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Non-bank lender Shift has today (5 November) launched a new feature that enables broker clients to fund the import of overseas goods and services and avoid having to make repayments, while the assets are in transit.
The new asset import feature has been rolled out following broker feedback and enables Australian businesses to finance the asset and all costs associated with the import via a digital experience.
Shift’s new feature can be used for purchases from $2,000 upwards.
The new feature means businesses do not have to make any repayments for the first 120 days, while waiting for assets to arrive, followed by a five-year repayment term.
The product provides access to funds for purchases from over 50 countries, with Shift suggesting it also comes with “competitive exchange rates” (handled by Shift’s foreign exchange partner, OFX).
The feature has been in broker pilot for the past few months and has reportedly enabled broker clients to purchase goods from across the globe.
The SME lender said that the digital experience accelerated what is traditionally a slow and complex finance process and requires minimal documentation and checks.·
Andrew Wagg, Shift’s head of broker sales, commented: “Already, we’ve seen brokers initiate purchases from Europe, Asia and North America, spanning sectors including construction, manufacturing and food services to name a few, showing its broad relevance.
“Part of the appeal is that our digital approach cuts through cumbersome processes and administration that can be typically associated with financing overseas purchases, which brokers tell us time and time again are pain points for them and their clients.”
Nathan Irving, a commercial finance broker at Halidon Hill Finance, was a part of the broker pilot group and suggested that the new tool helps clients unlock more opportunities.
“Accessing capital for overseas purchases can be difficult to put it mildly, complete with approval times that no one needs,” he said.
“Much like other purchases, often our clients need not only access to capital swiftly, but a process that doesn’t add heavy administration to their workload.
“Using Shift’s asset import feature was straightforward and it brings something unique to the market. We were able to initiate the purchase for our client, funds were easy to access, and minimal effort was required from the client.”
The new product feature comes as asset purchases begin to reaccelerate as import prices for industrial machinery fall (as a result of the appreciation of the Australian dollar against the US dollar) and amid improving business sentiment.
Indeed, speaking to Broker Daily sister brand The Adviser for The Broker’s Guide to Commercial Finance (out now), asset finance broker Will Hamer commented: “On the ground, we’re still seeing plenty of heavy equipment being purchased – businesses are backing income-generating assets even in a cautious market.”
Amanda Alderson, a finance broker at Queensland-based brokerage Dealer Direct Finance, added that she’s currently seeing a strong appetite in civil equipment, transport and logistics fleets, and agribusiness machinery.
“These sectors are backed by stable pipelines of work and long-standing operators,” she said.
“In parallel, there’s growing momentum in sustainable assets – from electric vehicles to hybrid machinery – as businesses future-proof operations and respond to client expectations.”