The easiest way to finance new office furniture

Why Office Furniture Matters for Your Business

If you're running a business in Epping, you know that creating a productive workspace isn't just about having a roof over your head. Quality office furniture plays a crucial role in employee comfort, productivity, and the overall impression you make on clients. But when you're faced with the upfront costs of furnishing an office - whether you're setting up for the first time, expanding, or upgrading existing equipment - the price tag can put serious pressure on your cash reserves.

That's where commercial equipment finance comes in. At Harmony Heights Finance, we understand that preserving working capital is vital for business growth. Rather than draining your bank account to buy office furniture outright, asset finance allows you to spread the cost over time while keeping your money available for other business needs.

Understanding Asset Finance for Office Furniture

Asset finance is a funding solution that lets you acquire office equipment without the full upfront cost. Think of it as a way to get what your business needs now while paying for it over an agreed period. The furniture itself serves as collateral, which often makes this type of finance more accessible than unsecured business loans.

When you're buying new equipment, you have several finance options available:

• Chattel Mortgage: You own the furniture from day one, but the lender holds a mortgage over it until you've completed your repayments. This option offers significant tax benefits, as you can claim depreciation and interest as tax deductions.

• Hire Purchase: Similar to a chattel mortgage, but you don't technically own the office equipment until the final payment is made. Fixed monthly repayments make budgeting straightforward.

• Finance Lease: The lender purchases the furniture and leases it to you. At the end of the life of the lease, you typically have options to upgrade, purchase, or return the equipment.

• Operating Lease: You essentially rent the furniture for a set period. This works well if you have a regular upgrade cycle and prefer not to own the assets.

Tax Benefits and Financial Advantages

One of the most appealing aspects of using asset finance for office furniture is the potential tax benefits. Depending on the structure you choose, you may be able to claim:

• Depreciation on the furniture over its useful life
• Interest charges as a business expense
• GST credits upfront (on eligible structures)
• The entire lease payment (on certain lease types)

The GST treatment varies depending on your chosen finance structure, so it's worth discussing your specific situation with your accountant. Many businesses in Epping have found that the tax advantages alone make asset finance more attractive than paying cash upfront.

How Much Can You Borrow?

The loan amount you can access depends on several factors, including your business's financial position, time in operation, and the value of the office equipment you're purchasing. At Harmony Heights Finance, we can help you access asset finance options from banks and lenders across Australia, which means we're not limited to just one lender's criteria.

Typically, lenders will finance office furniture valued from a few thousand dollars to hundreds of thousands, depending on your requirements. Whether you're fitting out a small office or furnishing an entire floor, there's likely a finance solution that matches your business needs.

Fixed Monthly Repayments and Balloon Payments

Most asset finance arrangements offer fixed monthly repayments, which makes managing cashflow much more predictable. You'll know exactly what's due each month, allowing you to budget accordingly.

Some structures also allow for a balloon payment - a larger lump sum due at the end of the loan term. This reduces your regular monthly payments throughout the life of the lease, which can help preserve capital during the repayment period. The balloon payment option works particularly well if you expect increased revenue down the track or plan to refinance when the term ends.

Upgrading Existing Equipment

Asset finance isn't just for businesses starting from scratch. If you're upgrading existing equipment - replacing worn-out desks, outdated chairs, or adding new workstations for additional staff - equipment leasing can be an ideal solution. This allows you to maintain a modern, comfortable workspace without depleting your cash reserves all at once.

Regular upgrades also mean your team always has access to ergonomic, functional furniture that supports their wellbeing and productivity.

Beyond Office Furniture: Other Equipment Options

While this article focuses on office furniture, it's worth noting that commercial equipment finance can cover a wide range of business assets. At Harmony Heights Finance, we can arrange funding for:

• Medical equipment finance for healthcare practices
• Hospitality equipment finance for cafes and restaurants
• Technology equipment finance for IT hardware and software
• Commercial vehicle finance for work vehicles, including trucks and trailers
• Construction equipment finance for excavators, cranes, dozers, graders, and tractors
• Specialised machinery and factory machinery for manufacturing businesses

We also offer car loans for those looking at fleet finance or individual vehicle purchases.

Vendor Finance and Dealer Finance

Sometimes, the office furniture supplier you're buying from may offer vendor finance or dealer finance arrangements. These can be convenient, but it's worth comparing them against other finance options available through brokers. We can help you evaluate whether the supplier's offer represents good value or whether alternative lenders might offer more favourable terms.

Access to multiple lenders means you're more likely to find an interest rate and repayment structure that suits your situation.

Preserving Working Capital for Business Growth

Perhaps the most compelling reason to use asset based lending for office furniture is that it allows you to preserve working capital. Your cash reserves can then be directed toward:

• Marketing and business development
• Hiring new staff
• Purchasing stock
• Managing seasonal fluctuations
• Covering unexpected expenses
• Seizing time-sensitive opportunities

By spreading the cost of office equipment over time, you maintain financial flexibility while still accessing the latest equipment your business needs to function effectively.

Why Choose Harmony Heights Finance?

While we're primarily known as a mortgage broker serving Epping and surrounding areas like Wollert, Mernda, and Thomastown, our expertise extends to business equipment funding and asset finance solutions.

We take the time to understand your business needs and circumstances, then work to find finance options that align with your goals. Our access to numerous banks and lenders means we can compare different products to find one that suits your situation.

Whether you need machinery purchase finance, business equipment funding, or specifically want to furnish your office, we're here to help guide you through the available options.

Ready to furnish your office without draining your business bank account? Call one of our team or book an appointment at a time that works for you. We're here to help Epping businesses access the funding solutions they need to thrive.