Novated Lease Calculator Right Way To Know Your Salary Packaging

The novated lease calculator provides precise approximation of salary packaging lease savings for selected vehicles

. Novated lease scheme or salary packaging is a new lease scheme of vehicle lease for Australian employees. Under the lease scheme, Australian employees are facilitated with express lease by financing company involving lease regulations and paper works, subjected to employer involvement and consent to bear the lease payment responsibility.

Novated lease is an agreement between three parties involving the employer, employee and the financing company. It facilitates the employer to lease a vehicle from the finance company on behalf of an employee ensuring the payment of lease amount without any loan default. The employer is completely accountable for lease payment to financer and deducts the amount from the employees pre-tax income. The novated lease process is an express way to lease a vehicle as all the involved parties provide a good payment trust and mechanism.

Novated lease scheme has numerous advantages for the employee as it lowers tax burden of the employee as it is pre-tax deduction. So the employee is able to take away more savings to home. It offers flexibility in lease terms and vehicle selection. Novated lease also saves on GTS. It offers budgets for financing planned fuel, insurance, registration and maintenance. Novated lease facilitates owning a new vehicle fast, simple and cost-effective at the same time. Under this scheme used vehicles, not more than seven years old, are also entitled for lease.

Novated Lease Calculator estimates the subsequent financial aspects taking account of the FBT Changes and Salary Package

Costs

Interest rate

Indicative repayments

Long-term lease benefits

Short-term lease profits

Residual value

Things to be required for estimation of the best loan structure are as follows

Employees Basic salary

Lease interest rate

Lease period

Vehicle Cost

Loan and standard amount

Available discounts and concessions

Maintenance costs

Working mechanism of novated lease calculators:

The novated lease savings differ subjected to the number of kilometers the vehicle runs, employees salary, the maintenance incur and rest inline factors. You can easily decide the best scheme for your specific income class and vehicle. Novated lease calculators are available online facilitating you to calculate your novated lease online within a matter of minutes. This helps a customer obtain a loan with the best financial term available. You can also compare your lease amounts on different vehicles as well as terms. The novated lease calculator is an effective way to figure out the most suitable repayment scheme for you withing your salary limitations.

by: Adam Smith

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