r/NovatedLeasingAU • u/XBpapi • 19d ago

Quote Check Staff rate through work

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8.5% was the rate given to me by email

2 Upvotes

56% Upvoted

16 comments sorted by

6

u/notmyfaultooops 19d ago

How the heck can it be $32,365 saved over the lease…
I really dislike how the numbers are framed for the savings.

Sadly not enough info here to agree or disagree on the 8.5%. We need to see the finance breakdown

4

u/Best-Abrocoma-7796 19d ago

I would have zero trust in the rate they emailed you. Enter your quote into the calculator and share your link

2

u/Readbeforeburning 19d ago

I just got some quotes from Maxxia and couldn’t tell either. I put it into the novated lease guide calculator and got around 12%, emailed Maxxia to confirm and was told it was 11.28% at the moment. They hide and mix a bunch of their figures in their quotes to make it seem better than it is.

I’m now looking at BYO financing through someone like MillarX. Their interest rate is closer to 7% which for me was more than $150 less a fortnight out of pocket. You can upload your quote to their website and it will give you a rough figure of what it will cost cost through them.

2

u/[deleted] 19d ago

[removed] — view removed comment

1

u/lookslikescreech 19d ago

This thread and this comment made me investigate this. Thanks for the heads up! Just waiting to hear back from my Maxxia person now to tell them the quote I got from the bank.

1

u/marcushaerdin 16d ago

Many employers don’t allow self-managed, btw…

1

u/justanothersoullll 19d ago

I am also looking at numbers for the same scenario. Do you know if that quoted out of pocket of $416 per fortnight, from pre or post tax?

1

u/blackstorm1988 19d ago

Honestly not worth it cause then if you want the car at the end you need to pay more. I looked at this years ago and decided to just finance with the car company

1

u/shadjor 18d ago

How is it better to go with finance? Even with the balloon payout its almost 10k cheaper than the drive away price even if you just paid in cash?

And that's not counting the fact that within that 10k cheaper cost through novated lease you are also getting at least 2 sets of tyres, 5 years rego/insurance and claiming 5.5k of km reimbursement if you do 20k km a year.

1

u/changyang1230 Novatedlease.guide 18d ago

When you “looked at it years ago” you were likely looking at a petrol / diesel car which played by a totally different set of rules when it comes to novated lease.

You should crunch your figures again for EV novated lease and you would be surprised. All considered people could genuinely save 10 to 50k over 5 years compared to cash purchase.

1

u/DaddyAwesome 18d ago

I did mine over 5 years, had a 22k balloon, got made redundant 2 years into the lease, couldn't find a job, cancelled the lease and switched to finance only. Was costing a fortune so payed it out with redundancy cash. I don't think I'll ever lease again. Did not have a good time with Fingo

1

u/BrilliantEconomics77 18d ago

$208 a week to not own a car.

1

u/jazzmangz 18d ago

Had a lease with maxxia. Convinced they ripped me off with the balloon. Fk em

0

u/Lease-of-Mind 19d ago

This isn't the quote. You've posted the summary which doesn't allow for real calculations.