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Novated lease Approval in Australia: the Whats and Hows
Date Added: December 07, 2011 03:40:01 AM
Author: Bradley Nixon
Category: Business

How do novated leases work in Australia? Just like in other countries, novated leases here are basically agreements between a lender and a borrower, whereby the lender promises to lend money to purchase a car, and the borrower says yes towards repaying the lender within the agreed terms. Naturally the lender needs to make money out of this and the borrower will need to pay interest rates on top of other fees and costs set by the lender. There are two ways to go about this: You either go for a secured loan, which is more common and is more suitable for those with good credit background. A secured loan lets you borrow an amount of money providing you are able to put up property as collateral that the bank can hold on to in case you default on your novated lease repayments. An unsecured loan, on the other hand, will be ideal for those who may not have perfect credit history, having defaulted on other loans prior to applying for a novated lease. They may be able to get their novated leases approved after all, but the catch is that they will need to pay a higher interest rate along with other agreed fees. Steps towards novated lease approval 1. First, obtain all the necessary information needed by a novated lease provider. This may include a copy of your credit history, your payslips and yearly PAYG, and other personal details. It is most important to scrutinize your credit history before submitting it - if there is a bad mark there, you should get it ironed out to facilitate a smoother novated lease approval process 2. Do your research, be it on a car you have your eyes on or the loan amount you can afford to pay. Have a list of needs and wants and pros and cons associated to several makes of cars you desire 3. Shop around for novated lease providers by making a list and comparing them. Don't forget to run a search for Australian novated lease providers on the search engines and pick a few reputable ones based on the reliability of their website, the terms they propose and the positive reviews they may garner. Novated Leasing in Australia has major tax benefits associated. To find out more how a Novated Lease can save you literally thousands of dollars in income tax each year, click and visit us.

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