Finty
BOQ Specialist

BOQ Specialist Goodwill (Practice Purchase Loan)

Equipment financeSecured

Do you dream of owning your own private practice? Or a share of an existing practice? Our extensive experience in lending to doctors, dentists and vets means that we understand the value of your profession and are able to lend against the practice's goodwill and equipment, rather than your home. We can lend up to 100% of the amount you need to buy an existing practice without requiring you to use your home or other property as security. We can also lend up to 100% of the amount you need to buy into an existing partnership or increase your share in a practice. Existing partners can remain unaffected as we only take security interest over your share of the partnership.

Written byDavid Boyd
Interest rate a year, from
8.85%
Establishment fee
Not published
Monthly fee
$25
Borrow
Not published

Monthly repayment

$100,000 over 5 years

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What it would cost

At the lowest published rate of 8.85%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,094
Total repayments
$125,614
Interest and monthly fees
$25,614

Loan details

Rates

Interest rate (a year)
8.85%
Rate type
Variable
Security
Secured
Type of finance
Equipment finance

Limits and fees

Loan amount
Not published
Loan term
Not published
Establishment fee
Not published
Monthly fee
$25

How it compares

Against the other secured business loans we compare. Typical means the middle half of them.

Cost of $20,000 over 5 years

$6,323

Interest and fees at its starting rate. Typical is $5,453.

Monthly fee

$25

A typical monthly fee is $20.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 8.85%, so the rate you see is the rate you get.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • A $25 monthly fee. That adds $1,500 over 5 years, as well as the interest.
  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.

Similar loans

Business loans of the same kind from other lenders that start at a similar interest rate.