Novated lease

Novated leasing from the Bank provides a flexible, portable and convenient way to acquire a motor vehicle as part of an employee’s salary package.

Employees lease a motor vehicle of their choice and while they remain employed, their employer agrees to pay the rentals and other running costs (if applicable) directly from the employee's gross salary.

Features

• Minimum novated lease amount is $10,000 over terms that range from two to five years
• Interest rate and repayments are fixed for the term of the contract
• Leases may be structured as either finance lease or operating lease and may include the option of vehicle maintenance and acquisition
• The lease is portable so employees can take the vehicle with them should they change employers

Business benefits

• There may be tax advantages for the employee’s remuneration package and professional advice should be sought
• Novated leasing may be a more cost effective alternative to operating a fleet of company vehicles
• Employee vehicles are “off balance sheet”
• Time and costs associated with the management of the vehicle are not the employer’s responsibility

We can also help you with some answers to your frequently asked questions.

• Important information about advice
  As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on the advice, consider its appropriateness to your circumstances. Applications are subject to the Bank’s normal credit approval. Fees and charges are payable.