- Enables employees to salary-package their cars which can result in tax benefits.
- A Novated Lease is a three-way agreement between an employee, their employer and the lender
- The employee signs a finance lease agreement, both the employee and employer sign a Novation Agreement
- under which the employer agrees to make the repayments out of the employee’s salary.
- The credit risk is assessed on your client, not their employer.
- If your client ceases employment, the lease may be “re-novated” to another employer, or the client simply begins making the repayments directly.
- The exact benefit to the employee must be independently calculated by a qualified financial advisor taking into consideration that client’s salary and overall tax position, car value, kilometres to be driven, FBT rates and tax rates.
Typical eligibility requirements for Novated lease:
- The vehicle must not be older than 9 years at the end of the loan term for novated lease.
- Balloon payment will depend on age of the vehicle and term of the novated lease..
- Maximum Balloon payment is 35% for a 60 months term novated lease..
Simply send us the details of your desired purchase and a brief your financial situation to get a free quote for your novated lease..
Click here to submit a query to get an obligation free quote for novated lease.
Click here to read documentation process for novated leasing applications.
Click here to view interest rates for nevated lease.
New ABN OK
Old Equipment OK
Private Sale OK
Defaults, Credit impairment OK
No Deposit OK
Traditional, Non Bank and Private Lenders
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NO Doc available = Simple Cashflow Forecast
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