Knowledge Centre

Before arranging a novated lease you should clearly understand the answers to all of these questions.

The Statewide team can provide you with all the answers - simply call us on 1300 76 1117.

1. What exactly is a novated lease?
2. How does a novated lease differ from other car financing options?
3. What are the eligibility criteria for obtaining a novated lease?
4. What type of vehicles can be leased through a novated lease?
5. How long does a novated lease typically last?
6. What are the primary benefits of a novated lease?
7. How are lease payments calculated?
8. Can I negotiate the terms of a novated lease?
9. What fees are associated with setting up a novated lease?
10. Are there ongoing fees during the lease term?
11. Why do some providers not charge a fee for service?
12. How does the novation process work?
13. Who is responsible for making lease payments?
14. What happens if I change jobs during the lease term?
15. Can I choose any car I want, or are there restrictions?
16. What are the tax implications of a novated lease?
17. How are running costs like maintenance, insurance, and fuel handled?
18. Can I include additional features or accessories in the lease?
19. Are there mileage restrictions?
20. What happens if I exceed the mileage limit?
21. Can the lease be transferred to another person?
22. What insurance coverage is required for a novated lease?
23. Can I terminate the lease early, and if so, what are the penalties?
24. Is there a residual value at the end of the lease?
25. How is the residual value calculated?
26. What happens if the car's value is less than the residual value at the end of the lease?