Quick answer: how long does approval take?
Typical approval timeframes for restaurant and hospitality equipment in Australia:
- Express/low‑doc deals (established, clear credit, new equipment): 2–24 hours for approval; settlement usually 1–3 days once docs are signed and the supplier invoice is ready.
- Standard full‑doc deals (financials reviewed): 1–3 business days for approval; settlement same/next business day after signing.
- Complex scenarios (startup, weaker credit, used/private sale gear, multiple suppliers, fitout works): 3–7 business days; custom builds and staged progress payments can extend to 1–2+ weeks.
Pre‑approval is faster, but funds are released only after formal approval, documents, and final supplier checks.
What affects your approval time
- Time in business and GST registration: 2+ years trading and GST registered can unlock streamlined or low‑doc paths.
- Credit history: Clean credit and strong bank conduct are the biggest speed levers; paid or unpaid defaults add checks.
- Equipment and supplier: New gear from recognised suppliers is fastest; used/private sale items may need photos, serial numbers, condition reports, PPSR checks, or an inspection.
- Loan size and structure: Larger limits or multiple suppliers can add underwriting steps and settlement coordination.
- Product type: Chattel mortgage, hire purchase, or lease each carry slightly different documentation and residual rules. See: Chattel Mortgage | Hire Purchase | Finance Lease | Operating Lease
- Documents on hand: The faster you provide what the lender needs, the faster your file moves.
Typical timeline from enquiry to installation
- Enquiry and scenario check (15–30 mins): Confirm equipment list, supplier, budget, and structure preference.
- Documents gathered (same day where possible): See checklist below for what to have ready.
- Lender assessment (2–48 hours typical): Low‑doc can be within hours; full‑doc usually 1–3 business days.
- Formal approval and documents issued (same/next business day): E‑signing available with most lenders.
- Settlement (same day to 2 business days): Funds to supplier after signed docs, invoice, insurance (if required), and any asset checks.
- Delivery/installation: Coordinate with supplier; fitout works or multiple deliveries may use staged payments.
Used/private sale items can add time for title/PPSR checks and condition verification.
Fast‑track checklist for restaurants
Have these ready to cut days off your approval:
- Driver licence(s) for owner/director(s)
- ABN/ACN and GST registration details
- Last 3–6 months business bank statements (CSV/PDF)
- Latest BAS or financials (P&L and balance sheet) for full‑doc paths
- Supplier quote or pro‑forma invoice with itemised equipment and totals
- For used/private sale: make/model, age, serial numbers, photos/condition report
- Premises lease or landlord consent for fitout where applicable
- Insurance details if required by the lender
Newer businesses or time‑poor operators might suit streamlined options: Low Doc Asset Finance or Fast Approval Asset Finance.
Approval time by scenario
- Established restaurant (2+ years, clean credit) buying new combi oven package: 2–24 hours approval; settle 1–2 days.
- Startup cafe with $30k–$60k coffee and kitchen package: 3–5 business days; allow up to 1–2 weeks if landlord consent or staged fitout is needed.
- Used or private sale equipment (e.g., 6–8‑year‑old oven): 2–5 business days due to checks and valuations.
- Multiple suppliers or full fitout: 3–7 business days; progress payments can add coordination time.
- Weaker credit/bounced payments: 3–7 business days depending on supporting info and lender policy.
For broader timing guides see: Equipment Finance Approval Time and Asset Finance Approval Time.
Pre‑approval vs settlement
- Pre‑approval: An initial green light (often same day) based on your profile and budget. Helpful to secure pricing with suppliers.
- Formal approval: After final documents and lender checks. This triggers contract issue.
- Settlement: Funds paid to the supplier once contracts are signed and any conditions (e.g., insurance, PPSR, invoice) are met.
Speed vs price: finding the balance
Fastest isn’t always cheapest. Some quick‑turnaround lenders price for speed, while full‑doc assessments can be sharper on rate but take longer. If timing is critical (grand opening, peak season menu change, equipment failure), weigh the small cost premium against lost trading days.
Related reading: Restaurant Equipment Finance Interest Rates and Fast Approval Asset Finance.
Get help estimating your approval time
Share your equipment list and business details for a realistic ETA and the quickest path to settlement. We’ll outline documents, likely lenders, and any red flags before you order.
Frequently asked questions
How long does restaurant equipment finance approval take?
From a few hours to about a week. Low‑doc files can be approved in 2–24 hours; standard full‑doc in 1–3 business days; complex or startup scenarios in 3–7 business days, with custom builds or staged fitouts sometimes taking 1–2+ weeks.
Can I get same‑day approval and settlement?
Same‑day approval is common for clean, established businesses buying new gear. Same‑day settlement is possible if contracts are e‑signed quickly and the supplier invoice and insurance (if required) are ready. Otherwise, settlement is usually next business day.
What slows approvals down?
Missing documents, unclear supplier invoices, private sales without adequate item details, adverse credit, or multiple suppliers needing staged payments. Providing a full document set upfront is the biggest time‑saver.
Do I need a deposit?
Not always. Many hospitality deals can be done with little or no deposit, depending on credit strength, time in business, and equipment profile. See No Deposit Asset Finance.
Can I finance used equipment?
Often yes. Expect extra checks such as serial numbers, photos/inspection, and PPSR/title verification. This can add 1–3 days compared with new equipment.
What if I’m a startup or have a lower credit score?
Approvals are still possible but may take longer and require more supporting information. See Startup Equipment Finance and Bad Credit Asset Finance.
Which product is fastest: chattel mortgage, hire purchase, or lease?
For straightforward restaurant gear, all three can move quickly. The speed difference usually comes down to your documents and profile rather than the product itself. Learn more: Chattel Mortgage, Hire Purchase, Finance Lease, Operating Lease.
Final takeaway
Most restaurant equipment finance approvals land between same day and a few business days. Have your documents and supplier invoice ready, choose the right product for your goals, and you can get from approval to settlement with minimal downtime.
If you want a precise ETA for your scenario, send your details and we’ll map the quickest path. Get a precise ETA