ANZ vs CBA Equipment Finance: A Head-to-Head Comparison for Australian Businesses

Quick Answer

Comparing ANZ vs CBA equipment finance involves assessing their specific offerings for chattel mortgages, hire purchase, and finance leases. In Australia, both ANZ and Commonwealth Bank (CBA) are major lenders providing equipment finance solutions, typically offering competitive rates (indicative 7-12% p.a. in 2026) and terms up to 7 years for established businesses. While both cater to a broad market, differences may arise in their application processes, flexibility for specific asset types, and tailored support for various business sizes. Modern comparison platforms like Loan Phone can help businesses assess which major bank, or a specialist lender, best aligns with their specific equipment finance needs and eligibility criteria.

Rates are indicative examples only. Actual rates depend on individual circumstances, lender assessment, and current market conditions.

1. Understanding Equipment Finance in Australia

For Australian businesses, acquiring essential equipment is often a significant investment. From heavy machinery for construction to IT infrastructure for professional services, the right financing solution can preserve working capital and boost productivity. Equipment finance, also known as asset finance, typically involves loan structures like chattel mortgages, commercial hire purchase, and finance leases. These options allow businesses to use the equipment while making regular repayments, eventually gaining full ownership (in the case of chattel mortgages and hire purchase) or returning the asset (with leases).

In 2026, the Australian market offers a diverse range of lenders, including major banks like ANZ and Commonwealth Bank (CBA), as well as specialist equipment financiers and non-bank lenders. Each offers distinct advantages based on a business’s specific needs, financial health, and the type of asset being financed. Understanding the nuances of their offerings is key to making an informed decision. For a comprehensive guide, explore our Asset Finance Australia page.

2. ANZ Equipment Finance: Key Features

ANZ is one of Australia’s largest banks, offering a broad suite of financial products for businesses of all sizes. Their equipment finance solutions are designed to help businesses acquire a wide range of assets, from vehicles and machinery to technology and fit-outs.

Typically, ANZ provides:

• Chattel Mortgages: A popular option where the business owns the equipment from the start, with ANZ holding a mortgage over the asset until the loan is repaid. This structure often allows for immediate GST input tax credits and depreciation claims (seek independent tax advice). Learn more about Chattel Mortgages.
• Commercial Hire Purchase (CHP): The business uses the equipment during the loan term and takes ownership upon final payment, including any residual value.
• Finance Leases: ANZ purchases the equipment, and the business leases it for a fixed term. At the end of the term, the business may have options to purchase the asset, return it, or re-lease it.

ANZ’s offerings are generally suited for established businesses with a solid trading history and strong financial standing. They typically assess applications based on business turnover, profitability, and credit history. Businesses seeking business loans or specific equipment finance options should review ANZ’s comprehensive services.

3. CBA Equipment Finance: Key Features

Commonwealth Bank (CBA) is another dominant force in the Australian banking sector, providing extensive equipment finance options tailored for small to large enterprises. CBA’s approach focuses on flexible solutions that can be adapted to various business requirements and asset types.

CBA’s equipment finance products commonly include:

• Chattel Mortgages: Similar to ANZ, CBA offers chattel mortgages, allowing businesses to secure equipment while retaining ownership and potential tax benefits.
• Commercial Hire Purchase: CBA also provides CHP, where the business pays for the equipment over time and takes ownership at the end of the agreement.
• Finance Leases: Businesses can lease equipment from CBA, with options at the end of the lease term.

CBA often highlights its digital capabilities and extensive branch network for support. They generally cater to businesses seeking competitive rates and terms, with a strong emphasis on a clear credit assessment process. Like ANZ, CBA typically prefers businesses with a proven track record. For more information on business financing, consider reviewing various business loan types.

4. ANZ vs CBA: A Direct Comparison

When evaluating ANZ vs CBA equipment finance, businesses should consider several key factors that can influence the overall cost, flexibility, and ease of securing finance.

Interest Rates and Fees

Both ANZ and CBA are major banks, which means they typically offer competitive interest rates, especially for businesses with strong financial profiles.

• Indicative Rates (2026): For established businesses, rates from major banks like ANZ and CBA generally range from 7-9% p.a. (indicative only) for standard equipment. Newer businesses or those with complex scenarios might see rates in the 9-12%+ p.a. range (indicative only).
• Fees: Both banks will have establishment fees, administration fees, and potentially early repayment fees. It’s crucial to obtain a detailed quote from each to compare the total cost of finance, not just the headline interest rate. Actual rates are not published publicly and require individual quoting based on your specific application.

Eligibility Criteria

While specific criteria vary, both ANZ and CBA share common requirements:

• Trading History: Most traditional lenders, including ANZ and CBA, typically require a minimum of 1-2 years of trading history. Established businesses (2+ years) often qualify for better terms.
• Financial Health: Lenders assess business profitability, cash flow, and existing debt.
• Credit Score: A good business and personal credit score is usually essential for securing competitive rates from major banks.
• Asset Type: The type, age, and condition of the equipment being financed will influence eligibility and terms. Both banks finance a broad range of assets, including heavy vehicle finance.

Application Process and Speed

• Traditional Process: Historically, applying for equipment finance directly with major banks like ANZ or CBA can involve detailed documentation and a multi-stage approval process. This can sometimes lead to longer settlement times.
• Streamlined Platforms: While both banks are investing in digital improvements, a comparison platform like Loan Phone can often accelerate the initial comparison and application submission, allowing for quicker initial credit decisions across multiple lenders.

Flexibility and Asset Types

• Broad Coverage: Both ANZ and CBA finance a wide variety of equipment, from commercial vehicles and construction machinery to manufacturing equipment and IT hardware.
• Specialised vs. Standard: For highly specialised or unique assets, or for businesses with non-traditional financial structures, specialist lenders (often accessed via brokers) might offer more tailored solutions that major banks may not easily accommodate.
• Balloon Payments: Both banks typically offer balloon payment options (a lump sum repayment at the end of the loan term) to reduce monthly repayments, which can be beneficial for cash flow management.

Customer Service and Support

• Branch Network: Both ANZ and CBA boast extensive branch networks across Australia, providing in-person support.
• Dedicated Relationship Managers: Larger businesses may benefit from dedicated relationship managers who can provide personalised service.
• Online Support: Both banks offer online banking portals and customer service channels. The quality and responsiveness can vary, and a broker can often provide an additional layer of advocacy.

5. Choosing Between ANZ and CBA (or Other Options)

The decision between ANZ and CBA for equipment finance largely depends on your specific business profile, the asset you’re acquiring, and your existing banking relationships. If you already bank with one, there might be an advantage in terms of streamlined data sharing and pre-existing relationships.

However, limiting your search to just two major banks might mean missing out on potentially better deals or more flexible terms from other lenders. Specialist equipment financiers and non-bank lenders often provide solutions for:

• Newer businesses
• Businesses with a limited trading history
• Businesses seeking low-doc options (though conditions apply)
• Unique or niche equipment types
• Businesses with specific cash flow requirements.

6. The Loan Phone Advantage: Comparing Major Banks and More

Instead of navigating the individual application processes of ANZ and CBA, a comparison platform like Loan Phone offers a streamlined approach. We provide access to over 100 lenders, including major banks like ANZ and CBA, specialist equipment financiers, and non-bank lenders.

Our platform allows you to:

• Compare Options Simultaneously: See personalised equipment finance options from multiple lenders side-by-side, without impacting your credit score.
• Access Specialist Expertise: Our team of specialist brokers can help you understand the fine print, negotiate terms, and secure finance for complex or “left-of-centre” scenarios that traditional banks might decline.
• Efficient Processing: Our technology-driven process, combined with human expertise, aims for faster initial comparisons and approvals than going direct to individual banks.
• Find Tailored Solutions: Whether you need a chattel mortgage for a new truck or a finance lease for medical equipment, we help you find the most suitable product and lender for your unique business needs.

7. Example: Financing a Commercial Vehicle

This example is for illustrative purposes only. Actual rates, terms, and repayments depend on lender assessment, your individual circumstances, and current market conditions. Consult your accountant regarding tax implications.

8. Streamlining Your Equipment Finance Comparison

Traditionally, comparing ANZ vs CBA equipment finance would involve separate applications, multiple meetings, and a significant time investment. While each lender has different timeframes and your circumstances will vary, our streamlined system allows you to get approved on an apples-for-apples basis much quicker than any other broker or direct bank option.

Our process is designed for efficiency:

1. Quick Online Comparison Provide basic business and finance details.

2. Personalised Options Receive a range of indicative offers from suitable lenders.

3. Expert Guidance Our brokers are available to discuss options, clarify terms, and assist with documentation.

4. Fast Settlement Once you choose an offer, we work to facilitate a smooth approval and settlement process.

9. Frequently Asked Questions

10. Get Equipment Finance for Your Business

Speak with Specialists

Need expert guidance on your equipment finance application? Email: loans@loanphone.com.au Website: www.loanphone.com.au

Related Resources

Loan Phone www.loanphone.com.au | loans@loanphone.com.au

Last updated: 2026-02-03