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Refinancing A Boat Loan

If you’re struggling to keep up with your boat loan repayments, don’t wait for your credit score to worsen before taking action.

Refinancing your boat loan is a proactive solution that will help you get you back to good financial health. 

What is refinancing?

Refinancing is a loan product that allows you to pay your existing loan by taking a new loan from another lender.

The new loan is subject to different terms and has a fixed interest rate. It’s also usually secured against the boat, which means that the new lender will not ask for another collateral, like your home or other assets.

Why refinance a boat loan?

Refinancing a boat loan makes sense for a borrower especially because it helps save on monthly loan repayments in two ways: with a lower interest rate or with a longer loan term.

You can also refinance your boat loan with a cosigner for a better interest rate.

If you have had a bad experience with your current lender, refinancing the loan will help end your agreement so you can find a better finance provider.

How refinancing works

Once the new lender approves your boat loan refinancing, it will lend you the total unpaid balance from your first loan. This will enable you to pay off the previous loan completely.

Some lenders impose a prepayment penalty, so ask your new lender if you can include this amount on your refinance loan.

Meanwhile, you’ll get another contract for the refinance loan, which may include a lower interest rate and/or a longer loan duration.

Better contract terms will depend on your credit rating. If you currently have a poor credit score, then it’s best to find a cosigner with excellent credit.


Refinancing a boat loan has several advantages, including the opportunity to find a better bank or lender if you’re no longer happy with the first one.

It will also help lower your monthly loan repayments, either by getting a better annual percentage rate (APR) or longer loan term. This will give you better cash flow and save more money.

Boat loan refinancing will also give you a chance to add or remove a cosigner for whatever purpose it may serve.

If you have other loans, perhaps a home and/or a car loan, a loan refinancing will also enable you to consolidate all of them into a single loan.

And if you have a variable interest rate on your first home loan, refinancing will allow you to switch to a fixed interest rate.


On the other hand, refinancing a boat loan also has some disadvantages, which include paying more interests.

Since the refinance loan will have another complete term or a longer one, you will pay additional interest on top of the amount you’ve paid on your first boat loan.

You can always opt for a shorter loan term to avoid more interest payment, but this will lead you to a larger monthly repayment.

Aside from these, refinancing a boat loan will also require you to pay a new set of transaction fees to your new lender, not to mention the possible penalty for paying off the first boat loan completely.

Why Choose Aussie Boat Loans

Refinancing a boat loan can be a very helpful tool to pay-off your initial loan, improve your credit score, and reorganize your credit accounts. It will also be very beneficial if you can find a new lender that offers competitive rates, just like Aussie Boat Loans.

We can help give you a variety of boat finance options to fit your needs, whether you’re refinancing a commercial vessel or a Personal Watercraft (PWD).  We also offer different loan packages to new and used boats that will benefit boaters of all types of financial situations.

Call us today on 1300 72 99 90  and one of our finance experts will help you find the best rate for your boat loan refinancing. You can also send us an inquiry online or use our boat loan calculator to find out which water vessel fits your budget.

Speed boat on water

How To Get A Boat Licence In QLD

Whether it is something for you to enjoy alone or an activity for the entire family, recreational boating is an excellent stress buster on the weekends. But before you can do any of that, you must first get a boat licence.

In Queensland, all individuals aged 16 and older, and who wish to operate a vessel (boat or personal watercraft) with more than 4.5kW power, are required to get a marine licence.

The only time you can drive a boat without a licence is when you are supervised by a licenced person. Otherwise, you must obtain a boat licence before hitting the water.

What you need

One of the prerequisites to obtaining a boat licence in QLD is the BoatSafe course.

After completing the course, you’ll be given a statement of competency, which is required for the QLD boat licence application.

Note that he statement of competency is only valid for six months.

The other requirements include the following:

How to get a QLD Boat Licence

To apply for a QLD boat licence, visit the nearest Transport and Monitoring Customer Service Centre near you.

Another option is to go to any QLD Government Service office that provides boat licensing services.

At the service centre you can submit all the requirements to start the processing of your licence.

You will receive a printed indicator receipt to confirm your boat driver licence or personal watercraft (PWC) licence on the same day as you apply. Afterwards, your licence card will be mailed to your home.

If you have a QLD driver licence, then you will receive a new one with the boat licence printed at the back. You can sign-up for e-reminders to get updates on the posting of your licence.

Validity of QLD Boat Licences

Unlike some other states in Australia, in Queensland, a boat driver licence has lifetime validity. This means you’ll never have to worry about renewing it.

You also don’t have to carry the licence with you all the time. As long as you have a valid proof of identity, any authorised person will be able to verify your licence online.

Should you lose or damage your licence card, you can apply for a boat licence verification certificate online for $7.20.

You can also apply for a replacement card at the same QGAP office or Transport and Monitoring Customer Service Centre where you got your first card.

Other Boat Driver Licences

If you have a boat licence issued by another state or territory in Australia, then you can legally operate a watercraft in Queensland as long as:

  • You are 16 years of age or older
  • The boat licence is still valid, and
  • You operate within your interstate boat licence conditions

When the boat licence expires, you can either renew it at the same Australian state or apply for a QLD boat driver licence instead.

Meanwhile, an overseas boat licence can be used in Queensland if it’s included in the recognised overseas licence list.

If the licence is not in English, then it will have to be translated at an accredited translator by the National Accreditation Authority for Translators and Interpreters.

You must keep the boat licence translation with the original.

Should the overseas boat licence be deemed unrecognised by the Queensland Government, you’ll need to apply for a boat licence in QLD.

Boat Loans at BoatFinance

With a boat licence in Queensland, you can do all types of recreational boat activities in the state.

As long as you have a well-functioning boat or personal watercraft, you can explore the great waters of QLD.

If you haven’t got one yet, then it’s time to apply for marine finance to be able to shop around for one that suits your needs.

BoatFinance can help you with that. We can provide you with boat financing with competitive rates that will suit your financial status.

Call us today at 1300 880 883 or apply online to get the best rates for boat finance in QLD. 

Happy man driving a boat

How To Get A Boat Licence In NSW

The waters of New South Wales are some of the best you can find in Australia, and they are great for all types of recreational boating.

But if you’re a first-time boater in NSW, know that you may need a boat licence.

When is a licence required?

The speed at which you plan to drive determines whether a boating licence is required or not. 

Any person planning to drive a vessel at 10 knots (approximately or faster on NSW waters for recreational purposes should get a boat licence.

A boat licence in NSW has two types: General boat driving licence and Personal watercraft (PWC) driving licence. Their validity duration range between one and ten years. 

A boat licence must be carried whenever required, and must be presented to a Roads and Maritime Boating Safety Officer if requested for inspection.

You must also be able to present the boating licence should a NSW Police Officer or any authorised personnel require you so.

What is the difference between a general boat licence and PWC licence?

A general boat licence allows individuals who are 12 years and older to drive any vessel, except a PWC, at 10 knots or higher. If you have an unrestricted NSW driver licence, then you may be able to combine this with your general boat licence.

On the other hand, a PWC licence permits people aged 12 years and older to drive a personal watercraft at any speed.

A PWC is a vessel with a fully enclosed hull, which can be driven standing up, sitting, kneeling, and lying down. PWCs also have jet-powered surfboards.

A PWC licence also includes a general boat licence. This means obtaining a PWC licence will also grant you the right to drive any other types of vessel at 10 knots or more.

Those who already hold a general boat licence can apply to upgrade for a PWC licence.

What are the application requirements?

Below are the requirements for a general boat licence or PWC licence application:

  1. Show evidence of practical boating experience and pass a boating knowledge test.
  2. Completed general boat or PWC licence application form.
  3. Acceptable proof of identities like a valid Australian passport or a photo driver’s licence.
  4. Payment of boating licence fees. Concessional rates apply to applicants aged 16 years old and younger.
  5. Two passport photos for PWC licence applicants.

Applicants may get a 50% discount on the licence fee if you hold any of the following:

  • NSW Pensioner Concession Card
  • DVA Gold Card for Totally & Permanently Incapacitated (TPI), Extreme Disablement Adjustment (EDA), or war widow/er.
  • Evidence from the Department of Veteran’s Affairs that 70% of the disability pension has been received.

How to apply?

Once you’ve completed all the requirements, you can start your boating licence application by going online and booking an appointment at NSW service website.

Select your preferred service centre and schedule of your appointment. Then, confirm your booking by entering your details.

At your  appointment, make sure to bring all the requirements. Go to your chosen service centre and process your application.

Minors must submit their applications together with a parent or guardian, who must present an acceptable proof of identity, too.

Alternatively, if you acquired practical boating experience from a Recognised Training Provider (RTP), then you can post your application to:

Roads and Maritime Services
Agency Business Centre
PO Box 21
Parkes NSW 2870

You’ll receive a notification once your general boat or PWC licence has been granted.

A plastic licence card will be sent to you within a few days but you can still access you licence digitally in the interim by downloading the latest version of the Service NSW app.

 With a boat licence in NSW, you’ll finally be able to enjoy the recreational boating and explore the state’s beautiful waters.

All that’s left to do now is to make sure that your boat or PWC is in great condition.

If you don’t have one yet, start shopping  now for a vessel  that fits your purpose for recreational boating. BoatFinance can help you get the best deal on marine finance.

Call us today at 1300 880 883 or apply online to get the best rates for boat finance in NSW.


Queen Mary

The World’s Biggest Boats

Do you know that more than 90 percent of transported goods in the world are carried by boats? Not just ordinary boats, mind you, but the world’s biggest boats. These include cruise liners, oil tankers and cargo carriers. All have enormous propulsion systems that keep them moving across oceans for months.  Continue reading

are 2 stroke outboard motors banned in australia

Are Two-stroke Outboard Motors Banned?

Passed on July 1, 2018, the new Outboard Emissions Law for small petrol engines of up to 19kW power (including all marine engines) sets new emission standards that render high-emission and carburettor-based two-stroke outboard engines non-compliant. That’s why starting this year, new four-stroke outboards and direct fuel-injection capabilities will be more and more common. Continue reading

Buying a second hand boat

Buying a Boat Second-Hand: What You Need to Know

Many people are hesitant to buy a used car because of the risks involved. When it comes to buying a second-hand boat, the indecision increases tenfold and understandably so. Not everyone has the knowledge to determine a good deal from a bad one, and insider information is not really easy to come by. So they just go for the easiest choice: buying a brand-new boat. It’s the more practical option to guarantee a boat in optimum condition. However, it’s also a far more expensive choice.

Continue reading

Boat Safety Tips

Boat Safety Tips

Like any water activity, boating comes with its own risks and dangers. We can’t stress it enough: the open waters must always be treated with the utmost caution and respect. That said, boating is a relatively safe hobby that can be both fun and be fulfilling – as long as you operate by the rules. As a beginner, we know you can’t wait to have fun and we’re excited for you! But before you sail away, here are some basic boat safety guidelines to learn. Continue reading