Product Guides

Asset Finance

Finance the purchase of assets

We assess the strength of the business rather than the asset
Secure finance ahead of purchasing an asset for future needs

Pricing and fees

Base Rate

Primary & secondary assets

Annual Turnover	> $10m	$1.5m - $10m	< $1.5m
Property owner	8.45%	8.45%	9.95%
Non-property owner	8.95%	9.75%	12.70%

Rate add-ons & fees

Loan term	Rate add-on
> 60 months	+0.50%

Asset Age	Rate add-on
> 5 years	+1.00%
> 10 years	+1.50%

Loan scenarios	Rate add-on
Private sale	+1.00%
Sale & buy back	+1.00%
Balloon refinance	+1.00%
Capital raise	+1.50%

Fee	Amount
Establishment fee (added to loan amount)	$499

Minimum qualifying criteria

2 years time in business
550 director Equifax score
Clean credit history with no dishonoured payments

Balloons & terms

Balloons

Annual Turnover	> $10m	$1.5m - $10m	< $1.5m
Balloon qualifying criteria	Asset is on our acceptable asset list		Must be a property owner Asset must be a primary asset
Balloon and term options	3 year term - up to 45% balloon 4 year term - up to 35% balloon 5 year term - up to 30% balloon

Terms

Annual Turnover	> $10m	$1.5m - $10m	< $1.5m
Primary assets	24 - 84 months		24 - 60 months
Secondary assets	24 - 60 months

Maximum exposure

Maximum exposure is based on aggregate exposure to Shift across all of our products

Annual Turnover	> $10m	$1.5m - $10m	< $1.5m
Property Owner	$2m		$500k
Non-property owner	$250k We may consider exposures up to $1m. Please discuss any scenarios with your BDM		$250k

Property equity requirements

Generally, for proposed total exposures less than $500K the amount of equity (i.e. market value of the property less any debt) will have no impact on the amount of credit we will extend to a business.
For exposures between $500K and $1M the amount of equity in the property will be considered as a factor in determining our ability to approve the proposed exposure
For exposures above $1M our decision to lend will be impacted by the combined strength of the collateral, equity in real estate and the strength of the balance sheet of the borrower. Please contact your BDM to discuss scenarios involving exposure > $1M

Documentation requirements

Credit approval requirements

Total Exposure	Bank Statements	Financial Statements	Property Ownership
Total Exposure $0 - $150K	Applicant bank statements connected via Shift Bank link or uploaded PDF including: All bank accounts where the applicant sales are deposited All bank accounts where debt, tax and wage obligations are paid Optionally, any additional bank accounts with sources of liquidity/cash	Not Required	Not Required
Total Exposure $150k - $500k		Applicant bank statements connect by Shift Bank link or uploaded PDF including All bank accounts where the applicant sales are deposited All bank accounts where debt, tax and wage obligations are paid Optionally, any additional bank accounts with sources of liquidity	Not Required	Addresses of any residential property owned by Guaranteeing Directors
Total Exposure $500k - $2m		Applicant bank statements connect by Shift Bank link or uploaded PDF including All bank accounts where the applicant sales are deposited All bank accounts where debt, tax and wage obligations are paid Optionally, any additional bank accounts with sources of liquidity	Most recent financial statements less than 18 months old showing prior 2 financial years activity and Management accounts that are no older than 6 months		Addresses of any residential property owned by Guaranteeing Directors

Customer onboarding (AML / KYC)

Entity Type	Borrower	Identity Verification
Trust	Certified copy (or certified extract) of the Trust Deed Beneficiary Disclosure Certificate / Digital Disclosure Certificate	Individual Trustee Copy of an Australian Passport or Driver’s License for each of individual trustees Corporate Trustee Refer to ‘Corporation’ requirements
Corporation	Nil	Copy of an Australian Passport or Driver’s License for: All Directors of the Company Any Ultimate Beneficial Owner with an interest of more than 25%
Partnership	Nil	Individual Partnership Copy of an Australian Passport or Driver’s License for each individual partner Corporate Partnership Refer to ‘Corporation’ requirements Trusts Partnership Refer to ‘Trust’ requirements Corporate/Trust Partnership Refer to each type of entity
Individual / Sole Trader	Copy of an Australian Passport or Driver’s License for the Sole Trader / Proprietor		Copy of an Australian Passport or Driver’s License for the Sole Trader / Proprietor
Other Entities	Refer to BDM for discussion		Refer to BDM for discussion

Settlements requirements

Sale type	Invoice	Direct Debit Authority	Signed Loan Agreement
Dealer sale	Yes	Yes	Yes
B2B private sale	Yes	Yes	Yes
Individual private sale	Yes	Yes	Yes
Equity release	No	Yes	Yes
Sale buy back	Yes	Yes	Yes
Refinance – other lender	No	Yes	Yes

Additional requirements

Individual private sale:
Copy of the seller's bank account information

Refinance: other lender:
Payout Letter

Approvals >$250k:
Certificate of currency

Note: Other documentation may be required depending on the scenario

Commissions

Loan amount	Commission (excl. GST)
< $100,000	6%
$100,000 to <$250,000	5%
$250,000+	4%
Add 0.5% to the base rate for every 1% over 4%

Restricted sectors: Property Development, Mining Exploration/Services and Primary Agriculture (Farms). Additional documents may be requested at the discretion of the credit officer.

Restricted industries may be considered as an exception if there is evidence of monthly cash flow – please discuss with your BDM.

At Shift we always endeavour to solve the finance needs for our current and prospective customers. There are industry sectors that generally do not align well with our credit policy and appetite. Where these businesses have strong financial performance, we may be able to make an exception. Please speak to your BDM as a first step for more information.