Novated Lease

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

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

Minimum age — 18 yearsbe 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 incomeBe a tax resident of Australia
Hold a current Australian driver licence or learner permit
Business customersEmployer: To participate in a novated lease arrangement, your business must be based, registered and operating in Australia.

Published by Westpac under the Consumer Data Right · Last updated 15 July 2026 · Product ID WestpacNovatedLease · View on CDR.gov.au