Self-Managed Novated Lease Your Chance To Save More
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100% Flexibility - No more rigid agreements
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Hassle-free Management
How Self-Managed Novated Leasing Can Benefit You?
Here are some of the advantages of taking control of your vehicle finance journey
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Structure your finance arrangements according to your unique needs and preferences. With a self-managed novated lease, you have the autonomy to optimise your finance package for maximum savings.
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With a self-managed novated lease, you have full visibility into your lease expenses, allowing you to track costs, identify savings opportunities, and make informed financial decisions.
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With a self-managed novated lease, you have the power to choose the vehicle that best suits your lifestyle and budget. Whether it's a brand-new model or a reliable used car, the choice is yours to make.
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With expert guidance and proactive tax planning, you can structure your novated lease to optimize tax deductions, minimise tax liabilities, and keep more money in your pocket.
A self-managed novated lease offers employees the perfect opportunity to arrange finance for their lease independently from the company administering their employer's salary-sacrificing program.
While enjoying the same benefits as a standard novated lease, opting for a self-managed approach assists in securing the best finance deal available.
What is a self-managed novated lease?
How does a self-managed novated lease work?
In a self-managed novated lease, employees take the lead in setting up the finance for their lease independently from the company providing salary sacrificing services to their employer.
Typically, this involves engaging a specialised novated lease provider to facilitate the finance for the lease. By doing so, employees can access better finance terms and lower costs, thanks to the expertise and negotiating power of the specialist provider.
How To Set Up Self Novated Leasing?
Setting up a self-managed novated lease is a straightforward process designed to empower employees in taking control of their vehicle finance. Here's how to get started:
Secure The Finance
On your novated leasing journey, the first crucial step is to secure your lease finance. Leave this task to a trusted 'third party', such as Novated Finance Australia, renowned for our expertise in setting up leases efficiently and cost-effectively. Here's what we'll do for you:
✅Calculate the numbers to reveal your novated lease costs upfront, providing clarity on what you'll pay and the tax savings you can expect.
✅Navigate the finance market on your behalf, exploring options from multiple specialist lenders to secure the most favorable terms.
✅Utilise our dealership connections to negotiate the purchase price of your chosen vehicle, ensuring you get the best deal possible.
✅Create a suitable budget for your car's running costs within the novated lease framework, considering your estimated usage and the specific vehicle you'll be driving.
✅Structure your lease to maximise tax benefits, advising on eligible vehicles for additional savings and investigate opportunities through electric vehicles to mitigate any fringe benefits tax.
✅Prepare all necessary novated lease documentation for your signature and facilitate the process of getting them countersigned by your employer's salary packaging provider.
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Submit the paperwork
The next step is straightforward: submit the pre-prepared and signed lease documentation to your employer’s salary packaging supplier. From there, they take over the administration of the lease alongside your employer. Here's what this means:
✅Your agreed-upon salary sacrifice amount is deducted from your salary and allocated towards covering your lease payments.
✅You'll receive a fuel card for convenient fuel purchases (if applicable)
✅Your salary packaging provider will guide you on the process for reimbursing any personal car running costs you pay upfront and then claim back.
It's important to note that your employer's salary packaging provider typically charges an admin fee for the ongoing management of your lease.
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READY TO TAKE
CONTROL OF YOUR
FINANCES?
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A self-managed novated lease is a finance arrangement where employees take control of their vehicle lease independently, separate from their employer's salary sacrificing program.
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In a self-managed novated lease, employees arrange their lease finance independently and have greater control over vehicle selection, finance options, and administration.
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A self-managed novated lease typically covers lease payments, fuel, maintenance, insurance, and other running costs associated with the leased vehicle.
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Ultimately, no. Whether it's a standard novated lease or a self-managed one, your employer's participation is essential. They must be part of the agreement, deduct lease payments from your salary, and remit them to the lease company on your behalf once the arrangement is established.
Frequently Asked Questions
Got a question? We have the answer!
Working At A Government Department? We Can Help You!
If you work at any of these government departments, we can help you secure a novated lease on your car: