How Long Does It Take to Get Approved for a Novated Lease?

When applying for a novated lease in Australia, one of the most common questions is how long it takes to get approved. Generally, the approval process takes around one week, but this timeline can vary based on several factors.

Standard Approval Time

On average, you can expect the approval process to take about a week. This timeframe is typical for most novated lease applications, assuming you have submitted all the necessary documentation and your employer is already set up for novated leasing. The time it takes to select your vehicle also influences this timeline, so the sooner you choose your car, the quicker the process can move forward.

Quick Approvals

In some cases, approvals can be incredibly fast. If all your documents are in order and there are no complications, some providers offer approval within as little as four hours. For those in urgent situations, there have been cases where approvals were completed in as little as 24 hours. However, keep in mind that this is more of an exception than the rule.

Factors Affecting the Approval Time

Several factors can impact how quickly your novated lease is approved. These include the speed and efficiency of communication between you, your employer, and the leasing provider. Any delays in submitting or verifying documents could slow down the process. Ensuring your application is complete with all required paperwork can help avoid unnecessary delays. Additionally, if your employer is not yet set up for novated leasing, the setup process could add extra time to your approval.

In summary, while the typical approval time is around a week, it’s possible to receive approval much sooner, especially if your application is complete and your leasing provider offers fast-tracked approvals.

Ready to explore novated leasing? Contact us today and see how quickly you can get on the road with your dream car!