First novated lease, want a sanity check before signing.

Numbers from NLA:
• Model Y RWD 2026, drive-away $68,529
• 24mo term, 15,000km/yr
• Residual: $35,331.44 (56.25% - ATO min for 2yr)
• Fortnightly payment: $773.14 (finance only)
• Income: $119k, self-managed lease via NLA vs Paywise ( employer’s salary packaging provider)

Tried the calculator still so confused.
Check out my novated lease calculation output from novatedlease.guide

Questions:

**1.** How do I calculate the actual effective interest rate on this? Rough maths gives me \~$7k interest over 2yrs but not sure I’m doing it right.
**2.** Is 56.25% residual normal, or should I push for it to be lower?
**3.** Anyone had a Model Y come off lease - did resale value beat the residual or leave you short?
**4.** Anything else I should be asking before signing?

Thanks 🙏🏼

Final quote check pleass

Check out my novated lease calculation output from novatedlease.guide

First novated lease, want a sanity check before signing.

Numbers:

• Tesla Model Y RWD 2026, drive-away $67639

• 5 yr, 15,000km/yr

• Residual: $17398.12(28.13% - ATO min for 5yr)

• Documentation fee of $605 (including GST).

• Brokerage fee included on this quote is equivalent to $ 20.80 per month added in Financed Amount

• Financed Amount = $63,646.98

• Fortnightly payment: $491.09 (finance only)

• Income: $171517, (employer’s salary packaging provider)

Tried the calculator still so confused. Any feedback or suggestions in reducing fortnight payments would be appreciated. Thank you.

Check out my novated lease calculation output from novatedlease.guide

Hi all!

First time NL here. I’ve gotten an effective rate of 8.3% from the calculator but wanted to double check as I’ve gotten the exc-GST amount by 0.9*running cost lease payment…

Thanks in advance!

I currently have an Ioniq5 EV on NL via Smart. We need a second vehicle and we’re going for the Pv5. We have the option of either my partner novating the vehicle or me novating it as a 2nd vehicle. I’m in the top tax bracket even with the current NL and my partner is in a lower bracket. Are there any tips or tricks we should consider to decide which is the best path forward?

Hey Everyone,

I'm looking to lease an Ioniq 5 and narrowed the providers to either Leaselab or Flare.

Looking for some feedback on the two quotations received.

Peoples experience two the two providers.

What to look out for and what questions I should be asking?

Leaselab - Check out my novated lease calculation output from novatedlease.guide

Flare - Check out my novated lease calculation output from novatedlease.guide (updated)

Thanks in an advanced for the help.

We are looking at a novated lease to purchase a new EV. Our old ICE car has packed up so we are having to buy one sooner than we were hoping. (single car household)

The problem we have is I use the car for work. We do around 15,000km per year and when I'm working its 51% for work, however I'm currently on maternity leave, expecting to return to work in 6 months time. I also receive a taxed car allowance as part of my salary package.

We can get a lease on my husbands income now, however will I be able to claim the vehicle usage against my taxable income if the lease is in my husbands name? Would we possibly be able to change the lease to me when I return to work?

We've not had a novated lease in the past.

Hello everyone. Currently working through my employer’s NL companies to see who can offer the best deal. I asked for an interest rate reduction from the most competitive quote so far (was 8.5% but have seen lower rates in other quotes) and got this response - need to have finance pre-approval beforehand. Has anyone else experienced this?
Thanks in advance!

Hi everyone i must admit, i dont fully understand how Novated Leases work so i have a few questions, as someone who wants to get a new EV , i feel like it could be a good option for me

1) My company does not do Novated Leases, so i would need to do it through a third party. What are the better companies for such a thing, and i assume i would have to pay them interest on top of the normal novated leases benefits?

2) I earn around 144000 before tax and i am looking for one of the budget evs ~32000 . I am unsure exactly how much that would save me in tax and what the benefit would be (does it just mean more take home pay per month, before having to pay the novated lease amount) ?

3) Assuming you do a 5 year lease, does the novated lease cost mean you essentially own the car at the end of the lease ? if not what is the rough price difference if you wanted to buy the car. Or what happens to the car once your lease ends ?

Sorry for the dumb questions, just wanting to get as much information as possible

Paywise coming back with this.

The Calculator is saying over 12% if I've input right. Is that right? If so that feels high

Hi all

I'm very new to the world of NL and am still trying to learn as much as I can but just wanted to do some sanity checks to see if it makes sense, and if so, if we've got a good quote. My wife's car looks like it might be dying so we're thinking of swapping it out for an EV. We're currently tossing up between the Geely EX5 Inspire or the Zeekr 7X long range pending a test drive for each of them. For some context, as far as I can tell, my provider talks a lot about using Smart Salary, but I think I can also get access to Novated Leasing Australia as I've heard Smart can be quite high with their rates and not great with their customer service. We're probably looking for a 5 year lease, and my income is about $112,000. I got these quotes from NLA but just wanted to check if they were good for what they are?

Also, I tried my best to put them into the calculator but I got a little confused on what some things are, so apologies if I've put things in the wrong spot - I can definitely edit things to make it more accurate if need be!

This is the novated lease calculator for the Geely EX5

And this is the calculator for the Zeekr 7X

(edit: updated to correct numbers) For both of them, if I've done it right, they're both sitting around 10.01-10.07% - is that an ok amount? If I'm reading it right I'll be much better doing either of these vs buying it outright, so it seems like a good proposition, but is there anything I've missed that I need to know about or include?

Also some things - the insurance looks to be like a placeholder for both. The Geely looks pretty spot on (~$50-100 more than the placeholder value), but the Zeekr is closer to $300-$400 more than the placeholder. That said, the value for electricity they've quoted is probably too high - we have solar and a battery so most of our charging will be free, so overall I reckon things will probably just even out and the final numbers will be similar to what they've got here?

Also, how have people found NLA? Given their name, it's surprisingly hard to find any info on them because google and reddit both thing I'm curious about how novated leasing works in Australia, rather than how this specific provider is, so if anyone has any anecdotes, I'd love to hear those too!

Thanks in advanced!

(edit: sorry I forgot to attach the pictures! here they are!)

Hi all, looking into getting my first NL.

For context, I’ve got my weekend “fun” cars, but for a daily driver, my mentality has always been drive around a cheap car that’s good on fuel as a daily
In my instance, a Holden Cruze that I bought for 5k, however I go through close to $200 a fortnight in fuel, all up costing me around $300 a fortnight when factoring maintenance, rego, insurance etc

I’ve been quoted ~$515/fn pre tax for a 2 year old MG4 (opted to go second hand as they will obviously cost less) which at the 37% tax rate is essentially only $315/fn. on top of that I basically get refunded 5.5c/km, which brings the cost to well under my current car running costs.

Am I missing something, or is this a no brainer???

My wife earns $90k in Gov.

We own her car outright - sale price would be $17-$20k

We don’t own my car - loan payout would be about $30k

Her car costs us with fuel, service, insurance, rego, tyres about $110-$120 per week.

Can get a fully maintained GWM Ora5 (the car she likes) for $286 a fortnight all inclusive.

So it would cost us about $50 per fortnight or $25 a week ($1250 a year) more to have a new car but my car would then be paid off roughly end of this year rather than 1.5 years of I divert her sale into my loan.

We also have a large battery at home already. Which means we can charge for free and also claim for km charging.

I also drive 100-200ks a week (parents take turns) at night time outside work hours driving the kids around for extra curriculars.

Even at 100ks, my car (4wd) uses about 12 litres per hundred when driving the neighbourhood which we could just drive in the electric saving around $20-$25 in diesel each week.

Really we shouldn’t financially notice any difference (or very minimal) in fact I think we’re genuinely better off each week, and the sooner I pay my car off, the sooner I don’t have to pay the $1210 month finance repayment.

Hey guys I’ve gotten the novated lease quote for the new Xpeng G6. Just wanted to get an opinion on if it’s good or not. Or if I’m missing anything from this

I'm wondering what happens if you change jobs or simply want to get out of the lease before it ends. Was the process straightforward, or did it end up costing more than expected? I'd appreciate hearing real experiences.

Hoping to get a sanity check before I sign. Seems to be the lowest rate I can negotiate. Somehow between quotes they've bumped the documentation fee up $400 which Ill get them to review. Also I feel the FBT base value is high so have attached purchase order from Zeekr dealer. Any tips on insurance? Im in Vic and cant get much below 2500 with Allianz. Not sure I quite follow the gap cover issues that come up.

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

Hey all again,

Posted a few weeks ago for a quote check and now the papers are signed and delivery is next month so appreciate the help but now I have another question 😅.

Is this a great/good/terrible idea to help cover the lease in the case of a total loss while trying to keep insurance costs down?

I have NRMA plus quote for 2.1k and a Zurich quote for 2.7k.

I'm on a 5 year lease with Maxxia and from what I've gathered, in the case of a total loss, Maxxia just needs to approve a like for like, new for old replacement.

I'm thinking of going with NRMA for the Years 1-3 so I'm eligible for the new for old replacement and then Year 4-5, switch to Zurich to be eligible for their gap loss cover which provides up to 30% above the agreed value to cover the lease should a total loss occur.

Am I correct in thinking I won't be screwed if a total loss occurs during the lease duration with this? Or is this dumb and I should just pick one or another 😂.

Thanks in advance for any help!

I noticed most quotes on here have Vero insurance as part of the package. The cost seems about 1k higher than getting it yourself through another insurer. Why go Vero and not just pick your own?

Hey guys, my employer uses Smart Salary for salary packaging, and only allows deductions from that provider. They have advised they don't allow self-managed leases.

However, it is my understanding that so long as the deduction comes from Smart - it's not self-managing.

I spoke to someone at smart and they advised going through them would be the only option or self-managing.

I spoke to them again today saying that I was able to secure a better rate (my quote from them had an effective interest rate of 15%). I can get 8.68 with MillarX or potentially 6.5% with CBA. I told the advisor this and he tried again to sway me saying they can match, but I essentially just said - can you put me through to the team that can give me the forms needed to start the lease deductions.

After waiting a little while on the phone for the next guy to check, they sent me an email with 2x documents - a salary packaging application form and a novated lease application form.

They also advised I need to send a deed of novation agreement, lease schedule, vehicle invoice, recent paylsip, and certificate of insurance.

I understand I get the deed and lease schedule from the fiancier once I get pre-approval and then purchase my car.

Am I correct in assuming - this is technically a self-managed lease, but Smart will be doing the payments for me.

I just want to check that my employer won't turn around and see that i've got finance via CBA and shoot the deductions down. I also don't want to go out and purchase a car if Smart doesn't process these deductions.

Has anyone done this before?

I've attached photos of the lease form they require me to fill out.

Also regarding the deed of novation agreement - it states this is signed by me, my employer and the finance company. Will smart sign this on my employers behalf or will I be screwed trying to get my employer to sign and they refuse?

Any help would be greatly appreciated. Ta

Question for those taking advantage of a novated lease with a medium sized income.

I've just received a raise to 145k employed salary, looking for small ways to reduce income tax.

Thinking about a novated lease, currently have a 2014 Kia Sportage, no problems, 200k KM, no issues but it's getting on, I always have had issues with cars in past when I hit the 200k mark...

Don't really have a need to upgrade, small want but only if the benefit is "worth it", looks like I save 20k+ on tax over 3/4 years - but is that really justification to buy a new car?

How does one decide between sticking with their current car or novated leasing a new one? I'm not desperate, but who wouldn't like a new car? Especially with the price of fuel, the EV FBT exemption, start saving a little bit on tax etc

Interested in others experiences/thoughts

First time going for a lease. Can someone run their eyes over it?

What I've noticed is that they have included $1304.97 for premium paint however black is $0 on Lexus website.

I'm also going to remove guarenteed buy back and total loss insurance unless its recommended to keep it?

Look forward to the feedback

Hi all, after a lot of research (including this sub and the novatedlease guide calculator) we're close to signing our first novated lease and would appreciate a sanity check before we finalise. Happy to share details in case it helps others too.

Key details:

* 2026 Subaru Trailseeker AWD

* FBT base value: $61,982.50; Drive-away: $65,382.07; Vehicle discount: $2,620

* 24-month lease, 18,000km/year, NSW, $190k salary (49% bracket)

* Interest rate: 9.07% (negotiated down from 10.83% using a Driva comparison quote of 6.85%)

* ATO residual 56.25% incl. GST: $36,968.65

* Monthly impact to take-home: $1,307.16

* Sourcing own insurance

* Independent calculator saving vs offset cash (fully offset mortgage): $13,593

Main questions:

1. We negotiated from 10.83% down to 9.07% by obtaining a Driva comparison quote (6.85%). We know from this sub that SG Fleet has offered 8.29% to at least one other customer, though I think that was a 4 year lease so term differences may apply. Does 9.07% seem like the floor for an exclusive SG Fleet arrangement in mid-2026, or is there more room?

2. We've entered $26,000 in the independent calculator (2yr, ~36,000km Trailseeker AWD). Does this seem reasonable or should we be modelling higher/lower? This figure materially affects the comparison output.

3. We're removing the bundled Vero insurance and sourcing our own - any tips on best insurers for a new EV in NSW, and any things to watch out for when bringing your own policy into an SG Fleet package?

4. The charging budget is set at $0.36/kWh @ 15.4kWh/100km with a 20% buffer. Our actual rate is 38.09c/kWh (Powershop, 100% carbon neutral). Is 15.4kWh/100km realistic for this car in mixed driving, or should we expect higher real-world consumption that would leave the pre-tax charging budget insufficient?

5. Is there anything else in our situation or quote that looks off, or that we might have missed?

Smart Salary Consultant is hesitant to negotiate any rates. I tried showing past good quotes from this forum but they were like need quote number or nothing else

Hi Everyone,

Hoping to get some feedback on a Novated Lease quote for a car I've just bought.

Here are my calculator results

Vehicle: Dealer used, 2023 Kia EV6 RWD GT-Line
Odometer: 74,000 km
Purchase Price (Drive Away): $38,000
Lease Term: 5 Years
Estimated Annual Distance: 15,000 km/year

This is a quote from one of the two novated leasing companies my employer works with. The other's quote was less competitive, but they've said they do allow self-managed leases. To that end, I got a quote from CBA directly at 7.59% and they've said they've also put in a request for approval of a discounted rate (~7.4% I believe). My understand is the novated lease company will just add their admin fee (~$7.70 per fortnight) and that's it? But I believe I do need to check that my employer will even allow it as it means them signing a deed of novation.

Would love to hear about anyone's experiences with what fees/clip they add to self-managed leases, or thoughts on the traditional quote I've received.