A Novated Lease is a three-way agreement between the Financier, the Employee and the Employer. The Employee leases the vehicle directly from Financier and the Employer agrees to make all Novated Lease payments which they debit form the employee's salary.

At the end of the term of the Novated Lease, the Employee has the option to purchase the car for a set residual, or you can sell or trade. If you find you make a profit from selling the car, then it's your's to keep!

Novated Lease Types

There are five kinds of novated leases

1. Fully Maintained Novated Lease - where all the operating costs of the vehicle are covered, such as car insurance, vehicle registration, fuel, tyres and servicing. In this instance you pay a regular monthly payment, and the Novated Leasing company covers all maintenance expenses;
2. Non Maintained Novated Lease - you are responsible for all operating expenses associated with the vehicle;
3. Novated Bike Lease;
4. Novated Operating Lease;
5. Fully Maintained Novated Operating Lease.

Novated Lease Features

There are numerous benefits of a Novated Lease including

• The ability to cost effectively package the car of your choice. This process is completely flexible and only limited by how much you are able to allocate from your salary;
• The car is yours to use 100% of the time, it’s not a company car;
• Repayments can be fixed over a period of 1 to 5 years;
• As all costs are paid in pre tax dollars, a Novated Lease can be tax effective;
• As a car purchased under a Novated Lease often qualifies as a company car, we can obtain fleet discounts on all new cars;
• Monthly Vehicle Reports that outline important information on how the car is tracking to the program. For added convenience, these reports are emailed directly to you;
• A Novated Lease is portable and may be re novated from one employer to another (depending on employer acceptance).

Want a Novated Lease Quote?

If you would like more information on a Novated Lease, one of our experienced Novated Lease consultants can prepare you a tailored Novated Lease package.

Call the team at Advance Car Loans now on 1300 554 553 or complete the friendly enquiry form and we'll get back to you shortly.