How to Use the Chattel Mortgage Calculator
- Enter your asset price — the purchase price including or excluding GST
- Select "Chattel Mortgage" as your finance structure
- Set your term — typically 3–7 years
- Enter an interest rate — start with 6.5% as a guide
- Add a balloon (optional) — 0–50% to reduce regular payments
- Review results — weekly/monthly repayments, GST credit, Year 1 deductions
What the Calculator Shows You
- Weekly and monthly repayments — principal + interest
- GST credit — the amount you'll claim on your next BAS
- Year 1 interest deduction — tax-deductible interest for the first year
- Year 1 depreciation — based on the asset's effective life
- Total cost over the term — including interest and balloon
All results are estimates for general guidance. Actual terms depend on lender approval. Consult a tax professional for advice specific to your situation.
Chattel Mortgage FAQ
What interest rate should I use?▼
Rates vary by lender, asset type, and your credit profile. For indicative estimates, try 5.5%–8.5%. New vehicles and equipment from established businesses typically attract the lower end of that range.
Should I include a balloon payment?▼
A balloon reduces your regular repayments but means a lump sum at the end. It works well if you plan to trade/sell the asset or refinance the balloon. If cash flow is tight during the term, a 20–30% balloon can free up significant weekly cash.
Are these results guaranteed?▼
No. This calculator provides estimates for comparison purposes. Actual repayments, rates, and tax outcomes depend on your lender, credit assessment, and individual tax circumstances.
Is this the same as a commercial goods loan calculator?▼
Yes. A commercial goods loan is what major banks now call a chattel mortgage. This calculator works for both — the repayments, GST, interest, and depreciation calculations are identical regardless of which name your lender uses.