Your novated lease options: your lease, tailored to you

One of the best things about novated leasing? It’s a road-trip with options, not a one-way street. And Oly is all about making sure your novated lease works for you. Think of Oly as your expert leasing co-pilot – providing all the coordinates, so you can take the smartest route.

It’s about accessible, simple leasing, with real tax savings opportunities.

Here are four ways Oly supports you to get the best out of your novated lease.

Key takeaways

Novated lease car options – you pick your ride

Some people think novated leasing is only for new cars. Truth is, you could lease a new car, a used car, or even the one you already own so long as your car:

• Isn’t designed to hold more than one tonne (roughly the weight of a fully-grown saltwater croc!)
• Can’t carry 9 passengers or more (sorry, no bucks parties!)

Whatever your choice of wheels, the same awesome perks apply. This means, you can take your car payments and most running costs (tyres, rego, fuel or charging, insurance and servicing) from a mix of your before-tax and after-tax salary, which could cut your taxable income and save you thousands in tax.

And novated leasing ramps up even more with an electric car thanks to the government’s EV Discount. With an eligible EV, you can make your regular lease payments entirely from your before-tax salary to stretch benefits even more.

And it’s your lease, your choice with Oly. You could:

• Go brand-new and hit the road in the latest model with all the bells and whistles. Upgrade to an eligible EV to supercharge your tax savings opportunities.
• Go pre-loved and snag a quality used car for a smart price.
• Stick with what you love and lease a car you already own (if eligible) though a novated lease and enjoy the perks.

If it’s a new car you’re after, Oly could get you a super competitive deal through its giant network of dealers. This is because Oly is backed by one of Australia’s largest and most trusted novated leasing providers, MMS Group, bringing bigger buying punch and 35+ years of experience.

Budget running costs for the road ahead

How are running costs budgeted in a novated lease? Most running costs and lease payments can be bundled into one nifty regular payment that comes straight from your pay – weekly, fortnightly, or monthly. This way, you say goodbye to those unexpected bills.

But as we all know, life changes – and so do your driving demands. Whether you might be using your car more or less than expected, Oly makes it super simple to tweak your novated lease budget to match your eligible running costs.

• Spending more on car costs like insurance, fuel or maintenance? No sweat. Just increase your deductions to alter your regular lease payment amounts so your covered.
• Spending less than planned? Nice one! You can ask Oly to return any excess funds in your novated leasing account to you via payroll. Alternatively, you can opt to lower your regular payment amount, or roll the remaining balance into your next approved novated lease.

Pick your own repairer and insurer – or one of Oly’s

Have a mechanic you love? When it comes to getting your car repaired, you’re not tied to a single repair shop with an Oly novated lease – you're free to use your own trusted mechanic.

Insurance is just as flexible. You can stick with your current comprehensive insurer and have the cost included in your lease or choose from Oly’s options to keep it simple (we have to say that the insurance options are subject to separate terms and underwriting criteria).

• Comprehensive insurance: covering damage to your car and others’, whether it’s from an accident, theft, fire, or even storms. It’s the highest level of cover, that could give you peace of mind no matter what the road throws your way.
• Lease protection insurance: if you lose your job or face an unexpected setback, lease protection insurance could cover your car lease payments and running costs for up to 10 months - or until you’re back at work or your lease ends, whichever comes first.
• Guaranteed buy back insurance: at the end of your lease, if your car's market value is less than the residual payment owed under the novated lease, you could be covered for the difference.
• Total loss assist insurance: helps cover the difference between your car’s insurance payout and the remaining amount owing on your novated lease if your car is written off.

Have end-of-lease flexibility

What happens at the end of your Oly novated lease? Oly steps into gear, helping you understand your options:

• Want to upgrade to a new ride? You could trade in your current car and roll into a fresh new lease.
• Prefer to refinance? Sweet! You could extend your lease by refinancing the residual amount (conditions may apply if your car is over eight years old or valued below $5,000).
• Keen to own your car outright at the end of your lease? Pay the residual amount and it’s yours! If there’s any money left in your account, this can be refunded to you through your payroll.

What if you change jobs?

Whether you get offered a great gig or you just want a career detour, the last thing Oly wants is to hit the brakes on your new adventure. So, if your employment changes, you could:

• Pay off your remaining lease balance (including any outstanding payments, fees and the residual amount) and the car is yours to keep.
• Swap your lease to your new employer, if they get on board with Oly.
• Sell the car and pay out the remaining lease payments, fees and residual value.

Who is Oly?

Oly is your key to novated leasing, bringing the big perks typically reserved for the big corporates to small and medium businesses and their employees. Now, more Aussies could save thousands in tax on their dream car with an Oly novated lease.

And leasing through Oly is easy as pie. Oly takes care of the admin, can help find your car, gets the finance and insurance sorted and sets up automatic payments with your employer. Plus, Oly’s handy app lets you check your budget and submit claims on the go.

Get a legendary novated lease with Oly today

Ready to drive?

Fill out this form to kick things off, then check your inbox for a link to create your Oly dashboard login to apply online, build your own quotes, compare your favourite cars and put yourself behind the wheel of your dream ride.

Keen to talk now? Give Oly a call on 1300 328 182.

Oly is available:
9am – 5pm AEST Monday to Friday
Excluding public holidays

* Questions marked with an asterisk need to be answered before you can submit the form.

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