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While a novated lease might sound like something that only your accountant could get excited about, taking the time to fully understand it could save you a heap of time, money and stress.
A novated lease is a salary packaging arrangement between you, your employer and a finance company that allows you to bundle not only your car’s repayments but all its regular running costs – petrol, insurance, rego, servicing and the like – into one regular, easy-to-manage payment.
Taxes are a way of life, and most of us work hard in return for a regular post-tax cash injection. Unlike a regular car loan, novated lease repayments are partially sourced from your pre-tax salary. This could lower your taxable income, which means less tax — and more take-home pay.
And because your car’s annual expenses are pre-budgeted for with the help of an expert novated leasing provider, you don’t have to worry about scrounging money for the rego bill or mechanic visit.
A novated lease could benefit anyone: you don't have to be a big earner or drive lots of kilometres. And the car doesn’t have to be a brand new, either — in fact, you could even lease your existing vehicle.
The amount you could save depends on a variety of individual circumstances, but for an indicative figure check out this handy online calculator.