News
Are Novated Lease Calculators Accurate?

Are Novated Lease Calculators Accurate?

A Novated Lease calculator is only accurate if the company providing it uses the same data from the calculator in the final quote and package documents. To understand this we will explain all of the different pieces of data that are required to complete a quote.

  1. The vehicle price – The total drive away price of the vehicle is made up of a number of items that effect a Novated Lease quote. These include the government on-road costs of registration and stamp duty and the total GST applicable to the total vehicle cost. Vehicle Solutions Australia’s Novated Lease calculator estimates the GST, registration and stamp duty cost in each state and territory to ensure the quote is accurate.
  2. Residual value – Vehicle Solutions Australia uses the ATO minimum residual value percentages to ensure that every quote is within required guidelines and will be approved by the financier. This residual value percentage will be the one used in your final quote and contracts.
  3. Interest Rate – Our interest rate will always be the same on the quote and the final contract. Even if there is a shift in rates we will always honour our quotes.
  4. Lease term – The lease term is shown in months, so 5 years is 60 months, 4 years is 48 and so on. The reason for this is to allow you to see exactly how many payments are required to be paid. A majority of Novated leases are 2 months in arrears, this simply means that the first to payments are $0.00. This does not change the lease term. EG. 60 month contracts simply means 58 payments of $x plus the end residual value. On our Novated Lease calculator, you can choose a lease term from 1 to 5 years or 12 – 60 months.
  5. Annual budgeted km allowance – This is one of the most important fields to get right as it will dictate the budgets to be set for; fuel, tyres, and schedule services. Obviously, a car travelling 10,000kms per year will use less fuel, tyres and scheduled services than a car travelling  25,000kms per year. A great way to get an accurate guide is the count the number of kms you do on an average day and then extrapolate

Try our Novated Lease Calculator

Use our Novated Lease calculator, it’s free and we don’t ask for your personal details. This means you can do as many quotes as you like on as many different car prices and salary levels you need.