The freight and general transport sector is once again dealing with the frustrations of new border closures and tightened restrictions as a result of COVID-19 outbreaks in several states. After being acknowledged as the heroes that are keeping Australia supplied through the pandemic, truck owners and operators are sadly some of the most seriously affected when state borders are closed. Permits need to be sought, regular COVID tests done and other compliance issues adhered to. All factors that can cause delays, incur additional time for operators and in transport that usually means loss of income or productivity. Containing or reducing outgoings is always important but more critical than ever right now.
Efforts are underway in various sectors to enhance protocols and procedures for interstate freight operators. It's also worth exploring cost-reduction opportunities to alleviate financial pressures, including expenses like truck loans, especially in the context of potential ongoing challenges.
While state border closures are determined by each state government, the Prime Minister recently addressed the issue in a press conference, urging transport ministers to resolve the situation. Mr. Morrison recognized the vital role played by truck drivers and emphasized the importance of minimizing disruptions for the industry.
The trucking and transport associations have been making efforts to improve the situation for their members. Several associations are working with authorities in the areas of getting quick response tests, more drive through testing centres in key transport hubs and pushing for use of self-tests.
Current Restrictions: NHVR
As a result of the growing outbreak in NSW, changed border conditions and additional restrictions and protocols have come into effect from 23-24 July. Complete and latest details can be sourced at the NHVR recommends drivers bookmark this page for quick access to the latest updates.
- In the Greater Sydney hot spot LGAs, those truck drivers identified in critical industries and leaving the LGA for work, are required to undergo regular surveillance testing for COVID-19 every 3 days.
- NSW heavy duty testing centres to be manned 24 hours.
- The Queensland border is shut to NSW and mandatory coronavirus testing comes into effect from 30 July.
- Changed freight protocols in place for entering Queensland.
- South Australia requirements for the heavy vehicle sector involving essential travellers is now once per week testing rather than every 48 hours.
- Special permits required to enter Victoria.
- WA mandatory tests when entering from restricted zones.
Refer to the state you will be travelling to/through for the latest details on protocols.
Reducing Outgoings: How we can assist
Sustaining supply chains is of utmost importance for the entire nation. However, it's equally vital for individual business operators to maintain their own financial viability and profitability. If transport operators and truck owners struggle to achieve stable financial positions, the potential impact on the national supply chain could be highly detrimental.
As industry associations collaborate with authorities to streamline border protocols, Jade Truck Loans stands ready to assist individual operators in attaining feasible and effective truck finance solutions.
Truck loans arranged several years ago, pre-COVID, may have been secured at higher than current truck finance interest rates or based on income/business projections which are no longer achievable under the current situation. If existing truck loan repayments have become a major burden on the business, refinancing may present a suitable solution.
Our consultants work with individual businesses to source and structure refinancing deals to specifically suit requirements. Truck refinancing can involve a cost element in regard to fees attached to paying out the existing loan early and establishing the new loan. These are to be considered against the savings made on achieving a cheaper interest rates and/or the benefits of lower loan repayments on cash flow.
Alleviating cash flow pressures throughout the loan term with reduced fixed repayments, considering the uncertainties posed by the ongoing coronavirus situation, could significantly enhance business productivity.
Truck loans are eligible for refinancing, whether it involves the same or a different loan product from the existing arrangement. This grants business owners the opportunity to capitalize on any additional tax advantages resulting from switching loan types.
Refinanced truck loans are eligible for our competitive interest rates, similar to those offered for new loans. Our Interest Rate Comparison Chart can help you estimate potential repayments for a refinanced deal. Refinancing covers all loan types for various vehicles, encompassing low-doc, no-doc, and bad credit loans.
Though refinancing might appear intricate and time-consuming, especially when truck operators are already burdened by time constraints, rest assured. Our team will assign a dedicated Jade consultant to oversee the entire process on your behalf. Our contactless services are facilitated via email and phone, allowing the refinancing process to proceed seamlessly even as you're on the road handling your work.
Proceeding with Truck Loan Deals
While the latest border restrictions and protocols may cause disruption to your scheduling, they should not impact truck loan deals currently underway with Jade Truck Loans. We know that many business owners have been or are planning to take advantage of IAWO and temporary full expensing with new truck purchases at this time. Be assured that finance deals are still proceeding, regardless of the evolving coronavirus situation.
If you're currently in the process of applying for or starting a new application for truck finance with Jade to purchase a new truck, please be assured that the latest restrictions will not hinder your progress. We remain fully committed to helping our customers secure practical truck loans that will support and sustain their businesses for the years ahead and beyond.
Contact US on 1300 000 003 to discuss your financing and refinancing requirements.
DISCLAIMER: THIS INFORMATION IS ISSUED PURELY FOR THE PURPOSE OF GENERAL INFORMATION PROVISION. IT IS NOT TO BE TAKEN AS THE ONLY SOURCE OF INFORMATION FOR BASING FINANCIAL DECISION-MAKING. THOSE REQUIRING FINANCIAL GUIDANCE AND ADVICE SHOULD CONSULT WITH THEIR FINANCIAL CONSULTANT OR ADVISOR. NO LIABILITY IS ACCEPTED FOR ANY MISREPRESENTATION OF POLICIES, DATA OR ERRORS IN THIS CONTENT.