A novated lease calculator or a commercial hire purchase calculator is used to calculate the repayments of a vehicle loan that an employer took out on behalf of their employee.
Key takeaways
A novated lease allows you to pay for a car using pre-tax salary, which can reduce your taxable income.
You can choose a maintained lease, which covers costs like insurance and servicing, or a non-maintained lease, where you handle running costs yourself.
Before signing up, confirm any early termination fees, balloon payments and vehicle restrictions with your employer and lease provider.
The calculator below is a great tool if you and your employer are planning to apply for a novated lease because it will allow you to get an indication of what the monthly repayment on the loan will be.
It can also be used if you already have a novated lease but would like to manage it better.
Keep in mind novated lease calculators will change depending on who provides your finance. So, you'll need to check the numbers with the provider you choose.
Novated lease calculator for Australia
$
$
%
Your Results
Monthly Repayment$0.00
Total Interest Payable$0.00
Total Payment Amount$0.00
Financed Amount$0.00
Total of Monthly Payments$0.00
Lease Term0 months
Payment Breakdown
Total of monthly payments: $0.00
Plus residual payment: $0.00
Total amount paid: $0.00
Loan Balance Chart
*Whilst every effort has been made to ensure the accuracy of this calculator, the results should only be used as an indication. They are neither a recommendation nor an eligibility test for any product and should not be construed as financial advice, investment advice or any other sort of advice.
How to use the novated lease calculator?
While the novated lease calculator is quick and easy to use, keep in mind it's just an estimate.
You'll need to enter details like the loan amount, loan term, interest rate and if you are paying in advance or in arrears. If your lease includes a residual payment, you'll also need to input the residual percentage and amount.
The novated lease calculator will then work out your expected repayment amount. Make sure the details you enter are accurate to get the most reliable result.
Information you'll need:
Loan amount. This refers to how much money you have borrowed or plan to borrow.
Loan term. How long have you been given to repay the loan? This is referred to as the loan term.
Interest rate. This is the agreed upon percentage that the lender is charging you to use its money.
Repayment frequency. This refers to how often you make repayments.
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
* This is a fictional, but realistic, example.
FAQs about our Novated leasing calculator
No, the novated lease calculator is only a calculation of the potential repayment you should expect by taking out a loan with the exact amounts you inputted. A bank or lender will make its own decisions about whether you can borrow.
Much like a normal calculator a novated lease calculator uses solid mathematics to come up with the repayment amount. As long as the information you enter into the calculator is accurate, the result will be accurate. If you are using the calculator with estimated numbers your answer will also be an estimate.
No, personal information is not required to use the novated lease calculator. All you need is information regarding the loan: the loan amount, the loan term, the interest rate, the repayment frequency, and the residual percentage and residual amount if applicable.
If you are planning to take out a novated lease for a vehicle with your employer and you want to get an idea of what you’ll be paying towards the loan, you might want to use the novated lease calculator. All you have to do is enter in the required information regarding your potential loan and you’ll get the results quickly and easily. You can even use it to keep track of a current novated lease. For even more help with your novated lease compare the available loans offered by different lenders to get the best possible deal for you and your employer.
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?
Finder
SarahMay 14, 2024Finder
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.
Find the best car loan for your circumstances with CarClarity. Rates start from just 3.35% p.a. and borrowers can apply for loans from $10,000 to $250,000 for new and used cars.
Concerned about the earth but still need a car to get you around? The Bank Australia Car Loan comes with a competitive rate and trees will be planted to offset the greenhouse gas emissions produced by your car for the term of your loan.
Want to buy a classic car but don't have the ready money? There are still financing options available for classic vehicles. Find out what loans you have to choose one and which one will work best for you.
Australian Military Bank lets you finance a car, motorbike or boat up to five years old with its competitive car loan. Find out about the rates and fees in this review.
This NAB secured car loan offers loans of up to $100,000 for new and used vehicles less than 12 years. It has a fixed interest rate with loans of 1 - 7 years, but no penalty if you repay the loan early.
Important information about this website
Finder is a comparison service. We do not compare every product or every provider in the market.
We make money through commercial arrangements with some of the providers on this site. Products marked 'Sponsored', 'Promoted', 'Featured' or 'Advertisement' appear as a result of a commercial arrangement.
Our editorial content, product reviews and any 'Top Pick' designations are prepared independently of these commercial arrangements.
The default order of products in our tables can be influenced by commercial arrangements. You can re-sort or filter using the controls above each table.
Some content on this site may be generated or supported by AI tools. You should verify details directly with the provider.
Finder is one of Australia's leading comparison websites. We are committed to our readers and stand by our editorial principles.
Our comparison service does not include every product or every provider in the market. Some product issuers offer their products under multiple brands or through associated companies. Where we can, we identify the underlying issuer so you can compare like with like, but you should always check with the provider directly to confirm which brand you are dealing with.
Finder is a comparison website and an intermediary. We are not a product issuer and we do not provide personal financial or credit advice. When you click a link to a product, or apply for a product through our site, you deal directly with the product issuer. We may receive a referral fee, commission or other payment from the issuer if you click through, apply or take out a product. We describe these arrangements in more detail under 'How we make money' below.
Product features, fees, terms and eligibility criteria are set by the product issuer and may change. We rely on information supplied by issuers when we present product details on our site. Before you apply for or take out any product, you should confirm the details directly with the issuer.
We earn revenue from Finder in four principal ways:
Referral fees and commissions. When you click a product link, complete an enquiry form or apply for a product through our site, we may receive a referral fee, commission or other payment from the product issuer. We may also receive payment based on the volume of leads or conversions we send to an issuer.
Sponsored placements. Products marked 'Sponsored', 'Promoted', 'Featured' or 'Advertisement' appear as a result of a commercial arrangement between Finder and the issuer. These labels always indicate a paid placement. We do not use them for editorial choices.
Display advertising. Banner advertising, newsletter advertising and similar display ads on our site are paid by advertisers.
Content sponsorship. Some articles, videos and social media posts are sponsored by an issuer and are clearly labelled as such.
Our editorial opinions, product reviews and any 'Top Pick' designations are prepared independently of these commercial arrangements. A 'Top Pick' is an editorial choice made by our writers and editors based on the criteria described on each comparison page. A 'Top Pick' is not a personal recommendation and does not mean the product is appropriate for your circumstances.
If you would like to know whether we have a commercial arrangement with a specific product issuer, please contact us.
When products are grouped in a table or list, the default order can be influenced by commercial arrangements we have with product issuers. In some categories, sponsored or featured products appear in the top positions of the table by default, and are always labelled as such.
Other factors that influence default order include price, fees and features, and (where relevant) our editorial view of the product.
You can re-sort every comparison table using the controls above the table. You can filter by product features that matter to you. The order you see after re-sorting or filtering is not influenced by commercial arrangements.
Some content on this site is generated or supported by artificial intelligence tools, including our AI-powered assistant FinderBot. AI-generated content may contain errors. Please verify important information directly with the product issuer before making a financial decision. For more information about FinderBot, see the FinderBot Terms of Use and FinderBot Privacy Collection Notice.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
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!