Calculator
Boat finance calculator
Estimate repayments on your next boat, jet ski or watercraft. Adjust the loan amount, rate and term to find a structure that works for you.
Get a quote for this amount6.50% p.a. is a starting point for estimating repayments only. It is not a quote, not an offer of finance, and not a rate available to every applicant. Your actual rate depends on the lender, the asset, the loan term, the loan amount and your circumstances. Adjust to model scenarios.
Monthly repayment
$587
Weekly
$135
Fortnightly
$271
Total repaid
$35,219
Estimates only. Your actual rate depends on your credit profile, lender and loan structure. Results are indicative only.
Comparison rate or interest rate: which one to compare
Assumptions
- A fixed interest rate applying for the full loan term.
- Repayments made in arrears at the end of each period.
- Lender fees, establishment costs and the interest effect of a balloon are excluded unless shown above.
- Weekly and fortnightly figures are the monthly repayment converted across the year, not a separate repayment schedule a lender has agreed to.
- These are estimates only and are not an offer of finance.
- 6.50% p.a. is a starting point for estimating repayments only. It is not a quote, not an offer of finance, and not a rate available to every applicant. Your actual rate depends on the lender, the asset, the loan term, the loan amount and your circumstances.
How the boat loan calculation works
The calculator uses the standard amortising formula. It takes the amount borrowed, removes any balloon you set, and spreads what is left across the months of your term at the rate you enter. Each repayment settles the interest accrued to that point and puts the balance toward the principal.
Marine lending covers a wide span of assets, from trailerable runabouts to moored vessels, and the loan structures differ accordingly. The arithmetic below the calculator is the same in every case. What changes is which lenders will write the loan and on what terms.
What shapes the rate band you are offered
Lenders weigh the vessel and the borrower together. Hull type, age, whether the boat is trailerable or moored, and whether the sale is private or through a dealer all matter, as do your credit history, income type and employment stability.
Moored vessels and older hulls typically narrow the lender pool, which is where a market comparison earns its keep. The calculator asks you to enter a rate rather than assuming one, because the realistic band only emerges once the whole profile is assessed across the panel.
How a balloon payment changes the numbers
Setting a balloon defers part of the principal to the end of the term, lowering the regular repayment. The deferred portion still accrues interest across the full term, so the total amount repaid increases even as the monthly figure falls.
Balloons work best where you intend to sell or upgrade before the term finishes. If you plan to keep the boat well beyond the loan, the lump sum becomes a problem to solve later rather than a saving now.
Choosing a loan term
Longer terms reduce the repayment and increase the interest paid overall. Shorter terms cost more each month, typically cost less overall, and finish the debt while the vessel is still comfortably within its serviceable life.
Boats carry real running costs in mooring, antifouling, servicing and insurance. Set the term so the repayment leaves genuine room for those, because they arrive whether or not the boat has been used that season.
Understanding your numbers
How repayments are calculated
Your repayment is determined by the loan principal, the interest rate and the loan term. A balloon payment reduces monthly repayments but leaves a lump sum owing at the end.
Marine finance works similarly to a car loan but lenders assess the asset differently. Age, condition and vessel type all affect lender appetite.
New boats typically attract a lower rate than older ones, because the lender is securing against a vessel with a longer usable life and a more predictable resale value. Older or high-value vessels may require specialist lenders on our panel.
Loan terms typically run from 1 to 7 years, with 7 years being the maximum available across the panel.
Your actual rate is set at application based on credit profile, employment type and the specific vessel being financed.
Rate factors
What affects your interest rate?
New vs used vessel
With boats the engine matters as much as the hull. A new vessel from a recognised manufacturer has a known build year and a valuation a lender can check, while a used one is judged on its age, engine hours and overall condition. A recent repower can change how an older boat is received. New vs used boat finance sets out what changes between the two.
Age and condition
A vessel's age is measured at the end of the term as well as on the day you buy. Hull condition, engine hours and service history all form part of the assessment. Older hulls with high-hour engines narrow the field toward lenders who assess a vessel individually rather than by policy alone.
Vessel type and value
Not every boat sits in the same lending category. Trailerable runabouts, moored cruisers, yachts and personal watercraft differ in how they are used, how they hold value and how readily they can be sold, and they are assessed accordingly. Purpose-built and unusual vessels are a narrower proposition that fewer lenders will finance. Trailerable vs moored boat finance explains how the distinction is treated.
Credit history
Marine lending comes from a smaller pool of lenders than car finance, so your credit file does more work in deciding where an application can go. Repayment history, defaults and how recently you have applied elsewhere all feed into that. You are entitled to ask each bureau for a copy of your file, and doing so before you approach a lender leaves time to correct anything that looks wrong.
Employment type
How your income is earned changes what a marine lender asks you to produce, not whether you can be considered. PAYG applications are generally assessed on payslips, and self-employed applications on tax returns or BAS, with some lenders accepting business bank statements instead. Time in your current role, or how long the ABN has been held, is weighed alongside the income itself. See boat finance when you are self-employed.
Loan term
A longer term spreads each repayment further and adds to the total interest paid over the life of the loan, while a shorter term does the opposite. Marine lenders weigh the term against the vessel's age at the end of it, and for older hulls that can shorten what is available. A balloon leaves an agreed amount owing at the end. Boat loan terms covers the range lenders offer.
Next step
Ready to see real numbers?
The calculator gives you a starting point. A broker compares lenders to find a rate and structure that suits your situation. Takes two minutes.
Step 1 of 3
What are you financing?
Select a finance type and tell us your loan amount.
Common questions