What documents do you need for medical equipment finance?

For medical equipment finance, expect to provide the supplier’s itemised quote, ID for the borrowers, your practice entity and ABN details, and recent business bank statements. Larger amounts usually add financial statements and tax returns. Lenders also confirm practitioner registration and expect the equipment to be on the ARTG. Have these ready and approval tends to be quick.

Health practices are generally well regarded by lenders. That doesn’t mean the paperwork is optional, though. Most delays in equipment finance come from small gaps: a quote addressed to the wrong entity, bank statements that stop three months ago, or a trust deed nobody can find. This guide sets out the usual list and explains why each document matters, so you can assemble it once. For an overview of the product itself, see medical equipment finance.

What’s on the standard checklist?

The exact list depends on the lender, the amount and how long the practice has been trading. This table shows the usual pattern.

Document	Smaller deal, established practice	Larger deal or newer practice
Supplier quote or pro forma invoice	Yes	Yes
Photo ID for directors, partners or sole trader	Yes	Yes
ABN and entity details (company, trust, partnership)	Yes	Yes
Recent business bank statements	Yes, often three to six months	Yes, often six to twelve months
Financial statements and tax returns	Sometimes	Usually, often two years
Practitioner registration details	Yes	Yes
Trust deed, if a trust is buying	Yes	Yes
Premises lease or room agreement	Sometimes	Usually
Budget or cash flow forecast	Rarely	Usually for new practices
Statement of assets and liabilities	Sometimes	Usually
List of existing finance contracts	Yes	Yes

The government’s business loan checklist covers similar ground for loans in general: identification, financial reports, forecasts, lease agreements and personal financial information.

Why does the quote matter so much?

The quote is the document everything else hangs off. A lender uses it to identify the asset, value it, decide what can be secured and, eventually, pay the supplier. A good quote:

• Is addressed to the right entity. If the practice trades through a company or a trust, the quote should name that entity, not the practitioner personally.
• Itemises everything. Equipment, installation, training, software and freight listed separately, so the lender can see what’s tangible and what isn’t.
• Shows make, model and condition. New, demonstrator or refurbished, plus serial numbers once known.
• Comes from an established supplier. Lenders are cautious about private sales and overseas purchases.

A mismatch between the entity on the quote and the entity on the application is one of the most common causes of a re-issued contract. It costs nothing to fix before you apply and a day or two to fix after.

How do lenders check the practice and the equipment?

Registration. Every practitioner whose income supports the application is usually checked on the Ahpra public register. The register also shows any conditions on a practitioner’s registration, which may lead to questions. Make sure names on the application match the register.

ARTG listing. Lenders and suppliers expect clinical equipment to be included on the Australian Register of Therapeutic Goods. Your supplier can give you the ARTG entry for the model you’re buying.

Income. For practices billing Medicare, private health insurers, the NDIS or compensation schemes, lenders want to see that money arriving in the bank account. Our guide to government-funded revenue explains how lenders count Medicare, NDIS and similar income.

Licences for specific equipment. Imaging and some laser equipment need state or territory licences. Lenders don’t always ask for these, but a supplier will, and an unlicensed machine can’t earn its keep.

If most of this is already on your desk, start your enquiry and a real person will tell you exactly what’s still needed for your situation.

How does the list change for a new practice?

A practice that hasn’t opened yet has no billings to show, so lenders lean on other evidence:

• The principal’s track record. Years practising, previous roles, and whether patients are likely to follow.
• A realistic budget. Fit-out, equipment, wages, rent and a buffer for the first few months, alongside an estimate of when the practice will break even.
• The premises. A signed lease, or an agreement for lease, with enough term to justify the investment.
• Personal financial position. A statement of assets and liabilities, and sometimes property that can be offered as security.

New practices may find equipment lenders want a deposit or extra security. A property-secured business loan, which can range from $20k to $5m against residential or commercial property, is one way to fund equipment and opening costs together.

What about contractors, sessional specialists and trusts?

Not every practitioner owns the room they work in. Specialists often consult across several sites, and allied health practitioners frequently rent rooms in a larger clinic. You can still finance equipment for your own practice, but expect to show:

• your service agreement or room licence;
• where the equipment will be kept and who will use it;
• your own income, usually through bank statements and tax returns.

If you trade through a trust, have the trust deed and any variations ready. Lenders read it to confirm the trustee can borrow and give security. A corporate trustee adds the company’s details to the list. Lenders may also ask for a director’s guarantee from the people behind the structure.

Illustrative example

Illustrative. A physiotherapy clinic that has traded for four years wants to add shockwave therapy and a new treatment table. The supplier’s quote is $38k. The practice owner sends the quote, ID and twelve months of business bank statements.

The first snag: the quote is addressed to the owner personally, but the clinic trades through a company acting as trustee of a family trust. The supplier reissues the quote to the trustee company. The lender then asks for the trust deed, which the owner’s accountant emails the same afternoon. Registration is confirmed on the public register, the equipment’s ARTG entry is supplied by the supplier, and the chattel mortgage is approved without needing full financial statements, because the amount is modest and the bank statements show steady income. The only delay was the quote, and it could have been avoided by getting the entity right first.

For more on how lenders see clinics like this, see our physio and allied health clinic finance page. Practices without up-to-date financials may also find our page on low doc business loans useful.

A quick pre-flight check

Before you apply, run down this list:

1. Is the quote addressed to the entity that will own the equipment?
2. Do your bank statements run right up to the last few weeks?
3. Are your latest financial statements and tax returns lodged, or at least drafted?
4. Do the practitioner names on the application match the Ahpra register?
5. If a trust is buying, is the trust deed and every variation in one PDF?
6. Do you know the balances and repayments on existing equipment contracts?
7. Is any tax debt disclosed upfront with a plan for it?

Paperwork sorted? Let’s find the right fit

Getting your documents in order is the dull part, and you’ve just done it. Now it’s simply a matter of matching the equipment, the amount and your practice to a lender who’s comfortable with all three.

You can enquire in around a minute, and there’s no credit check when you first enquire. We don’t pass your details around a pile of lenders, so you won’t be chased by strangers. A real person looks at your practice and your equipment, then calls you to go through options. Please fill in the form accurately, especially the entity name and the amount, so the first option we bring you is a genuine fit.

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