12 months interest free loan
Wild Island is honoured to be a participant in the COLLECT Art Purchase Scheme, an interest-free loan program facilitated by Arts Tasmania, that enables Australian residents to purchase works by contemporary Tasmanian artists from participating Tasmanian arts businesses.
Who can use it?
Any Australian resident can apply to the scheme, and you can check your eligibility here.
Where can you buy artworks?
Wild Island showcases a large selection of artists that you can purchase using the COLLECT scheme. Each eligible work will be clearly labelled via our website, and in the gallery. For a full list of participating arts businesses, please visit: www.collect-art.com.au
How much can you borrow?
The minimum amount that you can borrow is $1,000 and the maximum is $8,500. Eligible artworks and design pieces must retail between $550 and $11,500. Therefore, you would need to purchase at least two $550 artworks to be eligible for a $1,000 loan. If you wish to purchase an artwork for more than $8,500, you will need to pay a deposit equaling the balance.
For example, if you purchase an artwork that retails for $11,500, you will need to pay a deposit of $3,000 to obtain the maximum loan amount of $8,500.
What artworks can you buy?
Wild Island carries a wide selection of sculpture, painting, furniture, limited edition photography and prints, and much more. Any original artwork by a living Tasmanian artist can be purchased using the scheme.
What does it cost?
There are no administrative fees. The only cost is the retail price of the artwork. You may also need to pay freight costs if you live interstate, or can’t collect the work from the gallery. Freight costs cannot be included in the loan.
The length of the loan is one year (12 months). Repayments are to be made in 12 equal monthly instalments via direct debit. This is the only method of repayment, however you can pay out the loan early, with no penalty.
How do you apply?
There are three main steps in applying for a COLLECT loan.
- Visit us at Wild Island and select an eligible artwork to purchase.
- Fill out a Holding Form with us at the gallery. We will keep the artwork aside for you until your online application has been received.
- Go online at www.collect-art.com.au and complete the loan Application Form.
It is important that all steps are completed to ensure an efficient transaction and loan approval. Completing the Holding Form does not constitute an application for a loan. The loan application is completed and lodged online.
Once your online application is received, it takes 5 working days to process the application. If your application is approved, you then have a further 5 days to sign and return your loan agreement. Once you have sent back your signed documents and Wild Island has been paid by Art Tasmania, the artwork will be released to you.
If your loan agreement is not received by Arts Tasmania within 5 days, Wild Island may release the artwork for sale.
For more information, visit the COLLECT website, or email or speak to us in store at Wild Island.