How to Apply for a Novated Lease?
A novated lease is one of Australia’s most tax-effective ways to drive a new car. It’s a three-way agreement between you, your employer, and a financier where your lease payments are deducted from your pre-tax salary. This unique structure can save you thousands in GST, income tax, and running costs compared to traditional car financing.
Key Benefits:
Lower taxable income (potentially placing you in a reduced tax bracket)
GST savings on the vehicle purchase price
Bundled maintenance/insurance options
Flexible end-of-lease choice
When applying for a novated lease, being prepared with the right documents can save you time and ensure a smoother application process.
A novated lease is a simple way to finance a vehicle through salary packaging, but to get started, you’ll need to provide some essential details.
This checklist will guide you through the documents required and how One Car Group makes the process straightforward and hassle-free.
Step-by-Step Novated Lease Application Process
Applying for a novated lease through One Car Group is straightforward. Here’s a quick overview of the process:
Initial Consultation: Speak with our team to determine your eligibility.
Document Preparation: Gather all necessary paperwork listed in our checklist.
Application Submission: We help submit your application to a panel of trusted financiers.
Approval & Vehicle Selection: Once approved, you choose your vehicle and finalise your lease.
Our consultants will support you at every stage to ensure your novated lease application is as simple and hassle-free as possible.
Documents required for a Novated Lease Application
There are several documents required to help us understand your circumstances. We recommend that before undertaking your loan application, you have some of the following documents ready:
- Identification
In most cases, you will only need a clear colour copy of your drivers licence (front & back) which shows your current address. If your drivers licence is under 12 months old and you have not applied for credit in the past then the financier may ask for other forms of identification such as a passport, medicare card or bank issued card.
Continue Reading: https://onecargroup.com.au/how-to-apply-for-novated-lease/