--- title: "Novated Lease — Westpac" description: "Leases from Westpac. Rates, fees, features and eligibility as published under Australia's Consumer Data Right." canonical: https://www.cdrcompare.au/brands/westpac/products/WestpacNovatedLease source: "CDR Compare" language: en-AU last_updated: 2026-07-15T04:40:16Z --- # Novated Lease — Westpac > Leases from Westpac. Rates, fees, features and eligibility as published by the provider under Australia's Consumer Data Right, compared on CDR Compare. **Leases** Discover the benefits of paying for a new or used car via salary sacrifice. ## Fees | Fee | Type | Amount | | --- | --- | --- | | Loan Establishment Fee — Charged to cover the costs of originating your Goods Loan, Hire Purchase or Lease and payable by you on or before the settlement date. | Upfront | $500.00 | | Asset Inspection Fee | Event | $150.00 | | Legal Fees for Complex Documentation — Where we require External Lawyers to document some or all of your contract documentation, we will advise you of this fee before proceeding. It will be payable on or before the settlement date. | Upfront | Variable | | Early Termination — Applicable when you terminate your Lease or Hire Purchase early. | Exit | $440.00 | | Break Costs — Break costs are not a fixed amount and are determined by a number of factors specific to your product. | Event | Variable | | Overdue Rate — This charge applies on overdue amount from the time it is due until it is paid. | Late payment | 0% of transaction | | Personal Property Security Fees — Personal Property Security Fees apply when search and registration fees are applicable. Where charged individually, these will be itemised on your Details and for the current costs, please refer to the PPS Registrar?s website | Event | Variable | ## Features - **Salary sacrificing arrangement between an employer, an employee and a financing company (like Westpac) to make regular payments for the purchase price of a car from the employee?s pre-tax salary.** - **Once the employee selects a car, they enter into an agreement with their employer and Westpac to have the lease payments deducted from their pre-tax salary.** - **Get certainty with fixed payments on a novated lease** - **Benefits as an employee: Potential savings by making novated lease payments from your pre-tax salary reduces your taxable income and save GST on the purchase price of a car when it?s bought from a registered dealer** - **Flexibility when the lease ends: Refinance, choose to buy the car, return it to us or upgrade to another one** - **Smoother cashflow: Make small regular payments instead of a large cash outlay upfront when you buy a car** - **No minimum distance requirements: Drive as little or as much as you want** - **Things to note as an employee: Speak to your employer to see if they offer novated leases and check with them to see if you?re eligible. Novated lease payments are paid from your pre-tax salary, which will reduce your take-home pay. A novated lease is a type of benefit provided to employees, for which your employer may have to pay fringe benefit tax to the Australian Tax Office. Discuss the lease with your employer to understand how this could impact you and them. If you leave your current employer, you may be able to transfer the novated lease to your new employer if they agree. At the end of the lease term, you?ll need to make a lump sum payment (similar to a balloon payment) to cover the residual value of the car. You should seek independent, professional tax advice to determine any tax impacts a novated lease arrangement may have on your circumstances.** - **Payments via Direct Debit or invoicing** - **Benefits as an employer: Attract and retain talent - Valued by employees looking to manage costs** - **Benefits as an employer: No minimum business size - Businesses of any size can offer novated leases** - **Things to note as an employer: As a business owner, you can apply for a novated lease if you?re paid as an employee. Otherwise, there are other business financing options you can explore. If their employment ends, the employee takes over the lease payments, so there?s no ongoing commitment for you. You should seek independent, professional tax advice to determine any tax impacts a novated lease arrangement may have on your business.** - **Options when the lease ends: Buy the car from us, trade in for a new one, get a new lease, return the car to us. Once the lease ends you must pay the residual value.** - **Relationship management** (Subject to terms and conditions, relationship management is available for eligible customers.) ## Eligibility - **Minimum age** — 18 years (be aged 18 years or over) - **Vehicle type: Cars, New or used (dealer sales only), 5 years old or less** - **Employment status** — Have a regular permanent income (Be a tax resident of Australia) - **Hold a current Australian driver licence or learner permit** - **Business customers** (Employer: To participate in a novated lease arrangement, your business must be based, registered and operating in Australia.) ## Constraints - **Minimum limit** — $15,000.00 - **Minimum lease term 1 year** - **Maximum lease term 5 years** ## More information from Westpac - [Overview](https://www.westpac.com.au/business-banking/loans-finance/vehicle-equipment-finance/novated-lease/) - [Terms & conditions](https://www.westpac.com.au/business-banking/loans-finance/vehicle-equipment-finance/novated-lease/) - [Eligibility](https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/bb/fees_wbc.pdf) - [Fees & pricing](https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/bb/fees_wbc.pdf) ## Data provenance - Published by Westpac under the Consumer Data Right - Product ID: `WestpacNovatedLease` - Last updated by the provider: 15 July 2026 - Source payload (JSON): https://www.cdrcompare.au/api/raw/westpac/WestpacNovatedLease - Provider page: https://www.cdrcompare.au/brands/westpac - CDR register entry: https://www.cdr.gov.au/find-a-provider?provider=000002 --- Source: [CDR Compare](https://www.cdrcompare.au/brands/westpac/products/WestpacNovatedLease) — product data published by Australian data holders under the Consumer Data Right. 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