How to Get a Novated Lease

Getting behind the wheel of your next car through a novated lease involves a few straightforward steps. With more than 35 years’ experience, Maxxia is one of Australia’s leading novated lease providers – and we’re here to make the process simple. Use this step-by-step guide to understand what to do next, from researching your options and requesting a quote through to picking up your vehicle.

Check whether employer offers novated leasing

If they do, confirm any restrictions (such as the vehicle type, price range, or eligibility rules). It’s also worth speaking with your accountant about how salary deductions may affect your tax and take-home pay.

Crunch the numbers and get a quote

If you’ve decided that a novated lease is right for you, the next step is to request an obligation free quote from Maxxia. Start by using our novated lease calculator to estimate potential tax savings. Once you submit your details, our team will get in touch with a personalised quote.

At this stage, you’ll only need to share a few basics – such as the type of car you’re considering your estimated annual kilometres, and some salary information. If you haven’t chosen a vehicle yet, we can help you narrow down your options and provide independent, knowledgeable information.

Choose the car you want

Already have a car in mind? We’ll work with our dealer networks to help you source the vehicle you’re after at the best possible price. We can place the order for you and lock in a pick-up date. If you’ve already found the car you want, that’s no problem either, just let our team know and we’ll get all the lease administration done.

Get finance approval

You will need to provide information about your income, expenses and living circumstances to the finance provider. A credit check is generally required.

Complete the lease paperwork

Once your finance is approved, a deed of novation – a tri-party agreement between you, your employer and the financier – will be drawn up.

Settle the lease and have your car delivered

Once all the paperwork has been signed, we’ll manage the settlement on your behalf and confirm when, where and how to collect your new car. You will then receive your lease documents, and your employer will begin deductions as agreed.

So, what are the pros and cons of novated leasing?

There are advantages and disadvantages to any type of vehicle finance, and novated leasing is no exception. The benefits include:

• Potential tax savings
• Budget convenience
• Access to great deals through Maxxia’s nationwide dealer network
• No upfront payment
• GST savings
• Exclusive Fringe Benefits Tax (FBT) exemptions on electric vehicles
• End-of-lease flexibility

There are also some considerations for novated leasing which might be relevant to you. These might be:

• You must be employed
• Restrictions on some vehicles based on age, size and carrying capacity
• Your employer may also place restrictions on some cars, such as value, vehicle type or safety ratings.
• Novated leases are factored into tax returns, and any government benefits
• A residual payment is required at the end of the lease.

This article digs into the pros and cons of novated leasing in more detail.

Is a novated lease right for you?

In terms of budgeting for your car expenses, a novated lease can be a great help.

You may be able to take advantage of the tax benefits, too. To see how much a novated lease might cost (or potentially save) you, try out Maxxia’s novated car leasing calculator here.

A novated lease can also be a great option for those looking for convenience and time-saving. When you take out a fully maintained novated lease with Maxxia, we source your new car, manage the paperwork, arrange the finance and insurance, negotiate with dealers and even have the car delivered to you at home or work.

A novated lease with Maxxia

Novated leasing can seem complex, but if you work with a company like Maxxia, we can handle much of the complexity for you.

Want to know more about novated leasing? You can read our novated leasing FAQs here. Or, if you’re ready to get started with a novated lease, get in touch with Maxxia today.

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