Quick answer: do you qualify?
You are likely to qualify for medical equipment finance if most of the following apply:
- You have an Australian ABN (and GST registration if required by turnover).
- You operate in healthcare (e.g., GP, specialist, dentist, allied health, imaging/pathology, pharmacy, day surgery, veterinary).
- You can service repayments from business cash flow or contracts/bookings.
- Your credit is clean or explainable, and any past issues are resolved or under arrangement.
- The equipment is identifiable, commercially useful, and supplied by a reputable vendor.
- You can provide basic documents (supplier quote, ID, bank statements/BAS, or financials depending on amount).
Not a perfect fit yet? Many scenarios are still workable with a small deposit, shorter terms, added documentation, or a different finance structure.
What lenders look for (eligibility criteria)
Policies vary by lender, but the core assessment points are consistent:
- Business profile: ABN/ACN, time in business, entity type (sole trader, company, trust), and AHPRA registration where relevant.
- Revenue and cash flow: consistent income, Medicare/private billing mix, contracts, patient volume, or forward bookings.
- Credit history: paid-on-time behaviour, no recent unpaid defaults or undisclosed arrangements; explanations for any blemishes.
- Time in business: 12+ months is ideal; new practices can still qualify with additional strengths.
- Loan size and structure: amount, term (2–7 years typical), residual/balloon, and whether 100% funding (including GST and soft costs) is requested.
- Asset factors: new vs used/refurbished, service history, brand, expected life, and resale profile. Higher-value imaging may attract more checks.
- Supplier and ownership: dealer or private sale, installation/training, warranty, and whether the borrower will be the end user.
- Existing commitments: current debts and leases factored into serviceability.
Documents you may need
Documentation depends on the loan amount, asset type, and your trading history:
- Core items: driver’s licence, ABN/ACN details, supplier quote or invoice, business bank statements (usually last 3–6 months).
- Low-doc options: recent BAS or bank statements may support approvals up to set limits for established healthcare professionals.
- Full-doc options: financial statements and tax returns for larger amounts or complex structures.
- Startups: business plan or cash flow forecast, CV/director experience, AHPRA registration (if applicable), premises lease, equipment list and quotes.
- Used/private sales: photos, serial numbers, service/ownership history, inspection report where required.
Clear, up-to-date documents reduce friction and speed up approval.
Startups, new practices and expansions
New ventures can qualify with the right mix of support:
- Professional track record and AHPRA registration where applicable.
- Premises and fitout plan, projected patient volume, referral pathways, or signed service contracts.
- Cash buffer and/or small deposit to strengthen the file.
- Shorter terms at first, with scope to refinance or upgrade as the practice grows.
Many lenders offer streamlined programs for medical professionals up to specific limits, helping new practices get established sooner.
Challenging files: bad credit, tax debt, or tight cash flow
If your file isn’t perfect, the following can still make finance achievable:
- Provide context and evidence for any credit issues, and outline how they have been resolved.
- Offer a small deposit or accept a shorter term/residual to improve serviceability.
- Consider alternative structures (e.g., chattel mortgage vs lease) to better match cash flow and tax goals.
- Demonstrate stable recent trading via bank statements or BAS.
What equipment is eligible?
Lenders typically support a wide range of healthcare equipment, for example:
- Imaging and diagnostics: ultrasound, X‑ray/OPG, CT, MRI (often with added due diligence).
- Dental and surgical: chairs, autoclaves, sterilisers, lights, suction/compressors, endoscopy.
- Monitoring and treatment: patient monitors, ECG, ventilators, infusion pumps, lasers.
- Practice infrastructure: IT hardware, servers, PACS, cabinets, minor fitout items, and sometimes software when bundled.
New and refurbished items are commonly eligible. Private sales, imports, or software‑only requests may need extra checks.
How to improve your approval odds
- Match term to useful life of the equipment to keep repayments sustainable.
- Provide a clear supplier quote with installation, training, and warranty details.
- Prepare recent bank statements/BAS and address any credit issues upfront.
- Consider a small deposit if you are a startup or have a thinner file.
- Choose the right structure for your goals (ownership, tax, and cash flow).
Get personalised help with eligibility
Unsure if you qualify or which structure fits best? Send an enquiry and our Australian team will provide guidance, options, and next steps.
Frequently asked questions
Who qualifies for medical equipment finance in Australia?
Healthcare businesses and professionals with an ABN—such as doctors, dentists, specialists, allied health, imaging/pathology clinics, pharmacies, day surgeries, and vets—typically qualify if they can demonstrate ability to repay and the equipment is fit for commercial use.
Do startups or new practices qualify?
Yes, with the right support. Lenders may look for professional experience, AHPRA registration where relevant, premises details, forecasts or contracts, recent bank statements, and possibly a small deposit.
What credit score do I need?
There is no universal score, but clean credit makes approvals faster and cheaper. Minor issues can be manageable with evidence and explanations; heavier impairments may require a deposit, shorter terms, or added security.
Is a deposit required?
Not always. Strong applications can often fund 100% of the GST-inclusive cost. Startups or higher-risk profiles may benefit from a 10–20% deposit.
Can I finance used or refurbished equipment?
Often yes. Lenders consider the equipment’s age, condition, brand, service history, and resale profile. Private sales may require extra documentation.
How fast can I be approved?
Simple, well-documented requests can be approved quickly—sometimes within 24–72 hours. Larger or complex files take longer due to extra verification.
Which finance structures are most common?
Chattel mortgage and lease products are both used. The right choice depends on ownership, tax, and cash flow goals. You can compare options here: Equipment Loan vs Lease.
Final takeaway
Most Australian healthcare practices can qualify for medical equipment finance when the business profile, cash flow, and chosen equipment align with lender policy. If anything in your file is less than ideal, you still have options—such as adjusting term, adding a deposit, or selecting a structure that better fits your goals.
If you would like a quick, obligation-free review of your eligibility and structure options, send an enquiry and we will guide you through the next steps.