More car, less tax
100% free. No impact on your credit score
Why choose a novated lease through Savvy?
Our aim is to not only provide exceptional service but to educate and help people make savvy financial decisions now and into the future.
Your potential novated lease savings
| Car loan | Mortgage equity loan* | Cash | Novated Lease | Novated Lease (EV) | |
|---|---|---|---|---|---|
| Vehicle purchase price (inc GST) | $46,793 | $46,793 | $46,793 | $40,983 | $40,983 |
| Running costs over 5 years | $32,082 | $32,082 | $32,082 | $29,165 | $18,440 |
| Finance cost (inc. interest and fees) | $54,920 | $54,147 | $0 | $48,678 | $48,678 |
| Tax saved over 5 years | $0 | $0 | $0 | $12,783 | $25,775 |
| Novated lease cost comparison | $87,002 | $86,229 | $78,875 | $65,060 | $41,343 |
*Finance cost shown if the amount added to your mortgage is paid off in five years. If the mortgage top up amount to purchase a car is paid off over the remaining mortgage term, additional interest of over $30,000 could be charged over a 20-year period.
Figures are for illustrative purposes only, based on annual gross salary of $80,000 and travelling 15,000km/year over a five-year term. Vehicle price of $46,793 drive away, fuel price of $1.85 (or $0.35/kWh). Compared to a five-year secured loan of 6.49% p.a. and a mortgage redraw of 5.90% p.a.
How we support you
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We help you feel comfortable asking any questions and give the support you need to make informed decisions.
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Highly personalised care starts with your very own, dedicated consultant who you can contact by email, SMS or call.
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Benefit from over 15 years of industry experience to quickly identify fact from fiction.
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We think ahead and help you consider how a novated lease can add value towards your future goals and objectives.
Over 4,000 satisfied customers
Savvy is rated 4.9 for customer satisfaction by 4542 customers.
Frequently Asked Questions About Novated Leasing
What types of cars am I able to use with a novated lease?
When it comes to novated leasing, you’re limited to passenger vehicles in terms of the types of cars that you can drive. This means commercial vehicles such as trucks and buses may not be allowed. However, models such as utes and dual cabs are still available for lease provided that their maximum payloads don’t exceed 1,000kg.
Can any business provide novated leasing to their employees?
Almost any employee that pays tax can save through a Novated lease, but it does require your employers approval. If your employer doesn't have a packaging partner or is considering a change our industry experts make sure the process is simple and easy,
What happens to my novated lease if I change jobs?
If you leave your company, either voluntarily or otherwise, you can switch your lease to your new company provided it offers salary packaging. However, if they don’t, your lease will revert to a standard consumer car loan and you’ll be required to complete the remainder of its payments out of pocket. This means that you’ll no longer gain any of the tax benefits present on standard novated leases, as well as your maintenance package if you opted for one.
How long can my novated lease agreement be?
You can take between one and five years to lease your car under a novated agreement. However, this can be extended if you decide to refinance your residual at the end of your term.
How do novated lease interest rates work?
The interest rates charged on novated leases are very similar to those on car loans in terms of how they’re determined. Your credit score will play a role in this, as your leasing company will conduct a credit check to determine whether you’re a suitable candidate for finance.
The other terms that will be considered are the lease terms (length of your loan), car age and value.
However, because the payments are deducted from your salary by your employer and your lease provider owns the car until the end of the term, these arrangements are generally considered lower risk than others like car loans.
Can I get a novated lease to finance a car from a private seller or used car?
Yes. We will conduct some basic check to ensure the seller is legitimate plus if the car is from a dealership you save on the GST. There are some great deals available on used vehicles plus di dyou know Savvy Benefits is the only Packaging Partner who can help you find a used car?
I need to transfer my existing lease, can you help?
Yes! Savvy Benefits is able to help regardless of workforce size, location or industry. We undertake a specialised re-novation consultation with you to establish updated budgets such as allowing for pro-rata registration renewals.
