A novated lease will suit any employee wishing to include a motor vehicle as part of their salary package offered by their employers.
How does a Novated Lease work?
A novated lease is an agreement between your employer, yourself (the employee) and the financier. It is the employer's obligation to meet the repayments.
Under this arrangement, the employer pays the monthly lease on behalf of the employee, with the employee to use the vehicle as part of their salary packaging arrangement.
If employment ceases for any reason, or the lease agreement is finalised, the novation ceases and the obligations assumed by the employer revert to the employee.
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