Loan Types FAQ’s

Travel Loans

How much should I get a loan for?

The amount you plan to borrow will depend on what your needs are for the trip. Generally, it’s possible to borrow from $4,000 up to $50,000.

There are plenty of personal loan calculators available online and you should use one prior to committing to a travel loan. Doing so will help you assess how your likely repayments are going to be, how long the term of payment is and more.

Do you do student travel loans?

Yes, we do! At Loans 123, we can personalise almost any type of loan for everyone as long as you can qualify. Local students can apply for a travel loan if they need financial support in taking part in exchange programs, overseas field trips, practicum and other types of overseas travel.

Can I get a travel loan with bad credit?

At Loans 123, we know that there are plenty of Australians who are living with bad credit and so we have developed a travel loan that is customised to match your financial situation. Talk to us to learn more!

Should I apply for the travel loan before leaving the country?

This question is best answered with the following questions: “Do you have enough money for your entire trip?” and “Do you have a backup plan in case you run out of cash along the way?”

If you’re unsure about any of these, it’s best to apply for a travel loan right before you leave the country. This will help you make sure that you’ve got everything under control and will give you peace of mind as you head out.

Commercial Hire Purchase


A commercial hire purchase (CHP) is an agreement wherein the client hires the target vehicle from the lender which they pay in a fixed monthly repayment scheme over a period of time. CHPs are also known as Corporate Hire Purchase, Offer to Hire or Hire Purchase and can be abbreviated as either CHP or HP.

How Does a CHP Work?

In a commercial hire purchase agreement, the lender will have agreed to buy the vehicle on behalf of their customer which they then hire it back for them to use over a set time period. The customer would be able to make use of the vehicle throughout the contract’s duration but cannot claim ownership of it. Once the contract’s term is up by having the total price and interest rates settled, the customer may be able to take ownership of the vehicle.

What are some benefits in getting a Commercial Hire Purchase?

A few advantages of a CHP is that it provides flexible repayment periods for loans, having the option to place a deposit to lower the total amount that is borrowed and potentially allowing you to claim tax deductions.

Who can apply for a Commercial Hire Purchase?

A company and a person can both get a CHP today so long as the vehicle in use is meant for business purposes.

What are some alternatives if I don’t want a Commercial Hire Purchase?

Individuals can get a chattel mortgage, a car loan or even a novated lease. On the other hand, organizations can choose to have a car lease or chattel mortgage.

Chattel Mortgage


Chattel mortgages are commercial finance products in which the company applying for the deal will take ownership of the vehicle or chattel at the time of purchase.

How Does a Chattel Mortgage Work?

In a chattel mortgage, the lender is going to provide the funds to the customer in advance for them to purchase the vehicle they need. The customer gains ownership of the vehicle (chattel) upon purchase. The lender would then take a mortgage on the vehicle as loan security by registering an interest over it using the PPSR. After the loan has been repaid, this security interest will be removed and will give the customer a clear title to the said vehicle.

What are some benefits to getting a Chattel Mortgage?

Some benefits that you can get in choosing chattel mortgage include having flexibility in the repayment period of the loan, option to lower the monthly repayments and the potential to claim input tax credits and tax deductions.

Who can get a Chattel Mortgage?

Getting a chattel mortgage is ideal for traders, companies and partnerships that utilize cash methods in accounting since it lets them claim GST for the price of the vehicle.

What can I expect in terms of payments?

So long as the car is being used for business, it’s possible for you to claim a tax deduction for its loan interest charges together with the vehicle’s depreciation value. The latter will depend on the Depreciation Limit that is decided by the Australian Tax Office.

Do I have an alternative besides chattel mortgage?

You can consider getting a commercial hire purchase or a car lease if you’re a business owner planning to finance your own vehicle. For employees, getting a non-maintained novated lease or its counterpart would be suitable as both come with advantageous tax benefits.


Resources & Articles For Making the Most out of Your Loan.

Buying Your First Family Car

Buying Your First Family Car

Making the Change From Two Seats to a Family Car For those of you who now have a family, there are many “sacrifices” you may have to make. Oftentimes, this includes having to forego a stylish vehicle in favour of something that is more practical for everyone. The...

Hyundai Popular In Western Australia

Hyundai Popular In Western Australia

Hyundai is Unstoppable Australia's and for many years the worlds, leading Hyundai dealer, John Hughes, said the “Hyundai brand was more popular in WA than in any other State”. He said West Australians had recognised the car as a "good product, reliable and...

Low Documentation Loan: What You Need to Qualify and How to Apply

Low Documentation Loan: What You Need to Qualify and How to Apply

How To Qualify For Online Loans   A loan is a sum of money borrowed by one person from a financial institution with the intention to pay it back with added interest. How we fit into this is we provide the customer You, with our expertise and extended network of...

Contact Us

We are located at 2 Cargill Street, East Victoria Park.

Level 11, Brookfield place 125 St Georges Terrace Perth Western Australia WA 6000

M-F: 8am-5pm, S-S: Closed