Paying all of the remaining payments of the lease is typically the costliest penalty. When you’re talking like a human being, it means your employer deducts your novated lease payments from your pre-tax salary, reducing your total taxable income. 88%. Novated leasing is an ATO-approved benefit in which all the costs for running a car are taken directly out of your salary, through a combination of pre and post tax deductions by your employer. This means that you don’t make lease payments for the whole car amount over the term of a novated lease. 1300 990 880 [email protected] Lease Payment Calculator . 4 year loan term: 45% balloon. It is good because it will: Lower your loan repayments. 50%. Acquisition fee: As with most loans, there are administrative costs associated with. In a novated lease, car repayments will be deducted from your gross salary by your employer and paid to a third-party financing company. Novated Lease Calculator. You might like to keep the vehicle and record it as an asset. Our novated leasing calculator budgets the finance and annual running costs for your preferred vehicle. So from your first pay with Maxxia you will contribute $30. When using any Novated Lease calculator, it's crucial to know what's included and what's not. Your regular monthly repayments over the 5 years would be $400 and your final one would be $9,000. Choose from weekly, fortnightly, or monthly loan repayment options. 6 Total cost over life, where life represents 5 years. 63% of the amount financed. There can be a balloon payment at the end of the loan term. If you’re a salaried employee, a novated lease may also be an option. The vehicle may be sold or re-leased to payout the residual value at the end of the lease term. Get excited about your next car purchase with payments directly from your pay, including all running costs (even fuel!). In this arrangement, a regular deduction is taken from your pre-tax salary to cover the lease cost. Click. 00. A novated lease includes another party in the agreement – your employer. Cars and their related costs are one of our biggest household expenses, yet many of us haven’t been exposed to the savings advantages that a novated lease can offer. Our novated leasing calculator budgets the finance and annual running costs for your preferred vehicle. Timing. 76. Loans that have balloon payments are often referred to as balloon loans, and they’re. Example – Mary drives 15,000kms per year and is about to start a 5 year lease. These calculations and illustrations do not represent or replace professional finance and tax advice. . Personal experience: At the start of my 3 year novated lease, buying a property was not on my mind at the time. This means you will need to pay a significant. MYOB’s novated leasing is a car financing arrangement between the employer, employee and a lender, powered by Flare. Fixed or variable interest rate. Now print colorful charts. since all your costs – including maintenance and fuel – are covered by one payment out of your pre-tax salary, you get to save while simplifying your life and enjoying the freedom of your own car. SKODA Car Loan Calculator Explore. Sell the car and pocket any excess funds from the sale after paying the residual amount. Let’s say that you bought a vehicle that’s worth $40,000 with a car loan term of 5 years and an interest rate of 4. Find out how much better off you'll be with a Fleetcare Novated Lease. 1300 30 39 40. Refinance and keep your current vehicleThe FBT cost is calculated and built into the lease payments. As a member of the Queensland community, we go the extra mile for you – literally – visiting hundreds of workplaces each. in short, a novated lease puts the responsibility of payments into the hands of your employer, and your chosen car right into your hands. With a Novated Lease, the lease, running costs of the vehicle and Fringe Benefits Tax (FBT) are deducted from your pre-tax earnings, and PAYG income tax is calculated on your reduced salary. Your vehicle is set up on a novated lease with a fixed monthly payment amount due (terms range from 12-60 months and a set residual, or remaining amount, will apply at the end of the lease term). A novated lease has a residual value at the end of the lease due. A novated lease is a three-way agreement between the employee, the lease company and the employer – as shown in the diagram be-low. On a Novated Lease calculator the provider can change the way fuel/charge, tyres and scheduled services are calculated which will reduce the amount allocated to the running costs to make their quotes look cheaper, but in the end you could be paying a lot more. 88% ($14,064), your estimated novated lease payment would be $536 per month However, if you choose a Hyundai Tucson with a value of $48,000 for the same term and residual percentage ($22,502), your monthly payment. The car lease calculator is quick and simple to use. Fully-maintained novated lease. This value is calculated by the ATO and is a percentage of the initial purchase price. 00 Your running costs: $0. Timing. GST is charged on the amount that is left owing on the vehicle at the end of the lease. au data from 2023, the balloon payment could range from $6,954 to $13,931. Benefits of an ORIX Novated Lease. From $214 per week. The before-tax deduction is $5,800 minus the GST of $527 = $5,273 /52 weeks = $101. The table below represents the ATO minimum values. Although this payment is not the same as a term residual payment, it can lower take-home income. In a novated lease, the lease company owns the car, and you rent it from them. 3 reasons so many companies now prefer grossed-up car allowances are…. a. If you purchase the vehicle on termination of the novated lease, GST will apply on the purchase price you pay at that time. The residual, or balloon, payment is an amount calculated by the ATO at the end of your novated lease and represents the outstanding amount of finance required to purchase the car fully. There is always a lot of talk about the balloon payment that falls due at the end. The employee has the risk for the residual value (balloon payment); and; Under a novated lease, a combination of pre and post-tax amounts are taken from the employee’s pay to cover the lease costs (and sometimes also running costs), as well as negating any resulting fringe benefits tax (FBT). so are not subject to tax (in reality, novated lease payments are often made with a combination of both pre-tax and after-tax dollars). 4 Year term - 37. 25 Annual Fuel Budget. A novated car lease allows you to drive the car you want - any make. Audi Car Loan Calculator Explore. also known as a balloon payment, is an amount that is agreed upon at the beginning of a lease agreement, which represents the anticipated value of the vehicle at the end of the lease. This is the best calculator I've come across. Your monthly payments will be around £576 a month rather than £768 but you will still have to pay £10,000 at the end of your five-year contract. To submit a claim to Vero, contact the claim department on 1300 619 033, or via Vero’s app, Vero Drive Claims. Novated leasing costs him around $1800 per month. Also, keep an eye on the extra insurances, fees and inflated prices for things - my insurance first year of my novated lease cost upwards of $1200. So for a novated lease to not be worth it, the interest, fees and balloon payment (with one year depreciation) would. Novated Car Leasing 101: Your guide to owning a car of your choice. Use this Chattel Mortgage Calculator to calculate monthly, fortnightly or weekly repayments on Chattel Mortgage agreement for a car or other passenger vehicle. On the average car loan amount of $34,827, according to Money. With a novated lease, you can pay for your vehicle expenses using a combination of your pre and post-tax salary. GST savings calculated on the vehicle price of $17,600(FBT value). Step 1: Calculate your estimated repayments online [H3]. 15,000 X 5 = 75,000kms /35000 = 2. Why RemServ. How much the residual payment comes to depends on the lease duration and estimated value of the car at. Novated leases are designed to help savvy car buyers reduce their taxable income by allowing them to pay for a car out of their pre-tax salary (it’s sometimes called a ‘salary sacrifice’). Exclusive Discounts:1. Add in. Request a quote and we'll secure our very best price on the car you love. You can use our car loan repayments calculator to estimate your repayments based on different terms. 5 Year term - 28. Fixed 18 Months. 38. According to the Electric Vehicle Council the average electric vehicle (EV) costs around $10 less than an Internal Combustion Engine (ICE) per 100km. 5%, the vehicle will travel approximately 20,000km’s per year, the mortgage rate is 4% and the lease rate is 6. -23k balloon payment which you'll take another loan for or pull down from your mortgage, to buy the now 18k car you've already paid $37960 for-kid coming. the next step: the end of your lease. 8k in payments and then balloon figure of 28k to own the car by the end) bringing it to 50. There’s no need to get a car loan or borrow against your mortgage. 00. If you earn $70,000 per year (before tax) and your annual novated lease payments add up to $10,000, your taxable income lowers to $60,000. 00 (incl. No. We understand that car leasing sometimes doesn’t work for a business. A novated lease is an arrangement between an employee, their employer, and a financier for a period of time, between one to five years. 13% of $30,000, which in this case would be $8,439. 13 fortnightly payment. I suggest using a novated lease calculator rather than doing it yourself, as the flat 20% FBT is a killer. There are even advanced options to select the state of registration and information about the employer. Your car finance journey starts here - calculate your estimated repayments online [H3] and then reach out to one of our friendly finance managers so we can help you each step of the way. you (the employee) decide on the lease term, and the ato has guidelines on the minimum and maximum residual percentage (balloon payment) for. 25% of the purchase priceA novated lease is yours GST free. Borrow up to $150,000. This is the most used novated lease where both the purchase price of the vehicle (as well as any finance costs such as fees and interest) and its running costs (such as fuel, services, registration and car insurance) will be calculated into the repayments your employer takes out of your pre-tax salary. A novated lease could help to reduce your taxable income and get you into the lower band, where you'd only pay 19% income tax. You should remember that these are different, even if there may be some similarities. This comparison shows the cost financing and running a vehicle over a 5-year period with a novated lease, car loan or paying for it outright with cash. The Residual Value is your novated lease payout figure at the end of your lease agreement and is inclusive of GST. Constant Payment. If we give you a quote and you’re happy with it, we can proceed with it straight away. 37% of original amount financed to enjoy discount at the presently higher tax bracket - hence achieve more saving. At the end of the lease term there will be a residual value (balloon payment) owing. The vehicle may be sold or re-leased to payout the residual value at the end of the lease term. This value is GST exclusive. residual amounts also need to be paid with post-tax dollars. With a Fully Maintained Operating Lease, easily consolidate most running and maintenance costs into one monthly payment, with flexible terms from 3 to 5 years. It will also. I rolled negative equity onto the last 2 or 3 and was lucky not to have a balloon payment at the end because when I handed the keys back, I got lucky that the used car market was hot as hell. Calculation assumes a driver in NSW, driving 15,000km per year, with an annual salary of $120,000. A novated lease balloon payment calculator will show you how much your monthly payments will be based on the terms and length of your lease. The residual value, also known as a balloon payment, is the payment required by the Australian Tax Office at the end of a novated lease term. In our Novated Lease calculator we use $2. Check the residual value or“balloon payment” that applies to your novated lease (remember, this is the amount you can pay at the end of the lease to take ownership of the car). Car finance assumes an interest rate of 7. If your novated lease term is 60 months but you want to terminate the agreement after 36 months, you have to pay the remaining 24 months. Running cost budget based on 15,000kms driven annually. Remember, this is just a few examples. Calculators; Mortgage Repayment Calculator; Stamp Duty Calculator;. GST) has been included in your operating expenses. Balloon payment = $50,000; Constant Payment = PMT(r = 6%/12, nper = 12*10, pv = -200,000, fv = 50,000) Constant Payment = $1,915. To add self-arranged financing to your order, follow these steps: Place your vehicle order. Calculate now. 67%. This calculator has not taken into account any FBT exemptions you may be entitled to as a result of. Vehicle. They can make a final lump sum balloon payment and then own the car. com. GST on the above $5,800 = $5,800/11 = $527. Sets of tyres required X Cost of the set / years of lease = Total tyre budget per year. The lease is two months in arrears. Put simply, a novated lease is a smart way to get into a new or used car. If you want to purchase a car, then the absolute cheapest way to do it is a 1 year novated lease then pay the balloon payment at the end. You return the vehicle for inspection at the end of the lease. Lease Fees. 47. 5% interest rate. Coupled with the fact that novated leases are predominantly out of your pre-tax income, whereas standard car leases are not. A Hire Purchase is a rental agreement that differs from a Finance Lease in that the motorcycle automatically becomes yours once all terms of the agreement have been completed. 45 = $1,631. 550 / 100 = 5. A 'Balloon Mortgage' does not reduce over the chosen term of the mortgage. How do I make an insurance claim? By phone or online. Pay at least 10% less than other drivers, just like that. When you take out a fully maintained novated lease with. Constant payment = $2,000; Balloon Payment = FV(r = 6%/12, nper = 12*10, pmt = 2,000, pv = -200,000) Balloon Payment = $36,121. To use as a negotiating tool when. optional balloon payment at end of term. Meanwhile, the cost to me is $674 a fortnight. A balloon payment is a larger-than-normal payment due at the end of a lease or loan. All running costs, including lease payments, fuel or electricity, servicing, tyres, rego and insurance are included with your lease, so there's nothing else to pay for your car. Drive your salary further. 4 Year term - 37. Provide your car dealer’s details to your financial consultant so that the Novated Lease Agreement can be prepared and signed. au experts on 1300 889 669 today. To properly use the. Balloon Payment Calculator. To achieve parity between employees. Vehicles - cars, SUVs, utilities and vans. Vehicle age for internal Macquarie balloon/RV refinance can be greater than 12 years. We help you set a budget for the ongoing running costs of. In contrast a balloon payment is a fixed percentage of the total loan that must be paid at the end of the loan agreement. This calculator will calculate the monthly payments, the interest cost, and the balloon payment for any combination of balloon loan terms. The ATO says employees can renegotiate a novated lease at any time, subject to the terms of their employment contract. $800 divided by 26 is $30. A linear relationship exists between the size of constant payments and balloon payments. In general, the minimum novated lease amount is between $5,000 and $10,000, while higher amounts are subject entirely to the repayment capacity of the applicant. when you first sign your lease contract you will commit to a contract duration and monthly payment. Novated Leases. No worries – contact us whenever you’re ready. $6. The Administrator. Weekly salary impact is the effect on take-home pay (GST not applicable) with an annual gross salary of; Ford Ranger – $120,000, Nissan Patrol- $120,000, Lexus NX – $120,000, Toyota RAV 4 – $70,000, Mazda CX-5. Whether it’s a cheap consumer car loan, a short term operating lease or a fully maintained novated lease or car lease through our extensive panel of automotive finance. There’s no need to get a car loan or borrow against your mortgage. Some of these may be: Type and age of the asset being purchased. The novated lease is for $15,000 with a 3-year term at 5% interest with monthly repayments. A novated lease balloon payment calculator will help you determine how much the remaining balance will be. 51. Car loan vs car lease; What is a car loan balloon payment? Car loans 101; Find a car broker; Calculators;. With novated lease I save about $30/fn (~800/yr) on income tax and all the gst on all the expenses of the car like petrol, rego, insurance, maintenance, which sounds like a. 2 Year term - 56. Balloon Mortgage Calculator. 63% of the amount financed. Quote was $832 pre tax which equates to $540 after tax (fortnightly) over a 2 year period. It's generally between 20-40% of your loan amount depending on what you agree with the lender. Novated leases are designed to help savvy car buyers reduce their taxable income by allowing them to pay for a car out of their pre-tax salary (it’s sometimes called a ‘salary sacrifice’). Choose your preferred loan term (Anywhere from 1 to 7 years depending on the lender ) Enter the interest rate. 5) X (15,000/100) X $2. A novated lease is a three way agreement (novation agreement) between an employer, employee and lessor (normally a bank or finance company), under which the employee leases a vehicle and the employer agrees to take on the employee’s obligations under the lease. Novated finance lease. It explains that there is a finance lease with the lease novation/novated lease A novated lease is just a lease that has been novated (which means replacing one party with another). Not bad. Doing so reduces the employee’s taxable. You can also do this with interest rates and leasing terms. 45 = $1,631. Call 1300 73 14 29. If you have more questions regarding Balloon Payments, contact our CarFinance. Balloon payments are usually capped at a maximum 50% of the total loan amount. The obligation for the payment is transferred (or 'novated') to your employer who makes. Check your budgetsafter tax you will normally earn 1190/week but the novated lease will cost around $350 (get a quote to confirm) so your take home pay will be $860/week there is a balloon payment with novated leases you need to save for. GST on the above $5,800 = $5,800/11 = $527. Specialised Car Loans. Car Lease Calculator With Balloon Payment . 40. A novated lease residual value, also known as a balloon payment or lump-sum payment, is the amount required at the end of a novated lease term for you to own the vehicle. It’s law that all novated leases require a residual amount to be paid the end of the finance agreement. A balloon payment is a larger-than-normal payment due at the end of a lease or loan. To calculate how much will be deducted before tax you need to do two separate calculations; Total vehicle annual running cost minus the FBT employee contribution = $5,800. Model Y Performance $100,206. In this arrangement, a regular deduction is taken from your pre-tax salary to cover the lease cost. The type of vehicle you choose: The make, model, and specifications of the car you opt for will affect. As one of the leading providers of workplace benefits in Queensland, we've offered salary packaging and novated leasing services for more than two decades, helping our customers to do more with their money. The only other thing to watch is FTB. At the end of the lease term, the employee can either: trade the car for a new model and sign a new lease agreement; pay out the residual and keep the car; or; refinance the car and keep using it for work. FBT is charged at 47% (the highest tax bracket rate of 45%, plus Medicare levy of 2%) and the taxable value amount is calculated on motor vehicles under a novated lease in one of two ways: Statutory formula - a flat 20 per cent rate on the cost of the car. Repayments are cheaper: Compared to a monthly car loan repayment, a monthly lease payment is often cheaper. C = Employee contributions (if applicable) Example: Total operating costs = $18,000. e. Therefore, you could lease for one year and get a good 100-65. In this case, you’d pay the residual amount detailed in your contract. But remember, this payment will likely be optional. A Fleetcare novated lease takes the hassle out of car ownership. 2. The ATO set guideline on residual values based on the lease term and are a percentage of the vehicle drive away cost. com. However, they also allow a 5. Find and play around with a few novated lease calculators online. For that reason, she decided to snap up a loan with a 35% balloon payment, reducing her monthly repayments to $537. The employee can also claim running. As a result, your pre-tax income is lower, and you would potentially be liable for less tax. Olivia and her employer. 00 The estimated payment takes into account the savings you access through. Can't find the car you like? Contact us on 1300 266 828. This is an optional payment scheme that you can include in your loan agreement. We provide both lease finance and hire purchase finance. You can make your repayments from your pre-tax salary with approval from your employer under a ‘salary sacrifice’ arrangement. Making the balloon payment work for you. Use our flexible loan calculator below to research what your loan repayment options may be. 80 per year. A Novated Lease is an agreement between 4 parties to own and use a Car – the parties being: Employee – You. Choose from weekly, fortnightly, or monthly loan repayment options. Flare Cars holds the budgeted money for your car related expenses, for example: finance, fuel, insurance, tyres and servicing you so you can pay for. 06 = $1,800. If you’re in the market for a new car then you probably already know about the benefits of novated leasing. c. You and your lender agree on a balloon payment of 25% or $10,000, i. math checks out. 25. If you are getting a car loan with a residual/balloon payment, the loan balance will only reduce to the agreed residual amount. The cost of a set of her tyres is $850. 00. Once the novation agreement is in place, your employer is considered to be leasing the car. Making the balloon payment work for you. Fleet Finance. Pay the residual. This is called a salary sacrifice or salary packaging arrangement and it means you end up paying less tax on your income. Novated leases at a glance. With our Car Lease Calculator, you can calculate your lease repayments to match your pay cycle. The novated lease instrument is common in Australia and involves a 3-way agreement between the lease company, employee and employer. Lease payment: 46 instalments of $544. Your employer deducts the cost of the lease from your salary package, letting you repay the cost of the vehicle and other expenses through your pre-tax income. A FleetPartners Novated Lease is a stress-free, cost-effective way to get, and run, a new or used car. One option is a novated lease, the other a car loan, but both finance packages are for the same car – it’s a Volkswagen Touareg, which costs $81,990. B = The percentage of private use. Allow you to defer payment for part of the total loan amount. We will work to get a great price on any car and make sure you get what you pay for. The residual, or balloon, payment is an amount calculated by the ATO at the end of your novated lease and represents the outstanding amount of finance required to purchase the car fully. 88%. The Lease Calculator can be used to calculate the monthly payment or the effective interest rate on a lease. Toyota Australia acknowledges the Traditional Owners. Unlike buying a car outright, with novated leases you save on GST, as it doesn’t apply to the product. Once a novated lease is set up, your employer will deduct the repayments from your pre-tax salary and pay it to the finance company. , with a residual value of 46. Finance is available to approved customers of Mitsubishi Financial Services which is a registered business name of Nissan Financial Services Australia Pty Ltd ABN 70 130 046 794, Australian Credit Licence Number 391464. Novated car leasing benefits for personal use. com. Residual value $23000. What are you looking for? New Vehicle Used Vehicle Electric Vehicle. The above example is exactly the same for all your expenses. Novated Lease Calculator; FUEL SAVING CALCULATOR; 1300 303 357; Book A Consultation; Beyond Bank Login; Member Login; 161 Donald Street, Brunswick East, VIC 3057;. It short, it means you’ll pay what’s left at the end, so you can own the vehicle or. Contact us. The finance company will be liable to pay GST to us on this lease. This option, helps our time-poor customers, into their new vehicle quicker. 93. Novated lease agreements may exceed $100,000 but very rarely exceed $150,000. You don’t have to find the money up front for the car. All you have to do is enter information from your potential or current loan and you’ll get your repayment amount. Common misconceptions around residual values and novated leasing? August 1, 2021. If you earn $113k your take home is $84k. The thing to remember is that it will. 32. This experience and a passion for innovation have enabled us to become one of the country's leading specialist providers to both the government and corporate sectors. Optional balloon payment available. Additional Tax savings. Choose an eligible electric or plug-in-hybrid vehicle to see how much more you can save under the Electric Car Discount Bill. 63%. A novated lease residual value, also known as a balloon payment or lump-sum payment, is the amount required at the end of a novated lease term for you to own the vehicle. 5k difference. Compare a novated lease to a car loan. That said, depending on your usage, petrol prices and electricity rates, some EV drivers say they save around $35 on a comparative ‘full tank’. The novation. A Novated Lease is a salary packaging option that enables you to pay for your new car from your pre-tax salary. You could tailor your repayments to suit your business' cash flow. At the end of a novated lease, you typically have three options: paying the residual value to own the car, refinancing the residual value to continue using the car, and trading in the car to upgrade to a. Lease rentals are normally fully tax deductible and treated as lease repayments and interest. a. It is a commercial finance product where a financier lends the money to buy a car and the customer makes regular repayments. If you earn $70,000 per year (before tax) and your annual novated lease payments add up to $10,000, your taxable income lowers to $60,000. Say you borrow $30,000 at a rate of 6% p. All running costs, including lease payments, fuel or electricity, servicing, tyres, rego and insurance are included with your lease, so there's nothing else to pay for your car. The duration of the novated lease agreement can typically vary from one to five years. That’s divided by the 365 days in the year for the daily interest = $4. 88% ($14,064), your estimated novated lease payment would be $536 per month However, if you choose a Hyundai Tucson with a value of $48,000 for the same term and residual percentage ($22,502), your monthly payment will jump. Tesla car loan repayment examples are calculated using monthly repayments with a fixed interest rate, a 5-year term, and estimated vehicle costs per Tesla's website based on 2023 models, as at March 2023. A 1 yr lease takes full advantage of the very high 35% depreciation allowed on the vehicle in the first year of the lease offset against the 20% FBT rate. All your costs are covered in one, budget-friendly monthly. Among other things, the act dictates how the csa calculates and collects child maintenance. Most lenders will offer car loans for terms up to 7 years. Term of the finance agreement. One of the rules of a novated lease is that there must be a ‘residual’ or 'balloon payment' amount at the end of the lease. The cost of a set of her tyres is $850. If you get the EV novated lease, your take home drops to $64k which means it costs you $20k p. A novated lease has a residual value (or balloon) payable at the end of the lease or at the point in which you elect to payout and own the vehicle outright. when the lease ends there is no balloon payment as the car never ceases to be the property of your spouse (an operating lease is a better comparison here than novtated lease). Once you receive a VIN, you will receive a copy of your final invoice in your Tesla Account. An indicative annual vehicle management service fee of $275. 15,000 X 5 = 75,000kms /35000 = 2. 3 Year term - 46. 5 Residual value, also referred to as a “balloon payment”, is the payment required by the Australian Taxation Office at the end of a novated lease term. This is the only payment which GST will apply to, saving you up to $5,000 on the total value of the car;. Toyota commercial finance options. A novated lease is an agreement between you, your employer and SG Fleet, that lets you choose the car you want and bundle the finance and all the expected running costs into a single payment that’s deducted from your salary and saves you time and money. If you. . What does this Car Lease Calculator do? Use this Car Lease Calculator to calculate monthly, fortnightly or weekly repayments on Car Lease(Finance Lease) agreement for a car or other passenger vehicle. $ $50000. benefits of fingo's car finance. 88% of $40,000 = $18,752, which is the minimum residual value for leased assets with an effective life of 8 years (as specified in ATO ID 2002/1004). You won’t even have to wait to start saving – save thousands immediately on a new car with up to $6,191 in GST on the. This value is calculated by us and is a percentage of the initial purchase price. It’s also a hassle-free way of upgrading your leased vehicle every 1- 5 years, meaning the convenience of warranties, and up-to. $1800/month = 65k over 3 years + 35k balloon payment at end. Capitalized cost $25,000. If the interest rate is known, use the "Fixed Rate" tab to calculate the monthly payment. The election for ‘low value’ leases can be made on a leaseby lease. The longer your lease, the lower the residual payment will be. A year later, I began looking into getting my first property and found out how badly a novated lease affects your borrowing capacity, especially as a single borrower. This is the period of time the car will be leased. Include a balloon payment. Fees and charges payable. It sure can. Onboard Finance authorises Maxxia Pty Ltd ABN 39 082 449 036 (Credit Representative. Using our buying power, you can provide thousands of annual savings.