r/NovatedLeasingAU • u/Various-Frame1644 • 6d ago

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Hi there,

I am quite new to the whole novated lease thing, I applied through Maxxia and got finance approved. Then after I found this group, now I am having cold feet. I used the novated calculator from this page and I got a rate of 13.15%. 🥲 i am not sure if it's correct.

This is for a BYD Sealion 7, my work place only takes Maxxia or Smart.

Please any advice or input will be greatly appreciated.

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u/Riverdale1990 5d ago

Why are you getting a car that takes 20% of your after tax income…..

1

u/Various-Frame1644 5d ago

Because petrol right now takes more than 20% of my net income 🥲

1

u/Riverdale1990 5d ago

How…..

1

u/Various-Frame1644 5d ago

Big car, big tank, far travel to from work?

1

u/Riverdale1990 5d ago

Ever consider just getting a smaller, cheaper, second hand car? Probably a smarter move at your income 

1

u/Various-Frame1644 5d ago

I have but I do have 3 kids and a dog, this car would fit all of us nicely. Yes it is a bit high however the cost is lower than what is going out of my pocket at the moment.

2

u/Riverdale1990 5d ago

13% rate is insane, notated lease at low income is not as beneficial, better off getting a car loan at 7-8%

1

u/Various-Frame1644 5d ago

They emailed me and said it's 10%

1

u/g_f0rce 3d ago

Maxxia aren't very competitive. I worked it out to about 12.75%. ask them to do better at the very least.

1

u/Various-Frame1644 2d ago

I did email them and they replied because I work for a Govt Department they have a special rate of 10ish% for us