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Setting up a novated lease might sound complicated, but with the right guidance, it’s a smooth and rewarding process. Whether you’re an employee looking to save on tax or an employer wanting to support staff with vehicle benefits, this step-by-step guide will walk you through how to set up a novated lease with help from Fingo.
Step 1: Confirm Your Eligibility
Before you dive in, make sure you’re eligible. You must:
- Be a PAYG employee (not a sole trader or contractor)
- Work for an employer that supports salary packaging
- Have a stable income (typically $45,000+ annually)
- Be able to pass a credit check
If you’re not sure, Fingo can help assess your situation quickly.
Step 2: Talk to Your Employer
Speak to your HR or payroll department to confirm that they allow novated leasing. If they haven’t done it before, don’t worry, Fingo can onboard them easily, provide support, and handle compliance paperwork.
Step 3: Choose Your Car
With Fingo, you can lease:
- New or used vehicles (under 7–10 years old)
- Electric vehicles (EVs) or hybrids
- Cars from dealers or private sellers
Choose the vehicle that best fits your lifestyle and budget. EVs may even qualify for FBT exemption in 2025.
Step 4: Get a Quote and Cost Breakdown
Fingo will provide a customised quote that outlines:
- Lease repayments
- Bundled costs (fuel/charging, servicing, insurance, rego, tyres)
- Expected tax savings
- Any applicable GST or FBT benefits
Use Fingo’s Novated Lease Calculator to see how much you could save each month.
Step 5: Submit Your Application
Fingo will guide you through a simple application process, including:
- Personal and employment details
- Vehicle selection and sourcing
- Credit assessment and approval
Once approved, lease documentation is prepared for signing.
Step 6: Finalise Lease Documents
You, your employer, and Fingo will sign a three-way lease agreement. This includes:
- Lease duration (typically 3–5 years)
- Monthly payroll deduction schedule
- Vehicle handover arrangements
All documentation is compliant with ATO regulations and salary packaging standards.
Step 7: Drive Away in Your New Car
After signing, your car is delivered or collected, and you’re good to go. Fingo takes care of ongoing support, service scheduling, and managing running costs through your pre-tax payroll deductions.
Your lease is now active, and you’re officially reducing your taxable income while driving a fully maintained car.
Bonus Step: Maximise Your Benefits
Throughout your lease term, you can:
- Track expenses via Fingo’s online portal
- Adjust your salary packaging if your income or circumstances change
- Contact Fingo’s team for questions about tax, FBT, or vehicle upgrades
At the end of your lease, you’ll have options to:
- Pay the balloon amount and own the car
- Trade it in and upgrade to a new lease
- Return the car (depending on agreement type)
Set Up Your Novated Lease with Confidence
Setting up a novated lease doesn’t have to be complicated, especially with Fingo by your side. From vehicle selection to compliance and payroll setup, Fingo simplifies every step so you can drive smarter and save more.
Ready to get started? Try Fingo’s free Novated Lease Calculator or speak to their team about your next car.