In Australia, the average price of a car is well over $25,000. With the high cost of living, this is not an amount many Aussies can fork out at once for a car: remember the average Aussie saves around $5100 per year so that would take a good 5 years to save up for new wheels! Well, thanks to car loans, many can get financial help to buy their desired vehicles right away.
Now before applying for any loan, it … Read more
A novated lease is an agreement between you, your employer, and your lender, in which you lease a car through your employer with a leasing company. If you’re not sure what a novated lease is, whether you want one, or what’s involved, here’s a basic overview of answers to common questions.
Who pays for the car under a novated lease agreement?The employee does. The employer is the one leasing the car, but you’re the one making the payments. The … Read more
A novated lease is an agreement between an employer, an employee, and a financial institution or leasing company. There are several different types of novated leases, but under most, the employer agrees to pay the cost of leasing the vehicle, including monthly lease payments and, usually, maintenance expenses. In return, the employee agrees to sacrifice a certain amount of pre-tax earnings toward the vehicle.
Many employers offer novated leases as a benefit to their employees, and as an alternative to … Read more