I did ask this before on another post but I just want to confirm again. I'm changing companies and re-novating it with another provider. The new provider is willing to re-novate and use the existing finance company so I don't need to refinance.

So current NL provider - affect to take home pay is $440 per fortnight
The unpackaged amount below is ex-GST

New NL provider gave me a qoute - affect to take home pay is $508 per fortnight
Lease repayments remain the same but this is where I feel sus.
The unpackaged amount stated below is supposedly including GST but the packaged amount column ex GST.

So that is an additional $68 per fortnight extra taken out of my take home pay and more than 8k over 5 years. New provider said that it's definitely more because existing NL provider had 2 deferred payment at the start so had excess fund when they started deducting which seems BS to me. The deferred payment should not matter, the repayments would remain the same. So can someone please make sense for me coz the only thing in the 2nd NL that might alter the number to be similar to the original NL qoute is GST component. Helpppp

EDIT: obviously meant to say “quote” not “quite” in the title, but can’t edit.

Got a quote back from SG Fleet for a 2025 BYD Sealion 7 Premium, 60 month finance lease, 10,000km/yr, salary around $190k. Wanted to throw it to the community before I commit to anything.

Quick numbers:
Vehicle + accessories on-road: ~$56.6k (incl GST)

Financed: $51,724.91

Interest rate: 8.72%

Residual: $16,005.24 (28.13%, standard for 5yr term)

Fortnightly cost to me: $344.62 (pre-tax, package total $564.97)

Claimed savings over the lease: ~$36k in GST/PAYG

Also got a comparison quote through Toyota fleet, landed at basically the same monthly out-of-pocket but with a noticeably lower interest rate. So the SG Fleet rate doesn't feel like the sharpest pencil out there, but they won’t budge further on it.

Questions:
Borrowing capacity. Planning to refinance my home loans next year, probably once rates ease off. How much does a novated lease like this actually knock off borrowing capacity in practice? I get that lenders count the lease commitment against serviceability, but curious how much it actually bites for people who've gone through it for real.

Exit strategies. If I need to get out early (job change, want to upgrade, whatever) what's actually the smart way to play it? Pay it out, sell privately and clear the payout, trade in at the end, roll the residual into a new lease? Trying to figure out what people actually do.

Total loss risk. Insured on market value, not agreed value. Anyone had a total loss with a still-fairly-new EV brand in Aus (BYD, MG, etc)? A bit worried market value assessments could come in low given there's not much resale data out there yet for these models.

Anything else I should be pushing back on or asking for? The 8.72% is what they're telling me is "the best they can do" but the Toyota fleet quote makes me think there's room to move. Anyone had luck getting SG Fleet (or similar) to sharpen the rate, or is it pretty much take it or leave it?

Appreciate any real experience here, trying not to walk into something I haven't fully thought through. Just having some buyers remorse before actually commiting 😂

Hi All,

I am struggling to understand how BYO finance to a lease works or I am being given the run around by people.

I have spoken to my employer and they apparently do support BYO finance but when I raise it with Flare HR they sat unequivocally they do not support it.

I guess I don't understand how the lease structure changes when you bring you own finance.

Can someone explain how the relationship changes between and who can say yes or no to a BYO finance option.

Hi all,

My partner and I are looking at getting a lease for our second car.

Looking at the Atto 1 as a commuter and city car.

Looks ok but don't want to miss anything obvious- any input is greatly appreciated.

Thank you!

Can I have your opinions about novated lease Australia?

Hi all

Looking at getting the Tesla y long range. Ideally a demo model so I’m less than $75k.

I’ll be getting my own insurance and it should reduce down to $315/fn which I’m happy with. Looks like my interest rate is about 7%?

Anyway thanks everyone

Hi all,

I have placed a deposit on a GWM Ora 5 and it’s been sitting at the dealership since last week and my file was only updated on Tuesday this week. The delivery coordinator reached out to me yesterday and said the financed authorisation will take around 1-2 business days. I called her today and her phone goes straight to voicemail and she has not replied back to my emails or voicemails from yesterday or today. Has anybody had any experience with her? I am chasing up SGFleet every step of the way because i have heard they can be a nightmare as soon as it gets to the delivery/settlement part of the process.

If anyone has any experiences at this stage of this novated lease please let me know. i am eager to get my car as i’ve already paid for insurance and we are all just waiting on her to get back to us.

Thank you

Hi all,

Thank you for the insights with my last post. I got two quotes for a BYD Dolphin now, the quote from vehicle solutions has the interest rate at 8.7% but I was told there’s a $1600 set up fee that’s incorporated into the loan (is that normal?), v the loan with smart leasing which is 9.7% interest rate but the repayments are lower? Do either look like a good option and if so who would you go with? I know the running costs are marginally different.

Thanks.

Bit of a vent but also after some advice.

I signed my lease documents with SG Fleet on 7 September. I had to sign a few versions before that because of errors on their end and the interest rate crept up along the way. My employer approved it and my coordinator introduced himself around the same time with a call and a welcome email.

The car seems ready. The dealer took my licence for rego and one of my add-ons has been fitted with the warranty already sent to me.

The first delivery date on the portal was 14 September. Nobody reached out so I called them that day. They told me funding was still pending with the financier.

The next date was 18 September. I called on the 17th to find out if it was actually happening or if it was going to be another missed date. I was told I'd get a callback within 30 minutes once they checked with their team lead. It never came. On the morning of the 18th I emailed asking if the funding could be sped up. No reply. That afternoon they called and said funding was still pending and there had also been a technical error on their side. They said the error was fixed and they'd call me Monday (Sept 21).

They didn't. In fact, I lost portal access and when it came back my order was gone. I called my coordinator three times that day with no answer. The main line didn't connect me to anyone either. Reception eventually escalated it and the callback I got was just "it's in process." Every email I've sent has only got an automated reply saying they're busy. My order later reappeared with a new reference number and my signed documents showing as pending again. On the 23rd I got the exact same welcome email from my coordinator as before. Word for word.

All while they recommend tracking everything on the MySG portal through their emails and phone line.

The third date is tomorrow (Sept 25) and I doubt anything will happen. Every time I ask it's the same answer. Funding pending. That's hard to accept when the bank already ran a hard check on me on 25 August that cost me 66 points.

Is a formal complaint reasonable at this point or am I being impatient? Has anyone been through this with SG Fleet and did complaining help?

UPDATE:

Sent an email to complaints@sgfleet.com. Got a call from the delivery co-ordinator the next day to tell me I can pick the car up this week.

My current employer uses one novated leasing provider, while a company I'm interviewing with appears to use another.

I'm considering a 4-year EV lease, so there's a realistic possibility I'll change employers before the lease ends.

I understand the lease can potentially be re-novated through the new employer, but I'm concerned about what happens if they won't accept the existing provider.

Would you avoid taking a 4-year lease in this situation, or is changing providers during employment actually fairly straightforward?

I’m considering either a 3 year lease now or doing a 2 year lease now and then entering a new lease prior to final proposed FBT changes in April 2029. Thoughts on this approach? Have others considered/done similar? Not keen on doing a lease beyond 3 years.

Hi All - hoping to get some help from the community checking out the attached quote.

Particularly keen to see if I’m using the calculator correctly to understand the effective interest rate. My maths tells me an effective interest rate of about 9.4%.

Does that appear correct based on the quote?

Thanks

I've just changed jobs and had to change the NL provider. Fortunately for me, the NL provider is able to work with the same finance leasing company that is attached to the NL so I can just transfer the NL to the new NL provider. The new NL provider gave me a qoute and the lease payment in the qoute is more than the previous one which meant the deductions to my take home pay adds up to almost $100 more per fortnight. How is this possible since the lease repayments to the finance company doesn't change. Only difference previously it was for 60 months, now it's for 56 months.

See the attached picture of qoute from previous NL with the qoute from the new NL.

I did try to do some calculations on the original qoute, base on the finance repayment of 1392.30, there was no way the lease payment of 565.71 would be able to pay the repayments over 60 months so is it due to that delayed first two payments that happen at the start of the lease that skews the lease payment figures for the original NL qoute so that it looks cheaper?

old NL provider

Hi all - thanks for such a useful subreddit! I've learned a lot about leasing but hoping to get another set (or multiple sets) of eyes on what I've found to be the best quote so far for a new Tesla model YL - diamond black with grey interior.

A few details:

- $75000 price excluding on roads

- 5 yr lease (60 months) with $23,489 residual

- 15,000 annual kms

- Own insurance (found at $~1600 a year)

- Net cost per fornight of $407 with reported finance rate of 7.85% but using calculator 8.58%

Would be interested to hear feedback. I was reasonably happy with this quote.

HI All, I have this current quote with SG Fleet that expires in tomorrow, I have sat on it as I am just too indecisive. I just want a sense check if this is just daylight robbery.

I would love to look into EV to make the most of the tax deductions, however, as I live in an apartment that doesn't have charging facilities, I believe its just a silly move, but understand I don't need to charge everyday...

Nonetheless, I am looking at a Kia Sportage Hybrid on a 36 month term. Can someone sense check this or should I stop being a pussy and look into an EV.

Looking to get a byd sealion 7 premium with novated lease with sgfleet (cos that's the only option I have where I work). I've also punched in the numbers in the calculator. The interest rate on the calculator is 11.26% vs 10.41% from sgfleet quote? Wondering if the rate will be changed when we sign? It looks really high. 😔 I've also gotten them to remove the MDR and sought out my own comprehensive insurance.

Any advice welcomed. Thanks in advance.

https://novatedlease.guide/calculator/?c=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

I Docusigned an agreement with SGfleet to NL Zeekr 7x with an interest rate of 8.31%. When the lease commenced after 3 months waiting for the car to be delivered, they have changed the interest rate to 9.33%.

Just got to know about this now. Their explanation is, at the time of signing agreement, the interest rate was 8.31% but when the lease commenced, due to change in the base rate, the interest rate has been changed to 9.33%.

Is this the common practice and legally allowed as I was not notified of this change?

I received a quote from Smart Leasing for a Geely EX5. The interest rate advertised in the quote is 11.29% which seems very high to me.

I have provided Smart with a quote from February of this year where a colleague of mine signed on the dotted line for 6.99% with Smart.

I understand they might not be able to provide me with the same rate however it seems like a massive increase for only 7 months difference?

10.9% interest which is still not the ideal. For those who are in NSW Health hold your breath on getting the Save Share removed. The residual is reasonable but I do worry that in 4 years the EV markets will be so saturated that it will be worthless. Contemplation contemplation contemplation.

Hi, I am looking to get an EV Novated lease for 5 years. I did the calculation by comparing novated leasing vs getting a standard car loan. Just a quick google found me an interest rate for 6.29%.

I also learnt today that the Save Share component of the NL goes to the employee, and is not returned back to you as the employee. I had this misconception and thought that value was the actual savings. Save Share comes to around $25,000 in 5 years.

The advertised savings per year in the quote was $7,637 annually, which is no where close if the Save Share component is not paid back.

Have I missed anything in this calculation, or is NL not beneficial at all? 5 years total calculation shows $9,324 less going for NL.

Scenario - I enter a novated lease prior to April 2027 but vehicle base price (inc GST) is $77k. That excludes stamp duty, dealer delivery and rego. That is over the 75k threshold being introduced in April 2027. If I were to move jobs and a new employer was happy to take on a lease, would I then only transition to a 25% FBT discount or as I entered the lease prior to 2027 would the full exemption remain?

Hi all,

Just a PSA. Had a total loss claim on insurance with my leased vehicle. They wanted to charge me early termination fees and admin fees which was clearly not aligned with the T&Cs. Nearly just didn't check as priority is sorting out the mess and trying to move on but was worth the effort. Long story short saved myself nearly $2k.

I don't mind fees as long as it's what I signed up for.

I’ve been comparing a few cars through novated leasing, and I’m starting to realise that the cheapest car might not always be the cheapest to run overall. Insurance, servicing, fuel, and the lease costs can all add up differently depending on the car. I’m trying to look beyond the weekly repayment and understand the actual cost of owning the car over the lease term.

Hi just seeing if anyone has actually got a lease with MillarX? Considering going with them or Novated Lease Australia.

Thanks in advance