A self-managed novated lease is a salary packaging option that allows you to select the financier of your choice for your car, while your employer’s nominated salary packager manages the operating expenses of the vehicle once the lease is set up. This is different from a fully maintained novated lease where your novated lease provider manages both the finance component and the ongoing operating costs. Simply put, you get the best of both worlds.
A self-managed novated lease gives you the freedom to select the financier of your choice. This allows you to find the most competitive interest rate on your vehicle finance, without being locked in at a higher rate through your employer’s chosen packager. A self-managed novated lease can save you thousands over the term and the salary deductions will still occur through your packager.
While there’s one additional form involved in setting up a self-managed novated lease, you’ll be confident knowing that you’re enjoying the most competitive finance rate and saving thousands over the term of your lease. The ongoing management of your operating expenses will be managed by your salary packaging provider.
Your vehicle operating costs will still be budgeted for and will be outlined in your quote from Fleetcare. You will receive a single fuel card and be required to pay for your registration, maintenance, tyres and insurance and then claim a reimbursement from your packager which is usually paid within a few days of the claim.