The recent blast of cold which has hit the eastern and southern states may have left many boat owners shore-bound, in a warmer place. Wondering when conditions might abate to venture out on to the water. Those embarking on buying a boat may be giving it second thoughts and considering postponing the purchase.
Winter can be a great time for boating with clear waters, invigorating air temps and for fishers some great species running. But it’s also a time for dangerous water conditions which this recent polar blast has delivered. So what is happening? Is this what we’re in for the remainder of winter?
We sought explainers from experts and the latest Climate Driver Update from the BOM to provide boat owners and those planning a purchase with an outlook of what boating conditions may be later in the season.
Explainer from Australian Research Council, Climate Extremes
The Australian Research Council published an explainer to address many of the questions many of us are asking about the weather. They advise that south-eastern Australia has been experiencing a cold air mass from the south. The low pressure system which had delivered the heavy rains and strong winds to South Australia moved in an easterly direction.
The air around low pressure systems moves in a clockwise direction in our hemisphere. The low over Tasmania delivers strong south and south-westerly winds up into NSW and Victoria. The organisation advises that cold spells are not unusual but that this particular outbreak has come early.
Does this mean a cold winter ahead? The seasonal outlook is suggesting cooler conditions than normal in some areas. This is significant in that Australia has seen a warming over recent decades so the cooler temps than average are unusual.
The outlook they say is suggesting there may be more of these types of cold spells through winter this year.
BOM Climate Drive Update
The BOM issued its latest climate outlook on 9 June and straight up – likelihood of above median rainfall for July-September for much of the country with SW Tasmania below the median. North, south-west and far south-east of the country are likely to experience max temps which are above median. While min temps for the period could be warmer.
Currently the Indian Ocean Dipole which impacts our weather is neutral with the models suggesting a negative IOD forming. A negative reading increases the possibility of above average rainfall in the winter to spring period.
La Nina is weakening, slowly, with warming sea surface temps in western tropical Pacific areas. Most of the models used by the BOM indicate La Nina weakening and ENSO returning to neutral. But two of the models do indicate La Nina continuing through the winter.
The warmer sea surface temps have the likelihood of a wetter outlook in the coming months. So rainfall above average is favoured for the eastern areas of the country. The BOM is due to issue its next climate outlook on 21 June.
Reasons to Act on those Boat Buying Plans
Summing up the climate outlook, it looks like parts of Australia could have more of these cold blasts and a bit more rainfall than usual through winter. While that may mean less idyllic days for boating it should not mean postponing any new boat purchases.
There are many compelling reasons to proceed with a new boat purchase in the winter months, especially if you intend to purchase with finance. After an extended period of historic low interest rates, the RBA has lifted the cash rate in both May and June and signalled that further rises will be ahead.
For boat loans, that does mean interest rates are on the rise. Banks and lenders react to RBA decisions by increasing rates across their specific lending markets. Lending rates for boat loans do vary across the marine finance market as you can see in our Compare Interest Rates chart.
As specialists in this sector, we are accredited with multiple banks and non-bank lenders, providing us with the resources and connections to source the cheapest rate suitable for each of our customers from across a vast selection.
As is easily seen in the comparison chart, even a small difference in the interest rate can equate to a significantly higher monthly repayment figure. So choice of lender and access to specialist marine finance lenders especially can be critical in securing the cheapest interest rate boat loan.
So winter is no time to huddle down and defer that boat purchase until spring – IF you are keen to secure a cheaper interest rate loan. For those unsure about how much they may be approved to borrow or who would like an indication of what finance on the boat they want may be, our pre-approved boat loans are ideal. There is no obligation to proceed in the case of change of mind.
When making a winter boat purchase, consider adding in the extra items that may be required for safer and more comfortable days on the water when you purchase. Our consultants, specializing in the best boat financing, may be able to include the cost in your Secured Boat Loan where they are purchased from the same boat dealer.
Contact Jade Boat Loans on 1300 000 003 to move quickly on securing marine finance before the next rate rise
DISCLAIMER: THE INFORMATION AND SPECIFIC DETAILS CONTAINED IN THE CONTENT OF THIS ARTICLE HAVE BEEN PREPARED AND ARE PRESENTED PURELY AS GENERAL INFORMATION AND NOT INTENDED AS THE ONLY SOURCE OF FINANCIAL ADVICE FOR BOAT BUYERS AND LOAN BORROWERS. FOR THOSE THAT CONSIDER THEY REQUIRE SPECIFIC ADVICE, THEY SHOULD CONSULT WITH A FINANCIAL ADVISOR. LIABILITY IS NOT ACCEPTED IN REGARD TO ERRORS AND MISPRESENTED DATA AND DETAILS HEREIN.