Mining & Drilling Equipment Finance
Drill rigs, support vehicles, plant and equipment for mining and drilling contractors. Tell us what you're buying and the work it's going into, and we'll pass your enquiry to a licensed finance broker who works with a range of lenders. It takes about 60 seconds and there's no credit check to enquire.
- No credit check to enquire
- Free to enquire, with no obligation to go ahead
- A licensed broker calls you, usually within one business day
Check my eligibility
About 60 seconds. No credit check to enquire.
Who we help
- Drilling contractors: adding an RC, diamond or blast hole rig, or the support trucks that go with it
- Mining services businesses: financing loaders, dump trucks, dozers or light vehicles for site work
- Owner-operators: putting their own machine on hire to a larger contractor
- Exploration and water-bore drillers: working on a project-by-project basis
- Businesses buying used plant: from dealers, auctions or other contractors
- Low doc applicants: with strong BAS and bank statements but financials still being finalised
How lenders view specialised vs general-purpose equipment
A lender's main fall-back is the asset, so it asks one question: if this had to be sold, how easily could it be? That shapes how comfortable it is.
| General-purpose plant | Specialised mining and drilling gear | |
|---|---|---|
| Examples | Loaders, excavators, dozers, light vehicles, generators, prime movers | Drill rigs, underground loaders, rock breakers, crushing and screening plant |
| Resale market | Broad, with many possible buyers | Narrower, with fewer buyers and more variation in value |
| What lenders may ask for | Standard documents | Valuations, a deposit, a shorter term, or extra security |
| Lender appetite | Many lenders | Fewer lenders, often specialists in heavy equipment |
None of this means specialised equipment can't be financed. It means the choice of lender matters more, which is where a broker who works across a range of lenders is useful.
Contract-based income
Mining and drilling income often depends on a handful of contracts. Lenders will want to understand them:
- Who the contract is with and how long it has to run
- How much of your income relies on one client
- Your track record of winning and renewing work
- Whether the new equipment is needed for a specific contract
A signed contract or letter of award can strengthen an application, particularly for a newer business. Where income is concentrated in one client, matching the loan term to the contract length can make the lender more comfortable.
Most contractors use a chattel mortgage (the business owns the asset and may claim GST upfront if registered, plus interest and depreciation) or a finance lease. A balloon can lower repayments but must be paid or refinanced at the end.
How it works
- Tell us about the equipment and your contracts in the short form below.
- A licensed broker calls you, usually within one business day, to talk through your options.
- If it suits you, they handle the application with a lender that fits your circumstances.
What you'll usually need
- ABN, with how long it's been registered and your GST registration status
- BAS, bank statements, and tax returns and financials for larger amounts or full doc
- Current contracts, letters of award or a summary of work in hand
- A quote or invoice, or auction or private seller details, with make, model, year, hours and serial number
- A schedule of existing equipment and finance
Every lender has its own criteria, so your broker will tell you exactly what's needed for your situation.
Mining, heavy vehicle and equipment guides
- How to finance a prime mover with a low doc loan
- How to qualify for a low doc truck loan
- Fleet financing options for Australian businesses
- How BAS statements affect your application
- Using an accountant's letter for low doc equipment loans
- What is a chattel mortgage and how does it work?
- Equipment finance hub
Common questions
Can I finance a used drill rig?
Often, yes, though fewer lenders finance specialised rigs and they may want a valuation, a deposit or a shorter term. Service history and rig specifications help.
Most of my work comes from one contractor. Is that a problem?
It's common in mining services and doesn't rule you out, but lenders will look at the contract, its term and the client. A signed contract or letter of award helps.
Can I buy equipment for a contract I haven't started yet?
Some lenders will consider it if the contract is signed and you have relevant experience. Expect to provide the contract and possibly a deposit.
Can I finance light vehicles for site crews too?
Yes, utes and light vehicles are often financed alongside plant. Your broker can look at the whole package rather than one asset at a time.
Does enquiring affect my credit score?
No. Filling in our enquiry form isn't a credit application. A credit check only happens if you choose to go ahead with an application through the broker.