Novated Lease FAQ

Here are the answers to all those questions you wanted to ask about Novated Leasing: 

Can I finance a used vehicle?

You can lease a used vehicle as long as it is not more than 12 years old or 200,000km at lease end. The vehicle must be purchased from a licensed motor vehicle dealer (we can purchase vehicles from private individuals, however the process is considerably longer due to GST and ownership issues). We are also able to offer StreetFleet ‘ex lease’ vehicles.

What happens if my vehicle is no longer under warranty?

If you are looking at a used vehicle which is outside the manufacturer’s warranty period or kms then we can include an extended warranty product in your lease to cover this asset.

This can be opted out at any time before the lease starts and a product disclosure statement (PDS) is made available with the initial lease quotation or by visiting our insurance page.

It is important that you consider the costs of unexpected warranty claims if you do choose to opt out of this product as they will not be taken into account when structuring the lease.

Is a novated lease right for me?

With each quote, your fleet consultant will provide you with an analysis showing how the lease may affect your annual and monthly salary. Each financial position is different and you should consult either a financial planner or tax professional before entering into a novated lease.

What are the credit approval requirements?

Once you are happy with your novated lease quote, we will also email a privacy statement and credit application that asks for some basic information relating to your individual financial status. It is important that you read and understand these forms and contact us if you have any questions.

Once you complete and submit these forms along with supporting documentation, you should receive confirmation of your credit approval within 24 hours. The credit approval process is a standard lending application that looks at your personal circumstances and credit history.

Will I need approval from my HR?

Your HR or payroll department will be notified when you accept your novated lease quote. We will ask them to confirm your employment at the application stage. Your employer must agree to commence leasing the vehicle from StreetFleet and to make the required monthly salary deductions.

How long will the whole process take?

We recommend that you start the process as early as possible. Uncontrollable delays can occur particularly for popular or new models. However, if:

• the vehicle is in stock in your state and you do not want it overly customised or accessorised; and

• your credit application proceeds smoothly, the process takes approximately five business days.

Who is eligible for a Novated Lease?

StreetFleet will extend credit only to permanent fulltime employees with clear credit history. Please note that employees must have completed any probationary employment period. Our standard terms and conditions apply.

How will you protect my privacy?

We will ask you to sign a privacy statement which outlines how we use your personal information. This includes disclosing information to a credit reporting agency, your employer and the dealer to the extent each of them needs to know the information or to undertake a search of your credit history. We may also use your details to tell you about our products and services in the future.

What if I take delivery of my vehicle during the FBT year?

FBT rates have standardised to 20% it is no longer an issue to take delivery during the FBT year. Your FBT is simply calculated based on the number of days used in the year.

What is the Luxury Car Tax Limit and how would it affect my lease?

Luxury car tax (LCT) is a 33% tax on any luxury vehicle as determined by an ATO nominated value and any vehicle with a value above this amount will be taxed at 33%. For ‘green’ vehicles this limit is slightly higher. Taking out a novated lease on a vehicle above this limit can have an additional impact on your salary (over a non-luxury vehicle) as the tax treatment changes for vehicles above this limit. We strongly recommend you speak with a financial advisor or tax professional if you are looking at a novated lease on a luxury vehicle.

Is comprehensive insurance included?

All leased vehicles must be comprehensively insured. There are two options for including comprehensive insurance in your cost to package:

• StreetFleet can arrange insurance through a preferred supplier. The preferred supplier arrangements provide comprehensive motor vehicle insurance at competitive rates with features designed with novated lease in mind. Let us know if you would like more information about the product features.

• Source your own insurance and provide the annual premium and policy details to StreetFleet so we can organise a reimbursement and include this amount in your cost to package.

What is accident management?

StreetFleet’s novated lease products include an accident management service. Simply call our office and we can assist you to deal with the accident, make an insurance claim, have the vehicle repaired, etc.

What happens if I write my lease vehicle off?

If your vehicle is written off then we will give you a payout on your lease, upon payment of which the lease will be terminated. If your insurance payout does not match the finance payout you will have to make the shortfall/gap payment to us to finalise the lease.

Gap insurance may also be included on your initial quotation to cover you for this event up to certain limits. This can be opted out at any time before the lease starts and a product disclosure statement (PDS) is made available with the initial lease quotation or our insurance page.

Depending on your insurer’s policy terms and conditions, and under certain circumstances, we may be able to accept old for new replacement on the existing lease.

Can tolls and parking infringements be included in my lease?

No. The ATO guidelines state that tolls and parking infringements cannot be included in a novated lease.

Who can drive my novated lease vehicle?

It is completely up to you; however there may be restrictions from your insurer or employer on who can drive the vehicle.

How do I purchase fuel and when will I get my fuel card?

If you have nominated to have StreetFleet organise your fuel card through Motorpass, this will arrive in approximately 7-10 days. If you need to fill up during this period, we will reimburse you from the lease provisions if fuel has been included.

What do I do if my vehicle is due for a service?

Just book the vehicle into your local MTA approved service centre. When dropping the car off, let them know that StreetFleet manages the vehicle and they will contact us for authorisation. Our decals will also be on the service books to remind the dealer.

Once the service is complete simply collect your vehicle. All invoices will be sent to our office for payment. If there are any issues with the vehicle (such as required repairs etc) we will contact you to discuss.

How do I track what I have spent against the budgets included in my package?

Just visit our website, where you can log on to our secure online system to view your expenditure 24 hours a day, 7 days per week.

How can I track my actual kilometre usage against my lease kilometre limits?

There are three ways that we can collect km readings on your lease vehicles:

1. When you give your kms reading at petrol stations

2. When your vehicle is serviced

3. If you manually enter your reading in our online system.

At any stage you can log into the system to track your actual kilometres against your kilometre limit. This can also generate a report that advises how your kilometres are tracking for fringe benefits tax.

What if I need reimbursement?

If you ever need to pay for fuel, maintenance or other related expenses with your own money, StreetFleet can reimburse you from your running cost budget ensuring that all costs are paid from your “pre-tax” salary.

Simply put the claim through our online system or contact us for a reimbursement form and StreetFleet will reimburse the money back into your nominated bank account via EFT.

Do I need to take care of the registration of my vehicle?

On ordering your new vehicle StreetFleet will request that it is registered in your name with your current residential address, we do this to allow any urgent notices to go directly to you for your immediate action.

On receiving your registration renewal please email all certificates to for processing before its due date, please allow a minimum of 5 working days for this.  Please ensure that you nominate your preferred CTP insurer prior to scanning and emailing.

You will receive automated system sms reminders 3 weeks prior to the expiry date until we receive the renewal – StreetFleet require copies of the renewals to verify your individual payment numbers and meet our obligations.

Alternatively, you can make the payment yourself and submit for reimbursement via the driver portal.

What if I spend less money than my employer deducts?

These amounts are returned to you via your payroll at the end of the lease term.

What if I spend more money than my employer deducts?

Over the term of your lease it may become apparent that your usage is greater than what you initially estimated and consequently the expenses will create a deficit in your accruing provisions.

StreetFleet may conduct audits on your contract to ensure we are provisioning correctly for you, should it become apparent we are not we will contact you with the proposed increased and an Addendum to Contract paperwork. 

Increasing mid lease will allow you to utilise the pre-tax deduction benefit during the lease and not at lease end where it will most likely need to be paid from your post tax salary.

When does my cost to package get reconciled?

In the event of any of the following:

• if you are tracking well ahead or behind on your budget,

 • at the end of the lease term; or

• if your employment is terminated.

What happens if I leave my employer during my lease term?

If you leave your employer, you must notify StreetFleet in writing as soon as possible.

The novation agreement with your employer will be terminated and the Novated Finance Lease will revert to a Finance Lease only and you become the lessee of the vehicle. This means that you will become responsible for making the finance payments directly with your financier. StreetFleet will email your financier advising of your change in circumstances and to contact you directly to setup a direct debit authority for future finance payments.

You may also contact us on 1300 273 359 to discuss alternative arrangements such as transferring to a new employer or paying the lease out early.

StreetFleet will provide your employer with a package reconciliation that includes FBT to assist them in preparing your final payment. As some costs may not be known on the date the novation is terminated, it may take up to 30 days to complete the reconciliation to calculate your final payment or refund.

What happens at the end of my lease?

Three months prior to the end of the lease term, we will contact you to remind you that the end of your lease term is approaching and outline the alternatives that are available to you. Such as payout, extension replacement subject to finance approval criteria. 

What happens if I involuntarily leave employment or cannot work?

If you involuntarily leave your employment or cannot work due to certain circumstances, you will still be required to make the lease repayments. Walkaway or Loan Termination Protection insurance may be included on your lease to allow you to hand the vehicle back should one of the designated life events occur (up to certain limits). This can be opted out at any time before the lease starts and a product disclosure statement (PDS) is made available with the initial lease quotation or by visiting our insurance page.