Commercial brokers could be in for a busy time ahead, with NAB’s recent SME Business Insights Survey revealing that nearly 3 in 5 Australian businesses plan to invest in 2025, including 1 in 5 businesses looking to invest in new.

NAB Broker has compiled a list of six useful tips to help you hit the ground running when you’re supporting clients with their equipment finance needs in the new financial year.

1. Get to ‘yes’ with simplified policies – NAB has simplified the application requirements for equipment finance under $500,000, so it’s quick and easy to get to yes. To be eligible for , business customers must have been trading for two years with no fundamental change to management and ownership over the previous 12 months, want to acquire new or used equipment up to seven years old, and be looking for finance with a maximum five-year term. For a simplified experience with NAB Replacement Equipment Finance, the requirements are similar, with some extra criteria relating to the asset that’s being replaced.

2. Check minimum insurance requirements – all transactions with NAB Equipment Finance must include insurance. There are special requirements for transactions involving aircraft and watercraft. For details, see EF Broker General Insurance Guide.

3. Understand the guarantor policy and process – Brokers must follow several steps when a client’s guarantor is preparing to sign an Equipment Finance Guarantee. While the process has been simplified, there are points to watch and timing is important. For example, you’ll need to provide the guarantor with copies of relevant documentation and advise them to obtain independent legal and financial advice before the guarantee is signed and witnessed. You must also ensure they understand and acknowledge the warnings they have been given.

In some cases, it’s mandatory for guarantors to obtain independent legal advice before they can sign the guarantee. You should familiarise yourself with what’s required so you can guide your client. There are also specific requirements regarding who can witness the guarantor’s signature. For full details, refer to the NAB Equipment Finance Guarantor Policy and Process.

4. Secure privacy and confidentiality consents – Everyone applying for credit from NAB, as well as guaranteeing that credit, needs to complete and sign a privacy and confidentiality consent form. Only this version of the form (Privacy and Confidentiality Consent Business and Private Banking) or the leasing document system version is acceptable.

5. Select a current equipment finance valuer – assets need to be valued before finance can be approved. Speed up the process by selecting an equipment finance valuer from NAB’s Valuation Panel List. Check regularly for updates, as the equipment finance valuers list changes frequently.

6. Identify client-specific requirements – many transactions require basic documentation, but extra information could be  required for clients who are buying or leasing aircraft or watercraft, for example. Refer to the Important Guides section on the NAB equipment finance for brokers page for more details.