This flexible arrangement allows employees to lease a vehicle using their pre-tax income, offering significant financial advantages.
If you’re considering a novated lease, this guide will take you through everything you need to know about novated lease requirements and the application process, so you know what to expect before, during and at the end of the lease term.
Want to know more? Head to our What is a Novated Lease? page to find out how novated leases work.
Speak to your introducers or click here to be put in touch with one of our trusted introducers.
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Before starting an application for a novated lease, there are a few things required to be eligible, including:
You’ll need to check with your employer to ensure they participate in novated leasing programs. Seek their approval and confirm any specific eligibility criteria or restrictions that may apply.
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Looking for a city-sized hatchback? Or perhaps a larger SUV for the family? Or maybe even a ute – choose between a wide variety of new and approved used vehicles to suit your lifestyle.
Before applying for a novated lease, it’s a good idea to research the car you want and finance options available to you. Be sure to consider things like vehicle specifications, pricing and vehicle reliability.
Did you know Metro also offers discounted rates and flexible terms on a range of green vehicles like electric and hybrid cars? Click here to find out more about electric vehicle novated leasing.
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Once you’ve narrowed down your car options, the next step is to obtain a quote from a trusted Metro introducer. These professionals specialise in novated leasing and can guide you through the entire process, including discussing any novated lease requirements.
A Metro introducer will calculate the lease repayment amounts based on your chosen vehicle, lease term, and projected annual mileage. They will also provide details about tax savings, which can be substantial under a novated lease arrangement.
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Upon receiving finance approval, you’ll need to sign the novated lease agreement. To provide greater convenience, Metro provides electronic documents to sign. This agreement outlines the terms and conditions of the lease, including payment amounts, lease duration, and any additional fees or charges.
It’s crucial to review the agreement thoroughly, seeking clarification on any aspects that are unclear before signing with your introducer. Once you’re satisfied with the terms, sign the agreement and return it to the novated lease provider.
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After signing the agreement, you can start enjoying your new car!
Novated lease providers often provide welcome kits that include important information about your lease, such as contact details for support and maintenance services. Take the time to familiarise yourself with these resources, as they can be invaluable throughout the lease term.
To find out more about the benefits of novated leasing, click here.
At Metro, we pride ourselves on empowering our clients by providing reliable and efficient service backed by real human experience from our award-winning team.
Metro Finance makes novated leasing simple, cost-effective, and stress-free. Here’s why thousands of Australians choose us:
Ready to get started? Contact our team to get a quote today.
