Choose a novated lease

Whether you’re looking to get into a new or used car, a novated lease is one of the most cost effective ways to buy and run your car.

Like other salary packaging arrangements, when you package your car, you pay a portion of the vehicle’s costs out of your salary before tax is calculated. This reduces your taxable income and effectively increases your take-home pay.

Smartleasing, sister company to AccessPay, will manage your novated lease. Through the expertise of  Smartleasing, you will enjoy immediate access to the latest digital technology including, a purpose-built mobile solution for quick and hassle-free account management and eClaims, instant online credit applications, and paperless ‘e-sign’. Coupled with award-winning service and the vehicle buying power, we’re confident that you will have a great experience.


It’s easy to get started. Simply decide on the car you’d like to buy and ask for a quote. If you’re happy with this, the purchase of the car is arranged for you so you can benefit from our national buying power. Then once your car is ready we let you know and you’re all set to go.

If your employer offers salary packaging, using your pre-tax salary to pay for your vehicle costs is a great way to save tax and get more for you, so let us help you get started today.

Doing the sums

There are a number of different ways to pay for a new car, but does one save you more than another? Is it better just to pay cash? And what about taking out a loan against your mortgage?

The following example looks at the costs of purchasing and running a Mazda CX-5 over five years and how a novated lease compares to other popular forms of car finance.

Total cost over life, where life represents 5 years. All calculations based on the following assumptions: living in NSW 2000, salary: $70,000 gross p.a., travelling 15,000 kms p.a., lease term: 60 months. Figures quoted include budgets for finance, fuel, servicing, tyres, maintenance, Vero by Suncorp comprehensive motor insurance and re-registration. Novated lease calculations: use Net GST processing method and Employee Contribution Method for FBT purposes; the total cost over life reflects the net effect after tax and includes a Smartleasing admin fee; the Smartleasing buying power discount varies by vehicle and is subject to change; residual value is $9,268.04 including GST at the end of the lease term (the vehicle can be sold or re-leased to payout the residual at end of the lease term). Interest rate quoted for novated lease is 9.85% p.a. vs 10% p.a. for car loan vs. 4.14% p.a. for mortgage loan. Total cost over life for a mortgage loan reflects borrowing the purchase cost of the car against the mortgage and accelerating the payments to offset the change in interest charged and paying this additional amount off over 5 years. Essentially a car loan at 4.14% p.a. Vehicle pricing and finance rates are correct as of October 2018 and may be subject to change.