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Compare Novated leasing - Data last updated on 23 Jul 2018

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Motor Loan
Advertised Rate
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6.99%
fixed
Comparison Rate
8.10%
Monthly Repayment
$594
Upfront Fee
$295
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New Car Loan
Advertised Rate
5.99%
fixed
Comparison Rate
6.34%
Monthly Repayment
$580
Upfront Fee
$250
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New Car Loan
Advertised Rate
5.99%
fixed
Comparison Rate
6.53%
Monthly Repayment
$580
Upfront Fee
$380
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New Vehicle Fast Loan Low Rate
Advertised Rate
5.99%
fixed
Comparison Rate
6.53%
Monthly Repayment
$580
Upfront Fee
$380
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New Car Loan
Advertised Rate
6.17%
fixed
Comparison Rate
6.72%
Monthly Repayment
$582
Upfront Fee
$395
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Low Rate Car Loan (New and Used Car < 5 Years)
Advertised Rate
6.99%
variable
Comparison Rate
7.91%
Monthly Repayment
$594
Upfront Fee
$250
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Used Car Loan
Advertised Rate
7.49%
fixed
Comparison Rate
8.04%
Monthly Repayment
$601
Upfront Fee
$380
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Secured Personal Loan (Car < 2 Years)
Advertised Rate
7.99%
variable
Comparison Rate
8.96%
Monthly Repayment
$608
Upfront Fee
$200
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Unsecured Personal Loan - Diamond (Excellent Credit)
Advertised Rate
8.50%
fixed
Comparison Rate
9.36%
Monthly Repayment
$615
Upfront Fee
$595
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Personal Loan Fixed Rate
Advertised Rate
From
9.50%
fixed
Comparison Rate
10.06%
Monthly Repayment
$630
Upfront Fee
$150
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Secured Personal Loan (Car 2-7 Years)
Advertised Rate
9.49%
variable
Comparison Rate
10.45%
Monthly Repayment
$630
Upfront Fee
$200
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Personal Loan Fixed
Advertised Rate
10.99%
fixed
Comparison Rate
11.87%
Monthly Repayment
$652
Upfront Fee
$150
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Unsecured Personal Loan
Advertised Rate
12.99%
variable
Comparison Rate
13.95%
Monthly Repayment
$682
Upfront Fee
$200
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Unsecured Personal Loan Fixed
Advertised Rate
Headline rate
13.49%
fixed
Comparison Rate
15.85%
Monthly Repayment
$690
Upfront Fee
$150
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Unsecured Personal Loan
Advertised Rate
Headline rate
12.69%
variable
Comparison Rate
16.55%
Monthly Repayment
$678
Upfront Fee
$150
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Personal Loan
Advertised Rate
15.99%
variable
Comparison Rate
16.84%
Monthly Repayment
$729
Upfront Fee
$150
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Novated leasing

There are many ways to obtain financing for a new car, and most people are familiar with the concept of personal loans to buy many types of transport, including cars, boats and motorbikes. One method that can be particularly useful for you as an employee, and for your employer too, is novated leasing. This type of leasing is often thought to be solely for business owners or for fleet cars, but that isn't the case. Novated leasing is an alternative way of financing a car that anyone can take advantage of, and can give tax benefits that significantly reduce the net cost of purchasing and running a car.

How does novated leasing work?

Novated leasing works when a lender facilitates an arrangement between you and your employer so you can divert some of your income before it is taxed towards buying your car and the costs of running it, which could mean considerable savings for you. You can benefit even if you don't own a business, only want the car for private use and have a low annual mileage. You could also use a novated lease to buy a used car, and you can take advantage of one whatever your level of income.

Why do people use novated leasing?

Saving money is the primary goal of most car buyers, and if you're saving tax at the same time, then it may well be worth exploring your options with lenders and your employer. When an agreement is set up between the three parties, your employer will make salary deductions for your regular lease payments that will be a combination of your income pre-tax and post-tax.

What are the main features?

Novated leasing means you can get the car you need while also saving tax. You can get your car running costs bundled into the lease deal, so as well as the purchase price, your single salary deduction can include fuel, insurance, maintenance and tyres. You can maximise your tax savings and cut out the hassle when you have to budget for your running costs. As with any form of car leasing, you should compare the options available and be comfortable about interest rates being charged, any fees or hidden expenses in the package, and that you can afford to have a part of your salary taken as a repayment every month.

What are the pros and cons of novated leasing?

Novated leasing can be an ideal way to purchase the vehicle that best suits your work and personal circumstances, while enjoying tax benefits. It's important to examine the small print of any deal, and to discuss with your employer and the finance company what the implications are in terms of interest rates and lease term. You should also check on the eligibility of the vehicle, the kilometres you will travel and other factors to ensure you will be entitled to tax concessions.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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