BEWARE these Underwater Rocks of Novated Leasing in Australia!

Novated Leasing might be an easy way to get into a new vehicle in Australia, but there are hidden underwater rocks you DON'T SEE YET, and that will be really unpleasant to discover (if you come across them).
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🚩 VIDEO CHAPTERS 🚩
00:00 - Intro and Context
01:30 - FIOBOC Discounts!
02:50 - The Main Problem
04:15 - What is happening?
06:25 - The REALITY of it
08:00 - Other considerations
10:00 - What is frustrating
11:30 - Final thoughts
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[@Amir-dd3ls]

I am interested, my experience has been simply that setting up is easy and amazing. If you need anything mid lease, then simply good luck you have to wait at least a week to few weeks. Plus, their interest rates which they don't and never will advertise is super high.

[@ValueCarsAU]

Yep, completely agree except EVEN SETTING UP isn't amazing. Long waiting times, chasing your rep, them not picking up the phone... Basically in Australia it's borderline disgraceful service. Wish there was an ombudsman or some kind of regulatory body.

[@legogummybear5]

Dimitri. Love your videos in general. When you enter a novated lease you are made aware of the lease terms, especially how long the lease will be. The vast majority of people will only enter a NL on those terms because they know they will be employed at the same place for the term of the lease. Your situation would be in the minority. As you have discussed the lease is a complex financial agreement between you, your employer and the NL company, it's not just something that can be handed over in an envelope. The SG Fleet screen grab is the best example (not the highlighted section). I don't believe these are underwater rocks, I believe these are exceptional circumstances that require due diligence by the NL companies to ensure compliance with financial regulations. You can be p'd off at the time it takes to do it but ultimately you are ending a financially binding agreement with one company and entering into another with another. I think your OCD has gotten the better of you this time/ I novate lease... no underwater rocks in my stream, with respect.

[@ValueCarsAU]

I appreciate a thorough white up mate, but I disagree. I don't think moving employers and renovating a vehicle is an exception, otherwise - if nothing else - they simply wouldn't have a whole RENOVATIONS department, that's apparently ran off their feet. I spoke with them - so busy busy, sorry sorry, very busy. Hardly handling 1-2-3 of "exception" cases similar to mine mate... Just very poorly organised and understaffed.

[@wesselswillem1]

I agree... Having had at least 2NLs and not changing employers, everything takes weeks if not a month to adjust or change.

[@Amir-dd3ls]

Oh forgot to ask, will you review the new BYD Sealion 6?

[@ValueCarsAU]

No BYD dealership close to where I live, so probably not, unless I get some kind of special invitation

[@JJ-uy2sg]

I looked into novated leasing. Seems risky unless you are pretty sure of being with one company and really need to save on tax.

[@ValueCarsAU]

Yes, pretty much my experience too.

[@kajak012]

good to know i will pass this to my son who is thinking about changing jobs with a lease..............

[@ValueCarsAU]

It's doable, but not gonna be pretty mate...