Can I change the terms of my novated lease during the lease period?
Yes, you can generally change the terms of your novated lease during the lease period, but there are conditions, limitations, and potential costs involved. Please speak with your novated lease administrator for specifics.
Can I terminate a novated lease early if I no longer need the vehicle?
Yes, but expect fees and penalties. Check your lease agreement for specifics.
Can I end a novated lease early?
Yes, you can terminate a novated lease at any time. However, this usually involves fees or penalties on the unpaid interest.
What is a residual value in a novated lease?
The estimated value of the vehicle at lease end, set by ATO guidelines. It’s payable if you wish to purchase the car and it’s subject to GST.
What is included in a novated lease package?
Besides the lease repayment, you may include registration, insurance, maintenance, fuel/charging and tyre cost in a novated lease package