.png)
One of the most common questions we get from operators starting out: "I've only had my ABN for six months, can I still get equipment finance?"
The short answer is yes. Low doc equipment finance exists specifically for business owners who don't yet have two years of financials to show a lender. But the options available to you depend heavily on how long your ABN has been active, and most applicants don't realise the milestones matter this much.
What "Low Doc" Actually Means
Traditional equipment finance requires two years of tax returns and financial statements. Low doc finance replaces those with alternative documentation: typically bank statements, BAS lodgements, and sometimes an accountant's letter.
The trade-off: rates are slightly higher (typically 1.5 to 4 percentage points above full doc equivalents), and not every lender will consider your application. But for a business owner who needs equipment now, low doc opens doors that would otherwise be closed.
The ABN Age Milestones That Matter
6 Months ABN: Specialist Lenders Only
At six months, your options are narrow but not zero. A small number of specialist lenders will consider applications at this stage, but they require:
- Strong BAS turnover demonstrating active trading
- A clean credit file (no defaults, no recent enquiries)
- The asset acting as primary security, with a lower LVR applies
- Larger deposit typically required (20–30%)
Rates at six months ABN start from around 12–15% p.a. depending on the asset and your trading profile.
12 Months ABN: Main Tier Low Doc Opens Up
Twelve months is the most significant milestone. Once your ABN clears the one-year mark, the majority of the low doc lender panel becomes accessible.
Documentation at 12 months typically includes:
- 6 months of business bank statements
- Last 4 BAS lodgements (up to date)
- Accountant's declaration confirming trading status and estimated income
- Supplier quote or invoice for the asset
Rates from around 8–12% p.a. depending on lender, asset type, and your credit profile. Turnaround from lodgement to settlement can be as fast as 5 business days on a clean file.
24 Months ABN: Full Low Doc Panel, Best Rates
At two years, you access the full low doc lender panel, including lenders offering the most competitive rates and highest approval limits. Some lenders at this milestone will also accept simplified documentation (3 months bank statements rather than 6) for smaller loan amounts.
Rates from around 7.5–10% p.a. At 24 months you also start to qualify for some full doc assessments if your accountant can provide basic financials, which can push rates lower again.
The Asset IS Your Security
A key advantage of equipment finance for newer businesses: the asset itself acts as security. Unlike a business loan that requires property as collateral, the truck, excavator, or tractor you're purchasing secures the loan. This means lenders can approve applications they'd otherwise reject on financials alone.
Asset type and age also matters. A late-model, in-demand asset (a current-generation excavator or late-model Kenworth) is easier to approve than an older or niche asset, because the lender knows they can recover value if needed.
Industries That Get Easier Low Doc Approvals
Certain industries have established track records with low doc lenders, making approvals faster and more accessible:
- Transport and logistics: consistent BAS turnover, well-understood assets
- Construction and earthmoving: strong demand for plant and equipment finance
- Agriculture: seasonal income profiles understood by specialist lenders
- Civil contracting: project-based income can be supported by contracts
Common Mistakes That Get Applications Declined
- BAS not up to date: if your BAS lodgements are behind, lenders cannot verify your turnover. Get them current before applying.
- Applying to the wrong lender: a lender with a 12-month minimum will not approve a 6-month ABN, and applying creates a credit enquiry. Use a broker who knows which lender suits your profile.
- Borrowing more than the LVR supports: at 6–12 months ABN, lenders apply conservative loan-to-value ratios. Do not apply for 100% finance on a $150,000 asset at six months ABN.
Talk to a Broker Before You Apply Direct
Equifund works with 80+ lenders across Australia. We're a fully licensed broker (ACN 647 510 790, CRN 530270). We work for you, not the bank. Get a decision in as little as 24 hours with no impact on your credit score. Apply now →