Novated Leasing - Existing car
Salary package your own car and enjoy all the perks of novated leasing
Salary package your existing car with a Maxxia Lifestyle Lease.
So you love the car you currently drive, but you keep hearing people talk about this benefit called novated leasing. They mention things like the potential tax savings, convenience and better budgeting they got with their new car. The problem is that you’re happy with your current car!
So what if you could enjoy the perks of novated leasing on your existing car? With a Lifestyle Lease® you can!
A Lifestyle Lease lets you salary package your existing car, unlocking any equity you have in it — possibly freeing up a cash lump sum for you to put towards a renovation or holiday — and giving you all the benefits of a novated lease. Conditions apply.
“Salary package my own car? How does that work?”
STEP 1: We work with you to determine an agreed value for your vehicle.
STEP 2: Pay off any finance and receive cash from any equity you have in the car.
STEP 3: Lease the car back.
STEP 4: Enjoy the convenience and potential tax savings.
STEP 5: Buy it back, sell it, re-lease or upgrade.
We’ll work with you to determine an agreed value for your vehicle and then assist you in establishing a fully-maintained novated lease. The vehicle is then leased back to you through your employer.
All your car repayments and regular running expenses are pre-budgeted for using a combination of your pre- and post-tax salary each pay.
This could potentially lower your taxable income, increase your disposable income, and best of all, you won’t have to worry about those big bills arriving when you least need or expect them!
And, you could enjoy the benefits of a Lifestyle Lease in addition to any existing salary packaging items being claimed.
I'm not sure I get it. Tell me more.
Check out our FAQs for helpful answers to our most frequently asked questions.
What is a lifestyle lease?
I own my car. Why would I want to start paying interest again, when I’ve already paid it once?
Why would I make the switch if the interest rate is higher than my loan?
Why would I want a balloon payment on a lease from a car I already own?
While this is a factor to take into account, there are many other matters to consider, including the set-and-forget convenience of having up to five years of running costs pre-budgeted for, and the potential savings that come through paying for your car with your pre-tax salary.
And at the end of the lease, we will be in touch to discuss your options, which include the option of upgrading to a new car or refinancing any residual payment in the process.
What’s the catch – surely you’re not doing this for nothing?
Why is my Lifestyle Lease estimate higher than my finance estimate?
Finance estimates only cover the costs associated with repaying your car. All your other vehicle expenses – fuel, registration, insurance, maintenance and the like – are to be paid in addition to a loan, and at different times throughout the year, which can make budgeting difficult.
In a Lifestyle Lease estimate, all your repayments and running costs are included, making for easy budgeting and reducing bill stress.
How do you value my car?
What if I own my car outright?
The features and benefits of salary packaging your car
Tax Effective
Part of your payments come from your pre-tax salary, so your taxable income could be reduced and you may end up paying less income tax throughout the year.
Convenience
Say goodbye to bill shock. We’ll create a manageable budget covering all your repayments and running costs – including rego, insurance, fuel and maintenance – in one regular payment.
Transparency
The My Maxxia App lets you check your balances, change your details and allows flexibility with claiming.
Cashback
We’ll organise the sale of your car, unlocking any equity you have in the vehicle and potentially delivering you a cash lump sum.
Potential GST Savings
You could save GST on your car’s running costs.
Dedicated Support
You’ll have dedicated access to our MyCar Customer Service and Maintenance teams. We’ll take much of the hassle out of paying for, and servicing your car.
Ever wondered how much it costs to run a car every year?
The simple answer is, “quite a lot”. Petrol, tyres, servicing, rego, insurance… the list goes on. Check out our calculator for an indicative snapshot of your annual spend!
Make Lifestyle Lease work for you
What happens next?
I get it. Let’s make it happen.
If you’re ready to start enjoying the potential tax savings that come from salary packaging your current car, contact us today.
Other ways to benefit from a novated lease
Did you know you can salary package a new or used car?
Important information: 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. Conditions and fees apply, along with credit assessment criteria for lease and loan products. The availability of benefits is subject to your employer’s approval. Maxxia may receive commissions in connection with its services.