With equipment finance interest rates remaining at record lows for the moment and investment incentives on the table, buyers especially in the agricultural sector would be keen to see what is on offer so they could make those critical investment decisions. But with many field days cancelled in 2021, the opportunities to inspect new machinery in person have been limited.
Jade Equipment Finance provides an update on what channels are available to see new equipment, what is new to the market, what’s happening in 2022 and how buyers can take advantage of the current cheap equipment finance interest rates. Find out about new machinery, 2022 Field Days and the latest on buying with cheap equipment finance rates.
Virtual Field Days 2021 – New Machinery Revealed
As did many industries, the ag sector also pivoted to virtual events as a result of COVID-19 in 2021. Farmmachinerysales conducted a virtual event so buyers could connect in this way with the new machinery planned for release.
Some of the new equipment featured on the platform include:-
- Ashland 1410E Scraper earthmoving equipment: fastest in class, capacity 10.7 cubic metres.
- John Deere X Series Combine Harvester: greater efficiency, capacity and tech to assist producers.
- John Deere HDR Rigid Cutterbar Drapers: maximises harvest capacity.
- New Holland Twin Rotor CR Combine Harvester: feature innovative new technology.
- Claas Quadrant Evolution Balers: upgrades deliver new features and performance.
- Krone Varipack Round Balers: capability for dry material baling.
- Case High Density Square Baler: 15% denser bales on offer.
- JCB Loadall Telescopic Handlers: up to 5.5 tonne lifting capacity.
To work up repayment estimates on finance for any of these new machines, use our finance calculator or just request a quote.
2022 Field Days
With 2021 a disappointment for many operators keen to catch up and participate in the annual field days, many will be looking ahead and planning for the 2022 events. While not all event dates have been released, there are a number already advertised to note in the diary.
Australian Farmers and Dealers Journal have posted a series of events to note:-
- March 18-19 2022: South East Field Days, Lucinda South Australia
- March 25-27 2022: Farm World, Warragul VIC
- April 8-11 2022: National Diesel, Dirt and Turf Expo, Eastern Creek, Sydney NSW
- July 8-9 2022: Mudgee Small Farm Field Days, Mudgee NSW
Also note the date for one of the biggest events on the calendar, the Henty Field Days scheduled for 20-22 September 2022.
Australian National Field Days had to cancel the 2021 event, which was scheduled for Orange NSW in October, due to COVID-19. The event is set for 20-22 October 2022.
We’ll stay across further event dates for 2022 and report updates in our news and tips.
Farm Machinery Finance Rates and Incentives
With COVID restrictions finally easing and hopefully solutions imminent for labour shortage issues, the ag sector can hopefully look forward to a good harvest and even better season ahead. On the finance front, the conditions for investing in new machinery are definitely extremely favourable.
The RBA has kept the official cash rate steady at the historic low level of 0.1% since November 2020. In the most recent statement, the Board outlined the reasoning behind its Monetary Policy decisions and its expectations for the economy. It expects the economy to recover from the recent COVID outbreaks with GDP posting an increase in the December quarter following a dip in the September quarter.
While a small increase in inflation has been recorded, the RBA does not expect Australia to experience the spikes that have been seen in some other countries. Wages growth is still subdued. The expectation is that the conditions for a rate hike would not be in place until around 2024.
There is ‘chatter’ in analyst circles that a rate rise could come sooner than the RBA is currently expecting. Some even predicting a rate rise prior to the next Federal Election which is due in 2022. Though the RBA notes that it is working on the figures – inflation, unemployment and wages growth, not to a calendar, when it comes to rate rises.
This is all good news for machinery and equipment buyers with our current rates across our finance portfolio extremely attractive. Machinery finance contracts can extend over up to 7 years so securing a fixed interest rate loan at our current cheap rates would cover you from any increase in the official cash rate during that finance term.
The interest rate varies across the finance products so refer to our Interest Rate Comparison Calculator to see which option would work best for your operation.
Further improving the ‘time to buy’ scenario are the Investment incentives still available through temporary full expensing for eligible acquisitions for eligible businesses. Temporary full expensing is best suited to Chattel Mortgage which attracts the lowest interest rate of equipment loan types. A double win!
If the current finance and operating conditions are ideal for you right now, contact us to discuss arranging a cost-effective finance quote for your machinery acquisitions.
Contact Jade Equipment Finance on 1300 000 003 to discuss machinery finance.
DISCLAIMER: IF MISINTERPRETATIONS, MISREPRESENTATION OR ERRORS EXIST IN THIS ARTICLE, NO LIABILITY IS ACCEPTED. THE INFORMATION IS PROVIDED ONLY FOR GENERAL PURPOSES AND NOT IN ANY MANNER INTENDED AS THE ONLY SOURCE FOR MAKING FINANCIAL DECISIONS. THOSE THAT CONSIDER THEY REQUIRE ADDITIONAL GUIDANCE OR ADVICE SHOULD REFER TO AN INDEPENDENT FINANCIAL ADVISOR.