Novated leasing
Want to understand novated leasing but don't have a finance degree?
Oly’s got you covered
Score a new car AND save money? Oly could help make it happen
Imagine a single regular payment taken directly from your pay that not only puts you behind the wheel of your dream car, but also covers all your regular car expenses - everything from rego and insurance to fuel and servicing.
Now imagine part of that regular payment comes out of your salary before tax. Not only could it make it easier to budget each month, but it could reduce your taxable income.
Now add even more possible tax savings on eligible electric cars thanks to the government’s EV Discount initiative... Dollar signs, right?
That’s novated leasing, and with Oly even employees of small and medium business could get the big perks too.
See how much you could be saving with Oly’s novated lease and electric vehicle calculators:
How a novated lease works
Oly demystifies the world of novated leasing by taking you through what’s included in your payment (spoiler: it’s pretty much everything), and how much you could save by using a novated lease to score your dream car.
1:40 minute video
How does novated leasing work?
Oly loves novated leases and believes they should be available to everyone, whether you work for a tiny business or a medium one. That’s why Oly makes scoring a new car with a novated lease super easy.
1. Apply online and get your quote
Fill out the Oly application and you’ll get the full low-down on what your dream ride would cost and how much you could save in tax. Haven’t picked a car? Create multiple quotes to see how the savings compare.
2. Oly works out the payments with your employer
Oly will take your employer through the super-easy steps they need to take to get your novated lease set up, and will then help guide them through making those regular payments.
3. Wait (not long) for approval
In most cases, provided Oly’s got all the necessary info, you could get approval within hours.
4. Drive
Pick a playlist, adjust your seat, put on your seatbelt and hit the road.
Just a few of the reasons you’ll love your novated lease
Big deals for big deals (that’s you)
Thanks to Oly’s huge network of trusted car dealers all across Australia, you could get a great deal on your new ride. Not only that, with a novated lease you don’t have to pay a deposit. Nice, right?
Conquer your driving costs in one
Doesn’t it feel like there’s a new car-related expense to pay every other week? Annoying! With a novated lease, most of your on-road costs are bundled into your one nifty regular payment that comes out of your pay automatically, covering things like petrol, servicing, rego, insurance and new tyres.
Stacks of possible tax savings
With a novated lease, part of that regular everything-included payment comes out of your pay before the tax does, so you could end up paying a whole heap less tax. Plus you could skip upfront GST on cars valued up to $69,674. For cars with a driveaway price of over $69,674, upfront GST applies only to anything over that amount.
It’s super easy
Don’t like admin? Oly does. Oly can help find your new car, get the finance and insurance sorted and even works out the payment details with your work. And thanks to Oly’s handy app, you can submit your claims, check your budget and make changes to your account anywhere, any time.
You could save even more on an electric car
Choose an eligible electric car and, thanks to the government’s EV Discount, your whole payment comes out of your salary before-tax. That could mean scoring a Tesla 3 for almost the same cost per week as a Mazda CX-5? Seriously! But the only way to take advantage of the EV Discount is with a novated lease.
Start your engines?
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.
Novated leasing FAQs
What’s the difference between a novated lease and a car loan?
With a regular car loan, you’d be making repayments with your post-tax salary. With a novated lease, your payment uses some of your pre-tax salary, which could lower your taxable income.
Then there’s the fact that all your running costs are bundled into one regular, easy, automatic payment.
PLUS Oly helps you find your new car, takes care of most of the admin and makes it easy to switch your car for a new one once your lease is up.
You won’t find a car loan that can do any of that!
Why should I take out a novated lease instead of buying a car?
Not only could a Oly novated lease save you money, it removes a lot of the hassle that comes with owning a car.
Once you’ve decided on your car (yep, Oly can help with that too!), Oly will set up a simple annual budget that bundles up all those pesky running costs – that’s petrol, servicing, rego, insurance and the car itself, obviously – into one regular payment.
Then, once you get your car, that payment gets taken directly out of your pay using a combination of your pre- and post-tax salary. If you’re leasing an eligible electric car, the payment is all taken before tax.
Let’s break all those benefits down:
- Buying power
Since Oly buys so many cars from dealerships across the country, you could get access to some pretty amazing deals. - Tax savings
Some (or all) of your payments are made with pre-tax dollars, so your taxable income is reduced. That means you could pay less tax! Even better: you could skip the upfront GST on your new ride too. - Less hassle
Oly sorts out all the administrative stuff, including finding your new car, dealing with the money people, and sorting insurance. That means less stress and more time cruising with the windows down. - Better budgeting
That one regular payment includes your car AND all your running costs. That means no more of those terrifying registration or insurance renewal bills. - Flexibility
With Oly, you can choose the car you want to drive, whether it’s new, used or the car you’ve already got.
Can I end my novated lease early?
A novated lease is based around a fixed length of time. So, if you decide to end the lease early, your payout might be higher than the market value of the car (and could include fees and charges from the money people).
When you set up your lease, it’s a great idea to structure it over a period that reflects how long you’ll want to keep the car to avoid any of those early cancellation fees.
Oly’s novated lease articles
Novated leasing
Novated leasing vs buying outright: which is better for you?
Oly answers all your questions about buying vs leasing a car to help make your decision easier
3 minute read time
Electric cars
The EV FBT exemption: how does it work and who’s eligible?
Electric vehicles (EVs) are becoming super popular thanks to a 2022 government tax cut.
2:10 minute read time
Electric Vehicle
Novated leasing a Tesla: Oly answers your questions
Thinking about getting a Tesla? You’re plugging in at the right time!
3:30 minute read time
