Buying a boat

The search can be almost as much fun as your first day at the helm. People love talking about their boats and you’ll find more opinions on a dock than you will listening to talk radio.

Those opinions can be helpful (and sometimes not) but finding the right boat for you is about narrowing your search.

Apart from budget, the first thing to think about is how you’ll use your boat, most of the time. The reason we emphasise most of the time is that, like many things, boating is about compromise.

It’s likely there’s no perfect boat.  If you’re going to spend 90% of your time fishing, 5% entertaining and 5% spending weekends onboard, then consider carefully the need for the two-cabin layout with sleeping for six!

The key is making sure the boat is most suitable for what you’ll do most of the time. You also need to buy a boat that’s capable of going where you want to go.

So consider if you want to:

• Sail or motor?
• Fish, ski or both?
• Entertain?
• Spend weekends or extended periods away?
• Go fast or slow?
• Go off shore or on an estuary or lake?
• Live aboard?

Answering those questions will narrow down the search, if you’re after a day boat then a cabin maybe superfluous, however, you may also want a bit of cover.

Types of boats

They come in all shapes, sizes and materials; including timber, aluminium, steel, concrete, fibreglass, polyurethane, carbon fibre and plastic.   

In terms of types of boats and their uses here are some basics.

• Sail – for cruising, racing, live aboard and ocean crossing
• Top ender – a flat bottom boat for fishing estuaries and lakes with shallow water
• Bow riders – open boats with seating at the bow, usually day boats for skiing, fishing and entertaining
• Cuddy-Cabin – a day boat with a small amount of shelter
• Half-cabin – a day boat for fishing, entertaining and in which you may be able to spend a night in a vee berth
• Jet or speed boat – as the name suggests, for going fast and waterskiing
• Trawler hull – displacement boats ideal for extended stays and entertaining
• Cruiser – entertaining and over nights
• Sports fisher – for deep sea fishing.

This is by no means a complete list and many of these boats are multi-purpose The more boats you see, the more you’ll begin to understand what suits you. Every year there are boat shows across the country which will feature the latest craft available.

Will you keep the boat on a trailer or in the water?

This decision has both practical and financial implications. Obviously some boats are simply too big to be carried on a trailer. You will also need to consider the capacity of your towing vehicle.

Keeping your boat on a wharf or a mooring is a step up in terms of expense. You’ll have to pay a fee for the berth or mooring and the boat will need to be regularly slipped and anti-fouled.

Depending on the design you may also face greater expense for engine maintenance, although this isn’t always the case.

Second-hand or new?

This will be a question of budget and your desire for a new craft and willingness to accept the almost inevitable depreciation that comes with buying new.

Buying new may save you the risk of buying someone else’s headache, but then there are ways to avoid buying a lemon.

The search

Boats are sold privately or through dealers or brokers. There are countless boats on the market and you can do a lot of searching via the web. Sites such as boatpoint and boatsales list thousands of boats.

You can narrow your search based on type, use, length, location and price. Both sites also feature regular reviews from experts.

So you think you’ve found the right boat for you. Now’s the time to take a deep breath and make sure.

You should obviously make your initial search thorough. And hopefully you’ve inspected a number of similar makes and models so you have an indication of what is and isn’t good value.

Some things to consider:

• Engine hours – how many has she done?
• Has the engine or engines been regularly serviced?
• Is the engine clean and rust free?
• Is it a well-known and respected brand?( this may help re-sale)
• Are there any obvious signs of wear? (look under rigging and items on the boat that can be moved, can you see moss or any corrosion?)
• Is the gel coat in good condition?
• Does the bilge pump work?
• Does the boat have all necessary safety gear? This will vary depending on how you intend to use it
• Is the bulkhead secure?
• Are the hull and keel both straight?
• Are there any cracks or signs of repairs?
• Why is she for sale?
• Has the owner had the boat since new?
• Has it been in an accident or been repaired?
• Is there any finance owing?

This search may reveal potential problems and you can then eliminate any boat which you feel could be costly to repair or a risk on the water.

Remember, the lives of everyone on board depend on the structural integrity of your boat.

Professional surveyor

If you still think you’ve found the right boat then it may be time to employ a professional surveyor. These experts can examine your boat and deliver a detailed report of any potential problems.

If the boat’s in the water, you’ll need to pay to have it slipped. Often you can negotiate to have this cost deducted from the purchase price if you proceed with the deal. So it’s best to negotiate the price first and pay a deposit. The deposit should be held in trust and you should obtain a written agreement that it’s refundable if you change your mind based on the survey.

Sometimes the survey will reveal real problems, while other times it may pick up some issues that are easily rectified and you can negotiate to have these done prior to taking ownership.

If you’re looking for a surveyor you can go through the Marine Surveyors Association.

Finally, before you hand over your cash - do a REVS check to ensure there’s no money owing on the vessel.

At ANZ we have a range of finance options and insurance solutions, which may help you get out on the water and protect your new asset.

An ANZ Personal Loan could get you on the water sooner and you can choose from a variable or fixed-rate Personal Loan that suits you.

ANZ Loan Protection: help to meet your repayments for your Personal Loan should the unexpected happen¹. If you have loan protection in conjunction with an ANZ Personal Loan, for the term of the loan, you may be entitled to a discount on the interest rate of the loan.

ANZ savings accounts: if you need to save to buy your dream boat, we could have the savings account to suit you: 

• ANZ Progress Saver pays bonus interest if you save regularly and don’t withdraw². It also provides branch access.
• ANZ Online Saver: if you’d rather bank online then this could be the savings account for you. It pays interest and gives you easy access to your money³.