Western Australia, millions of Australians spend their weekends and holidays on the water. A boat or jet ski is a significant purchase, but with the right marine finance, you don’t have to wait years to make it happen.
Journey Finance helps Australians finance boats, jet skis, personal watercraft, and all types of marine vessels. Here’s a complete guide to boat and jet ski finance in Australia.
What Types of Watercraft Can Be Financed?
Journey Finance can help you finance almost any type of watercraft, including:
- Fishing boats and tinnies
- Runabouts and bowriders
- Ski boats and wakeboard boats
- Jet skis and personal watercraft (PWC)
- Cabin cruisers and sports cruisers
- Pontoon boats
- Catamarans and sailing vessels
- Houseboats and live-aboards
- Commercial fishing vessels
The age, value, and condition of your vessel will influence which finance products are available and what terms you can access.
Boat Finance Options in Australia
Secured Marine Loan
The most common form of boat finance is a secured loan, where the vessel acts as collateral. Secured marine loans typically offer lower interest rates than unsecured alternatives because the lender has security over the asset. Loan terms generally range from two to seven years, with amounts available from around $5,000 to several hundred thousand dollars for larger vessels.
Unsecured Personal Loan
For lower-value watercraft — such as small tinnies, jet skis, or older vessels — an unsecured personal loan may be more appropriate. There’s no security required over the asset, which means faster approval and fewer valuation requirements. Interest rates are generally higher than secured loans, but the flexibility can be valuable for buyers who want a quick outcome.
Dealer Finance vs. Broker Finance
Many marine dealers offer finance directly at the point of sale. While this can be convenient, dealer finance is typically sourced from a single lender and may not represent the most competitive rate available. Using a finance broker like Journey Finance, you gain access to multiple lenders and can ensure you’re getting the best possible deal across the market.
Jet Ski and Personal Watercraft Finance
Jet ski finance is increasingly popular in Australia, with personal watercraft prices ranging from $10,000 for entry-level models to over $30,000 for premium Sea-Doo, Yamaha WaveRunner, and Kawasaki Jet Ski units. Most jet skis can be financed through a secured personal loan, with terms of two to five years and competitive interest rates for borrowers with good credit.
If you’re purchasing a jet ski and a trailer together, Journey Finance can often include both in the same finance package, simplifying your paperwork and potentially improving your interest rate through a single higher loan amount.
New vs. Used Boat Finance
New boats attract better finance terms — lower interest rates, longer loan terms, and higher loan-to-value ratios — because lenders have more confidence in the asset’s value. Used boats can also be financed, though lenders typically impose age restrictions. Most lenders prefer vessels under fifteen years old, though some specialist marine lenders will consider older vessels if they’re in good condition and have a clear ownership history.
When buying a used boat, it’s important to obtain a marine survey report from an accredited surveyor. Some lenders require this for vessels above certain values, and it’s a smart precaution regardless — a survey can identify hidden structural or mechanical issues that could significantly impact the vessel’s worth.
What Can I Include in My Boat Finance?
In addition to the vessel itself, many marine finance packages can include:
- Trailer and trailer registration
- Marine safety equipment (life vests, flares, fire extinguishers)
- Electronic navigation equipment (GPS, fish finders, VHF radios)
- Outboard motors and upgrades
- Extended warranties
Bundling these items into your boat finance can simplify budgeting, though it will increase your total loan amount and therefore your total interest paid over the loan term.
Interest Rates and Loan Terms for Boat Finance
Marine finance interest rates in Australia vary depending on your credit profile, the loan amount, the vessel’s age, and whether the loan is secured or unsecured. Competitive secured marine loan rates for well-qualified borrowers typically sit in the range of 7% to 14% per annum. Journey Finance compares products from over 30 lenders to ensure you’re accessing the best available rate for your situation.
Do I Need Marine Insurance Before I Can Finance a Boat?
Most lenders will require comprehensive marine insurance to be in place before or at the time of funding. This protects both you and the lender in the event of an accident, theft, or loss. Journey Finance can connect you with marine insurance specialists if you don’t already have coverage.
Apply for Boat Finance with Journey Finance
Getting boat or jet ski finance through Journey Finance is straightforward. Our experienced brokers understand marine lending and work with lenders who specialise in watercraft finance. We compare products across our panel, present you with your options, and handle the paperwork from application through to settlement.
Most applications are assessed within one to two business days, and we can often arrange faster turnaround for straightforward cases. Ready to hit the water? Apply for boat finance today and we’ll be in touch shortly.