A Novated Lease is generally a three-way agreement between an employer, employee and finance company, under which the employee leases a vehicle from the finance company and employer agrees to take on the employee’s obligations under the lease. Normally, the employer then makes the lease payments on behalf of the employee and deducts them out of the employee’s pre-tax income. A novated lease must have a residual value as guided by the ATO: Click Here To Read More.
Novated Leases are now subject to the same servicing assessment criteria as a Consumer Loan. Please refer Consumer Loan for more information.
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