Mining equipment finance for haul trucks, drill rigs and plant

Who finances mining equipment, and what do they publish?

The banks through their equipment and corporate finance teams, and specialist asset financiers that work through brokers. Checked on each lender's own page between 19 and 30 September 2026; rates are set for each business and machine, so none is shown. Terms change without notice.

What mining equipment can be financed?

Haul and dump trucks, surface and underground drill rigs, excavators, wheel loaders, dozers and graders, crushers, screens and conveyors, water carts, generators and compressors, and light vehicles for site use, new or used. Fixed processing plant is harder to finance as equipment because a lender cannot easily remove it; ask the lender how it treats plant that becomes part of a site.

Matching finance to the contract

A contractor's machine earns while the contract runs. If a haul contract has three years left, a five-year loan leaves two years of repayments after the work ends. Two ways to line them up:

• Match the term. $500,000 over three years at an illustrative 10% p.a. is about $16,134 a month, against $10,624 over five years; higher repayments, but the machine is clear when the work ends.
• Keep a longer term with a balloon set below the value you expect the machine to have at the end of the contract, so selling it or refinancing covers the lump sum.

Lenders look at the contract's length and the mine owner or head contractor it is with, alongside the contractor's own financials, so have the contract ready when you apply.

High-value machines

For large machines the banks size the deal on the business rather than a published limit. Expect to provide the last two years of financial statements and tax returns, the current BAS, an ATO portal print, a summary of existing finance, the equipment specification and a valuation, and the contracts it will work on. Specialist asset financiers that only take broker applications are a second route for larger or unusual plant.

Used mining equipment

Lenders finance used heavy equipment and set a maximum age at the end of the term, so an older machine gets a shorter term. Maintenance records and an independent inspection help a lender value used plant, and a private sale needs proof of ownership and a PPSR search to confirm there is no existing security interest.

Buying plant on an ongoing basis

Operators that buy regularly can use one facility instead of an application per machine: BOQ publishes a revolving limit for ongoing equipment purchases, and NAB draws facilities under a master asset finance agreement. BOQ also publishes interest-only payments while equipment is installed and commissioned in the first 3 to 6 months, useful for plant that takes time to start earning.

Tax on mining equipment

On a chattel mortgage or hire purchase, a GST-registered business claims the GST in the price on its next BAS and depreciates the machine. Heavy plant is well above the $20,000 instant asset write-off threshold, so a small business depreciates it through the small business pool, at 15% in the first year and 30% after that, or under the general rules. The equipment finance tax benefits guide has the detail.