If your residual (balloon) payment isn’t paid by the due date, your financier may apply late fees and additional interest charges. In some cases, they may also treat the lease as being in default, which could impact your credit record. To avoid this, most people either refinance the residual, pay it out in full, or roll into a new novated lease before the due date.

Yes — when refinancing your residual, you can usually choose a new term length that better suits your budget and circumstances. For example, you might opt for a shorter term to pay the car off faster, or a longer term to reduce your regular repayments.

Yes — under the FBT exemption, eligible EVs and plug-in hybrids can be leased through a novated lease without attracting Fringe Benefits Tax (FBT). This means you can package your repayments with pre-tax salary, often making an EV significantly more affordable compared to buying outright or financing privately.