Selfco targets new tradies with vehicle finance product

The Tradie Product provides finance options across a range of work vehicles, including 4WDs, utes, vans, and light trucks under 4.5 tonnes.

Selfco said the product was developed in response to growing demand from individuals with newly registered Australian business numbers (ABNs) who may lack the upfront capital required to get started.

“Our broker network asked for a practical, streamlined solution to help new tradies to get into the vehicles they need to start earning from day one, and we listened,” Malcolm Withers, head of sales at Selfco, said.

“The Tradie Product is designed to remove barriers and enable newly qualified tradespeople to confidently take the next step in their career. This is another example of Selfco investing in broker-driven innovation.”

Key features of the product include:

• One-day ABN eligibility.
• Up to $75,000 in finance for property owners.
• Up to $50,000 in finance for non-property owners (20 per cent deposit required).
• Acceptance of dealer and private sales.
• Flexible terms ranging from 24–60 months.
• Fast approvals supported by simplified documentation.

According to the Australian government, there are nearly 2 million technicians and trades workers nationwide, representing around 14 per cent of total employment. However, research from the Housing Industry Association in September last year indicated a shortfall of approximately 83,300 tradies required to meet Australia’s housing construction targets.

Selfco’s general manager, Rob Burden, said that the product reflected the lender’s appetite for financing local trades and small enterprises.

“At Selfco, we’re deeply committed to supporting Australian small business growth,” Burden said.

“Newly qualified tradies are the backbone of many local communities, and this product gives them a financial platform to get started sooner, grow faster, and contribute to Australia’s thriving trades sector. We’re proud to back the next generation of small-business owners.”

[Related: NAB flags softer business conditions as energy costs fuel insolvency fears]

Want to see more stories from trusted news sources?
Make Broker Daily a preferred news source on Google.