r/NovatedLeasingAU

Just started shopping around - for a new SL7 premium over 5yrs. First 3 quotes indicate an effective interest rate of 10.9%, 12.6% & 14% from SPA, leaselab and paywise respectively. Should i keep shopping around? What do people say to get a better deal? Should i try any provider in particular?

Help.....

I consider myself a pretty smart person but I think ive hit the wall with trying to purchase a Jaecoo J5 EV through a novated lease. I'm getting to the point where I just want to say stuff it all and purchase the car with cash.

I've attached the final quote from the NL company that we have to deal with.

We aren't sure if im going to be at this place of employment long term so have chosen to use 1 year as a starting point.

The numbers for disbursements are my own based on my own research, and unless anyone has comment im happy to proceed on these figures.

I guess the issue I've got is we pay a crap load of tax (top band) and have been told the EV via a NL is one of the small ways to get a financial benefit, so here we are. I've been told the effective interest rate is 9.5% but for the life of me I can't seem to replicate that on the usual calculators.

Can anyone with a better understanding of these quotes help me clarify whether this quoted rate is correct and if not, what it is? Otherwise any red flags in the quote?

I guess as long as we are saving some money, then great, but the way these companies frame their product and set things out, is really leaving a bad taste in my mouth.

As title suggests. I may have plugged the numbers in wrong on the calculator however... calculator link aboce

Howdy,

Seeking advice on something suitable under the LCT/FBT limit. Prado, Denza B5 and B8 aren’t EV. Can’t find Ioniq 9 or Kia EV9 under the price and no dealer demos on offer. Can’t find a decent EV Ute (Hilux isn’t comfy and low range). Denza D9 is too ugly. Just want a boxy 5+ seater with a big boot for carrying long rods (rod cases 2+ metres) , fishing boxes, carts etc. Needs to be comfy inside. Subaru Trail Seeker isn’t big enough. Teslas are too low to ground and regen + cabin pressure made me queasy.

Any ideas?

A big thank you for all the smart individuals here especially novated lease guide and Millar X. After a few months of research and haggling I managed to get a very nice quote for my Zeekr 7X. Now just waiting for the car to arrive!

Effective rate 7.09% on novated lease calculator

• Edit I had accidentally put GST NOT included in my residual figure and got my rate wrong

Fortnightly lease payment PRE-tax $572 after correction for 58month term.

https://preview.redd.it/gwu2r7tyhrah1.png?width=750&format=png&auto=webp&s=aa215f6ce0a563e8c0ea62254bcef58833816806

I’ll start by saying - we don’t need a new car

2 adults and 2 kids aged under 5

We have two petrol SUVs
My income is $240k plus $20k bonus - expecting early $300k in the next couple of years.

Partner is going back to work part time, full time salary is $100k.

PPOR loan is $980k, valued at 1.25m
IP loan 560k, valued at $660k
Offset account $20k

I’m thinking to sell one SUV worth $20k that’s about to be out of warranty, park the money in the offset and get the Zeekr 7x on novated lease

Lease total would be in the $500-550 range per fortnight

We have solar and battery so expecting most of the charging will be done at home, probably using an EV plan for 8-12c per kw

I’ve done the novated lease guide calculation and we are either 3k better or worse off over the 5 years

Does it make logical and financial sense to do this? What should stop me or make me reconsider?

Edit: thank you to everyone, I see both sides of the arguments and in some ways people are right, $20k in offset is nothing if the primary job is lost etc etc.

Yes the tax benefits are unreal, but I might focus on paying down PPOR and bumping up our savings, and check if we’re in a better position next year before the rules change around NL and EVs

Thanks for all your input and taking the time to give me a reality check

Has anyone managed to claim EV charging under a mixed setup for tax or novated lease purposes using both home charging and public charging like Chargefox/Tesla?

I am currently using a trickle charger at home, but I may upgrade to a proper fast EV charger later. If you are claiming actual costs, is there a practical way to track or see how much home charging electricity I have used with a trickle charger?

And if you have had a home EV charger installed, does the charger app give a clear breakdown of charging usage or costs that is good enough for tax records?

Would be great to hear what records, apps, or documents people are using, and whether their accountant or lease provider accepted it.

After my stolen in early April and retrieved car was finally written off in mid-May I have been waiting for my employer to finalise their agreement with an NL provider.

Finally this week was told it is Smart Leasing. Since we have been carless since April I was ready to go. Knew what we wanted etc.

We have been approved for finance and told that my insurer defaults to lowest rate which is about 7.6%.

Today they said the car I want Volkswagen id4 pro isn't available until Jan 2027. My local dealer told me earlier in the week I should be able to get one within a few weeks.

I have sent the details to Smart but curious if it's common for their network not to have stock but stock to be available?

I don't want to have to keep waiting given all the waiting with police, insurance, my employer etc.

Any experiences with this. Also any tips on dealing with Smart appreciated. I was prepared with a finance quote from my bank but what they've said is what my bank was prepared to offer.