Sector — Mining
From single machines to full fleets. Novara structures mining equipment finance at every scale — specialist lenders, no upfront broker fee.
60+
Lender Panel
15+
Specialist Mining Lenders
$0
Upfront Broker Fee
$100K+
Typical Min. Deal
Mining is where equipment finance meets serious scale. A landscaper might finance a $60,000 mini excavator. A mining contractor finances a $1.2 million haul truck — or a fleet of 20.
The fundamentals are the same — the equipment serves as security, you repay over an agreed term, and the right lender makes a material difference to the cost. But mining equipment finance has characteristics that set it apart from standard equipment lending: higher asset values, specialist resale markets, site-specific usage conditions, and operational cycles that affect cash flow and replacement timing.
Novara Finance has structured mining equipment deals at every scale — from single-machine purchases for independent contractors through to large multi-asset fleet packages for established operations. This page covers how mining equipment finance works, what you’ll pay, and how to access the most competitive rates for your operation.
The core of mining equipment finance — the machines that move earth, extract ore, and build infrastructure.
Mining operations depend on transport — from the pit to the plant, the plant to the port, and everything in between.
For mining companies financing multiple assets simultaneously — whether that’s an initial fleet for a new site or a fleet renewal program — Novara structures package deals that consolidate multiple machines into a single finance arrangement. This simplifies administration and can unlock volume-based pricing from specialist lenders.
Fleet packages we’ve structured include:
A standard equipment finance deal might be $50,000–$200,000. Mining deals regularly run into the millions — and fleet packages can exceed $50 million. At these values, small rate differences have enormous dollar impacts.
Example
On a $2 million equipment package financed over 5 years, the difference between 6.5% and 8.5% p.a. is approximately $113,000 in extra interest. That’s the annual salary of a site operator. This is why lender selection matters more in mining than in any other equipment finance sector.
Mining equipment from tier-one manufacturers (Caterpillar, Komatsu, Liebherr, Hitachi, Volvo) has a global resale market. A Cat 777 haul truck that’s surplus in the Bowen Basin can be sold into Indonesia, Chile, or West Africa within weeks. This global demand supports strong residual values, which lenders recognise through competitive rates.
Less common brands or custom-configured equipment has a narrower resale market — and lenders price accordingly. When you’re choosing equipment, factor in the financing cost difference between a tier-one brand and a less established alternative.
Mining is cyclical — commodity prices fluctuate, wet seasons shut down operations, and contract schedules create uneven revenue. Good mining finance is structured around these realities:
A generalist lender who finances office equipment and cars will assess a $1.5 million mining excavator the same way they assess a $50,000 CNC machine — conservatively, slowly, and expensively. A specialist mining equipment lender understands:
Mining equipment finance is typically structured as commercial credit, which falls outside the consumer lending protections of the National Consumer Credit Protection Act (NCCP). This means the assessment process is commercial in nature — focused on your business capacity, equipment value, and revenue.
| Profile | Rate range (chattel mortgage) | Context |
|---|---|---|
| Established mining company/contractor (3+ years), clean credit, new tier-one equipment | 5.5% – 7.5% p.a. | Best rates. Strong operator, premium brand, liquid resale market. |
| Established operation, used equipment (under 10 years, major brand) | 6.5% – 8.5% p.a. | Good condition and service history important. |
| Growing contractor (1–3 years), clean credit | 7.5% – 10.0% p.a. | Demonstrable revenue and contract history strengthen the case. |
| New mining contractor or startup | 9.0% – 13.0% p.a. | Confirmed contracts, industry experience, and deposit critical. |
| Fleet package (5+ machines, established operation) | Competitive volume-based pricing | Rates depend on deal size, equipment mix, and business profile. Subject to lender criteria and approval. |
Rates current as of June 2026. Comparison rates will be higher once fees are included. Individual circumstances vary. Subject to lender criteria and approval. Detailed equipment finance rate guide →
You own the equipment from day one. The lender holds a security interest. GST credit claimable upfront (for GST-registered businesses). Interest and depreciation typically tax-deductible. Instant asset write-off may apply for eligible assets under the current threshold.
This is the default structure for most mining equipment purchases because it offers the most straightforward ownership, GST, and depreciation treatment. Chattel mortgage vs hire purchase explained →
The lender purchases the equipment and hires it to you. Ownership transfers at the end of the term. Some mining companies prefer this structure for accounting or fleet management reasons.
For equipment needed for a specific project or contract duration. You use the equipment for the lease term and return it. No ownership. This can suit project-based mining operations where the equipment isn’t needed beyond the contract’s life.
If your operation owns equipment outright and needs to free up capital, sale and leaseback allows you to sell the equipment to a lender and lease it back. You continue using the equipment while converting the asset into working capital. Common for mining operations entering a growth phase that need cash for expansion.
Sale and leaseback arrangements have specific tax, GST, and accounting implications — professional advice is strongly recommended before entering into this type of arrangement.
Consult your accountant for tax advice specific to your situation. The right structure depends on your business type, GST position, and the specific deal.
The following examples illustrate how mining equipment finance can work in practice. Individual outcomes depend on your specific circumstances, credit profile, business history, and the equipment being financed. These examples are not guarantees of any particular rate or approval outcome.
R.M., Mackay, QLD — Mining contractor, 9 years trading
Financing a used Cat 740 articulated dump truck — purchase price $385,000. Clean credit, consistent BAS history, one existing machine with clean repayment record. His bank offered 8.7% p.a. We matched him to a specialist lender familiar with the Cat 740’s resale position and approved at 7.1% p.a. chattel mortgage over 5 years with a 20% balloon. The rate difference saved approximately $18,500 in interest over the term. He claimed back roughly $35,000 in GST on his next BAS.
Individual circumstances vary. Outcomes depend on lender assessment and are not guaranteed. Consult your accountant for tax advice specific to your situation.
T.K., Emerald, QLD — New mining contractor
Former site supervisor with 14 years’ experience in coal mining operations, ABN active for 11 months. Needed to finance a used Komatsu PC200 excavator ($165,000) for a subcontracting arrangement with an established mining company. His regular bank declined due to the short ABN history. We presented his industry experience, the confirmed 12-month subcontract, and a 20% deposit ($33,000). Approved through a specialist commercial lender at 10.4% p.a. on a low-doc chattel mortgage. Not the cheapest rate — but it got him on-site and earning within the week. He plans to refinance once he has 12 months of clean repayment history, which should open up more competitive rates.
Individual circumstances vary. Outcomes depend on lender assessment and are not guaranteed.
Novara Finance understands mining — from the equipment, to the cycles, to the lenders who specialise in the sector. Whether you’re financing a single machine or a complete fleet, we structure deals that work for how mining actually operates.
Talk to us about your mining equipment purchase — no cost, no obligation.
This article contains general information only and has been prepared without taking into account your objectives, financial situation, or needs. You should consider whether the information is appropriate for your circumstances before acting on it. Consider seeking independent financial, tax, or legal advice. All finance applications are subject to lender criteria and approval. Rates mentioned are indicative and current as of June 2026 — individual circumstances vary. Past examples are illustrative only and do not guarantee any particular outcome.
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Last updated: June 2026 · Reviewed by Stephen Harvey, CEO & Head Broker, Novara Finance