Selfco
Financing solutions for Australian small business
About us
Selfco is an Australian vehicle and equipment finance provider operating nationally via a network of accredited finance brokers. The business was established in 2003 and since that time has helped thousands of business owners to acquire the equipment, machinery, and vehicles needed to grow their enterprises via a range of financing solution.
Selfco is a division of MyState Bank Limited ABN 89 067 729 195, Australian Credit Licence 240896. MyState Bank Limited is a wholly owned subsidiary of MyState Limited ABN 26 133 623 962. Selfco subscribes to the Australian Banking Association’s Banking Code of Practice.
The leaders at Selfco have strong finance pedigrees gained through decades of banking experience spanning the equipment finance and mortgage industry. Selfco has built a strong team of finance professionals with specialised capabilities which allow us to cover the entire finance life cycle.
We originate, approve, document, settle and manage a vast range of client types and asset classes. We have invested in processing and reporting systems that are truly world class, comparable to those found in the largest Australian finance companies.
What we do
Selfco is a business vehicle and equipment finance company. We finance the purchase of assets used in business.
Selfco originates transactions nationally via an extensive third party broker network developed since commencing operations in 2003. Selfco is a panel lender with most Australian broker aggregation groups which provides access to thousands of finance professionals sourcing funding solutions for their clients.
We have representation in the capital cities across the Eastern seaboard as well as Western Australia via an experienced on the ground sales team. The Selfco sales team engages with our broker network, educating them on our products, processes and the benefits of dealing with Selfco. We have been recognised via industry awards as the brokers’ financier of choice.
Our clients
Selfco’s clients are people in business, across all industry segments, throughout Australia.
We have helped thousands of businesses since commencing operations in 2003. Selfco services a wide range of industries, large and small, including construction, landscaping, manufacturing, transport and IT.
We do not fund consumer transactions or goods for personal use.
Our clients use a range of legal structures which we cater to, including sole traders, partnerships, companies, trusts and government departments. Whether the business is a seasoned veteran of their industry or a relative new comer, Selfco has a solution. Our clients range from a sole trader needing $5,000 to purchase a replacement ride-on lawn mower to a government department seeking to fund a $250,000 telephone system.
Our programs
Selfco is a Fast Doc lender. This means that it is not necessary to provide financial documents. Selfco uses a number of alternative sources of information to prove the applicant’s creditworthiness.
Credit decisions are fast and loans can settle in a day or two.
Our Fast Doc program is the only thing we do. Therefore our people are well experienced in Fast Doc lending and we provide fast and efficient service to the broker market and their customers.
Products
Selfco offers a range of finance products for business purposes including, Chattel Mortgage, Commercial Hire Purchase, Finance Lease and Rental. Speak with your accountant as to which product would best suit your circumstances.
Chattel mortgage
Under a Chattel Mortgage the financier advances funds to the customer to purchase a vehicle, and the customer takes ownership of the vehicle (chattel) at the time of purchase.
The financier then takes a “mortgage” over the vehicle as security for the loan, by registering their interest over it with the PPSR.
Once the contract is completed, the security interest is removed giving the customer clear title to the vehicle.
Commercial hire purchase
Commercial Hire Purchase can also be known as a Corporate Hire Purchase, Hire Purchase or Offer to Hire, and is often abbreviated as CHP or HP. Under a Commercial Hire Purchase (CHP) arrangement the financier agrees to purchase the car on behalf of the customer, and then hire it back to them over a set period of time. The financier owns the car.
The customer has the use of the vehicle for the term of the contract but is not the owner of the vehicle.
At the end of the contract term when the total price of the vehicle (minus any residual) and the interest charges have been paid in full, the customer takes ownership of the car.
Financial lease (lease)
A Finance Lease is a commercial finance product which enables the customer to have the use of a car or commercial vehicle while the financier retains actual ownership of the vehicle.
The financier purchases the vehicle on behalf of the customer, who then leases the vehicle back from the financier and pays a fixed monthly lease rental for the term of the lease.
At the end of the lease the customer can either pay a residual value (final instalment) on the lease and take ownership of the car or trade it in or re-finance the residual and continue the lease.
Rental
Used for equipment rental. This is an agreement between a financier and a customer whereby the financier buys the equipment and is the owner of the goods on behalf of the customer. He then rents it to them over a fixed period.
The customer simply makes fixed monthly rent payments, and at the end of the contract either hands back the equipment to the financier (with no more to pay), continues the rental agreement or buys the equipment outright at market value.
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