What is a Novated Lease?
A novated lease is an easy and cost-effective way to finance a new or used car.
It’s a type of salary packaging arrangement that you can make with your employer, where you agree to set aside some of your pre-tax income to pay for a car of your choice and all the running costs that come with it.
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How does it work?
A novated lease is a three-way lease agreement between an employee, their employer, and a financer. This ATO approved agreement allows employees to finance their new car and all the running costs associated with it using your pre-tax income.
The term can be anywhere between 1 and 5 years, and each monthly payment goes towards reducing the balance of your least. Automatic deductions from your pre-tax salary mean you don’t have to worry about budgeting or remembering to make payments.
You will receive significant tax benefits with a novated lease and salary packaging compared to financing the car on your own. It’s time to say goodbye to regular car loans and say hello to a novated lease.
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Want to find out how much you could save through a novated lease? Contact us for a quote and one of our consultants will get back to you within four business hours.