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Novated leasing approval is dependent on your capacity as a borrower much like traditional finance. This means you need to illustrate your ability to meet regular repayments over the term of the lease. 

For example, as it is entirely dependent on your personal living situation, expenses and dependents, you could gain approval for a $30,000 vehicle on a yearly salary of $45,000.

The term of the lease agreement is flexible, to suit the employee.

Generally, terms of one to five years are available under a novated lease. You can compare your payments based on different lease terms using our novated lease calculator.

The shorter the term of the salary packaging agreement, the higher the residual.

The amount you can borrow for a vehicle will vary depending on the lender. In general, the minimum novated lease amount is between $5,000 and $10,000, while higher amounts are subject entirely to the repayment capacity of the applicant. 

Novated lease agreements may exceed $100,000 but very rarely exceed $150,000.

Get expert answers to more of the common questions in our novated lease explained guide.

Yes, our team members are located all throughout Australia.

Our head office is in Sydney and we have further locations in Melbourne, Perth, Brisbane and Adelaide.

We can help with fully-maintained leases (where we manage the lease from start to finish) as well as self-managed novated leases.

Yes, right now, people more than ever are getting used cars through a novated lease instead of waiting for a new car deal. Buying a used car from a dealership will still see you save the GST on the purchase price.

Salary sacrificing a car through a novated lease can be suitable for a business owner who is also an employee of their own company, but it’s only an option if the business owner is receiving a salary from the company they own.

If you are planning to leave your current employment to start your own business, you can transfer your novated lease, provided you are paying yourself a salary.

If you are self-employed – i.e. are not paid a salary or paying yourself a salary through your own company – you will need to look at alternative forms of vehicle finance.

You have a few options available at the end of your novated lease term:

• Pay the residual amount (including GST) at the end of the lease term to own the car outright.
• Sell the car (either privately or through a dealer) and if the sale price is higher than the residual amount owing, you get to keep the profit tax free.
• If you want to keep the same car and continue enjoying the tax savings, we can help you to refinance the residual amount for another term.

If you leave your job during the term of your novated lease, or are fired from your position by the employer, you will still be responsible for making payments on the vehicle. 

The lease will be de-novated, where the running costs are removed from the agreement and repayments work much the same way as a standard car loan.