Boat loans made simple

Smooth sailing with our boat loans.

  • Enter between $2,001 to $45,000
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  • Get a personalised rate that rewards your good credit.
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Getting a boat loan is as easy as 1, 2, 3.

Get your personalised rate

Get your rate

Discover your personalised interest rate in 1 minute (without impacting your credit score) with our quick and easy online RateEstimate.

Apply for a personal loan

Apply in minutes

Finalise your application in 5 minutes, then complete our simple online identity verification and bank statement upload process.

Get your personal loan funds

Enjoy your funds

After your loan has been approved and funded, you will receive your funds on the next business day. It really is as simple as that.

You’ve got questions we’ve got answers.

What is a boat loan?

Are you planning to upgrade your boat or purchase a new one? A boat loan offers you the flexibility to do that in a way that takes into account your goals and financial circumstances. Ratesetter’s boat loans are a form of personal loan, which means that you can access versatile finance at a competitive rate. If you opt for an unsecured boat loan, you can use it to purchase the boat and also pay for associated costs, such as registration, insurance, and maintenance.

Why consider a boat loan?

A RateSetter boat loan lets you take advantage of your hard-earned credit rating to purchase the vehicle you need (or want) now and then make affordable monthly repayments to pay it off over the term of the loan. With RateSetter, you will benefit from competitive rates on a flexible boat loan that are often lower than those form traditional lenders such as a bank or dealership finance. Save more money by paying down the loan quicker. Using finance to buy a new car couldn’t be easier.

How does a boat loan work?

A boat loan works just like a standard personal loan. That is, you borrow a specific amount of money and then pay it back with interest over an agreed term. To qualify for a personal loan, you must submit an application and agree to a credit check that takes into account your borrowing history, employment status, credit score, and other factors.

What are the benefits of a boat loan?

Personal loans, including boat loans, allow you to enjoy a lower interest rate than you would receive with a credit card. They also offer a consistent repayment schedule, which makes it easier to budget in advance and avoid fees or penalties for late payments.

What can I use a boat loan for?

You can use a boat loan for a number of different purposes, including:

  • New boat purchase
  • Used boat purchase
  • Boat parts and modifications
  • Boat repairs
  • Servicing fees
  • Insurance fees

We’ll pay funds into your nominated bank account on the next business day following your loan acceptance. This gives you the flexibility to manage and pay for your car costs any way you like.

How much does a boat loan cost?

Boat loans generally have three components that that affect the total cost over the life of the loan

  • the interest rate (this may be fixed or variable)
  • a one-time establishment fee
  • ongoing fees (such as account maintenance fees, late payment fees, and other charges)

These costs are often combined to create a comparison rate that represents the total price of a loan. This allows you to compare different boat loans to find the one that best suits your needs. 

For an overview of fees and charges (including interest rates) associated with RateSetter’s boat loans, see the table below:

Term 1 yr2 yr3 yr4 yr5 yr
Loan typeVariableVariableFixedFixedFixed
Interest rate
5.92% p.a.
5.92% p.a.
7.70% p.a.
10.23% p.a.
10.29% p.a.
Comparison rate*from
7.53% p.a.
7.90% p.a.
9.75% p.a.
11.11% p.a.
11.11% p.a.
Credit Assistance Feefrom
Monthly fees$0 $0
Early Repayment Fees$0$0$0$0$0

Comparison rates for 1, 2 and 3 year loans are based on an unsecured personal loan of $10,000 over a 36 month term. Comparison rates for 4 and 5 year loans are based on an unsecured personal loan of $30,000 over a 60 month term. Comparison rates shown assume a customer with an excellent credit history. Rates current as at 4am, 25 June 2019. Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Am I eligible for a boat loan?

RateSetter provides secured and unsecured boat loans to Australian-resident individuals and businesses.

Save time before applying by making sure: 

  • You are aged 21 or over
  • You are an Australian citizen or permanent resident
  • You have a regular source of income that you can demonstrate
  • You have a good credit history

To see if you may qualify for a RateSetter boat loan, you can get a RateEstimate – it only takes 1 minute, and won’t affect your credit score. If you request a RateEstimate, we will ask you a few questions so we can calculate an initial estimate of your borrowing potential, and the rates, fees and charges that may apply to your loan.

In making a final decision, we consider a number of factors, including your credit file as provided to us by Equifax and/or Illion, our credit bureau partners. If you would like more information regarding your credit file, you should contact Equifax and Illion directly.

What do I need to apply?

To apply for a boat loan, you will need to complete our identity verification process successfully, as well as considering how suitable a boat loan is to your current circumstances.

To complete identity verification you will need to provide one or more of the following documents:

  • Australian State or Territory-issued drivers licence
  • Australian or foreign passport
  • Address verification document such as a utility bill or tenancy agreement

These details can either be entered on our website during the application process and automatically verified online or you can upload or email them to us at

When assessing your application, we are looking for evidence of how suitable the loan is to your current circumstances and the purpose for which you require funds. Among other things, we’ll assess your:

  • Employment stability;
  • Income;
  • Expenses;
  • Repayment history;
  • Credit bureau information; and
  • Other details you communicate to us.

You will also be asked to verify your income and expenses, and may be asked to provide supporting documentation such as bank statement information or payslips. The documents you will need to provide will be displayed to you during the application process.

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Representative example: Based on $10,000 loan with a 36 month term for a borrower with a excellent credit history at a comparison rate of 7.70% p.a. the estimated total amount payable including all applicable fees is $11,567. RateSetter loan repayment terms range from a minimum of 6 months to a maximum of 5 years. Interest rates range from 5.92% p.a. (comparison rate 7.53% p.a.) to 19.46% p.a. (comparison rate 20.38% p.a.). Rates are subject to change depending on the rates offered by lenders in our Lending Markets. Rates stated as at 4am, 25 June 2019 and are subject to change. RateSetter credit criteria and terms and conditions apply.