Are there different types of novated leases?
Before your novated lease starts
Yes, there are two types of novated leases: Fully-Maintained and Self-Managed.
Fully-Maintained Lease
Maxxia coordinates everything on your behalf – including sourcing your car and finance, arranging all the paperwork and fuel cards, and paying your bills. All your vehicle repayments and running costs are bundled into one regular payroll deduction.
Self-Managed Lease
You are responsible for sourcing the vehicle and pay any insurances upfront. You’re also responsible for all your own budgeting and bill payments (including servicing), which will then be reimbursed.
This table outlines the differences between the two: Comparison-Fully Maintained Novated Lease vs Self Managed Novated Lease.
Disclaimer: This general information doesn’t take your personal circumstances into account. Please consider whether this information is right for you before making a decision and seek professional independent tax or financial advice. Employers should independently consider whether a benefits program is appropriate for their organisation and seek advice where appropriate. Conditions and fees apply, along with credit assessment criteria for lease and loan products. The availability of benefits is subject to your organisation’s approval. Maxxia may receive commissions in connection with its services. Maxxia does not act as your agent or representative (or provide you with any advice or recommendations) in respect of the purchase of any vehicle.