Example:
Olivia, based in Sydney, Australia and her employer agreed on a novated lease when she was promoted to a new role. Even though her employer will handle the repayments through salary packaging, Olivia wants to know how much will come out of her pay each month so she's not caught off guard.
She decides to use the novated lease calculator to figure it out. Olivia chooses a 2025 Toyota Corolla ZR Hatch with a Sydney driveaway price of $43,280. The lease term is 5 years at an interest rate of 6.25% with monthly repayments. Olivia and her employer also agreed on a residual payment of 3%, which comes to $1,298.40.
After entering the details into the calculator, Olivia finds out that her monthly repayment will be $844.60 plus an additional $6.34 GST. This means she can expect $850.94 to be deducted from her monthly pay.
* This is a fictional, but realistic, example.
My son is looking to buy an electric car – Hyundi Ionic and has been quoted a weekly lease payment of $260. He currently has a weekly lease payment on a MG ZF of $232 for a car which cost about half of the Hyundi. Why is weekly lease payment only $30 pw more expensive.
Is there a large finacial incentive to buy an electric car in QLD?
Hi Ralph,
A number of things can impact the weekly payment, including the length of the lease, the amount borrowed, and the interest rate. If you compare the loan contract from the previous car to this car, you should be able to find those details and it might give you more context.
Right now, the Queensland Zero Emission Vehicle Rebate Scheme provides eligible Queenslanders rebates of up to $6,000 for eligible new Zero Emission Vehicles purchased from 21 April 2023.
There is some eligibility criteria.
Hope this helps!