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Personal Overdrafts

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Improve your cash flow with a personal overdraft

If your self-employed, or work as a contractor, managing your cash flow can be problematic. A personal overdraft is often used by people to ensure they avoid overdrawn fees or direct debits bouncing back.
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A Novated Lease is a 3-way arrangement between the employee, the employer and the financier where the obligations under the finance lease are transferred from the employee to the employer through a Deed of Novation and the employer assumes responsibility for making the lease payments to the financier.
The Deed of Novation remains in force until the end of the lease term, or until the employee ceases employment.

Fully Maintained Novated Lease

A Fully Maintained Novated Lease is an arrangement where all of the operating costs of the motor vehicle are included as part of your salary package. Operating costs that can be packaged include:
  • Lease Rental
  • Fuel & Oil
  • Servicing & Maintenance
  • Registration
  • Tyres
  • Comprehensive insurance
  • Roadside Assistance
  • Car wash

Non-Maintained Novated Lease

Under a Non-Maintained Novated Lease, the lessee is responsible for all maintenance and other running costs of the motor vehicle.

Flexibility of a Novated Lease

There are a number of benefits associated with novated leases, including:
  • Employer can lease the motor vehicle of their choice
  • Motor vehicle can be leased where the private use of the vehicle is 100%
  • When an employee ceases employment, the responsibility for the lease reverts back to the employee.
  • Motor vehicle does not appear on the employer’s Balance sheet

Tax Benefits of a Novated Lease

The concept of novated leasing is central to salary packaging arrangements between an employee and an employer. Under a salary packaging arrangement, an employee agrees to forego a portion of their salary or wages in return for benefits equal to that amount.
For a novated lease, the lease and running costs of the motor vehicle, and fringe benefits tax (if applicable) are deducted from the employee’s pre-tax salary, and PAYG is calculated on the reduced salary or wages.
The tax benefit of a novated lease arises from the concessional fringe benefits tax treatment on the car, with the lease and running costs being FBT exempt. Depending on the employee’s individual financial circumstances, salary packaging a motor vehicle under a novated lease can have the effect of increasing an employee’s net disposal income.

Other benefits of a Novated Lease

  • Repayments are fixed over the term of the loan
  • The term of the novated lease ranges from 12 to 60 months.
  • As the financier is the owner of the motor vehicle, they claim the GST on the purchase price, meaning that the employee finances the GST-inclusive amount (i.e. employee finances the GST-inclusive amount).
  • Under a salary packaging arrangement, the employer is entitled to claim an input tax credit for the GST component of the lease payments and other running costs of the motor vehicle.
  • If the employer passes back to the employee the input tax credits, the employee is effectively paying the novated lease and running costs net of GST.
We may be able to assist in specific circumstances by extending Private fleet benefits.
*Conditions Apply.

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Client's Reviews

sagar ranganath
sagar ranganath
2022-03-24
I have worked with the team for a few months now.Absolutely great team to work with! Guided me with the best available options in the market.
Harry Verma
Harry Verma
2022-02-17
Many thanks to the Team at Finance and Mortgage Solutions which helped me to secure my bank loan without any fuss. Their fully secured digital technology made every part of the loan process very easy and hassle free.
Manasi Thompson-Milne
Manasi Thompson-Milne
2022-02-14
Madhu, Arnab and team have helped us with refinancing our mortgage with so much ease. They understood our concerns and were able to tailor a solution that was ideal for our situation. They kept us upto date at all times and were able to quickly resolve any problems that arose. Their wealth of knowledge across mortgages as well as finance overall has been immensely valuable. Anyone looking for advise and tailored solutions especially families, new migrants or someone who’s just confused with the options available should give this team a call.
Ajit Singh
Ajit Singh
2022-02-08
I joined as a mentee under Madhu Chaudhuri from Finance and Mortgage Solutions in 2017, and worked under her supervision till March 2021. I have learnt Residential and Commercial lending while being mentored by her. Now I am running my own Mortgage broking business successfully since I April 2021. The weekly classes and networking sessions run by Finance and Mortgage solutions were quite helpful to keep me updated with latest policies of the Finance Industry. I want to express my gratefulness that I had an opportunity to work and learn working with Madhu Chaudhari. She is an amazing mentor who has made a substantial change in my career over the past few years. She fully understands the needs and inspires new brokers to bring out best in them. She has tons of experience & immense knowledge in the finance & mortgage industry.
Vidya Rajaram
Vidya Rajaram
2022-01-30
It’s been a pleasure working with Madhu. She carefully analysed our situation and looked into all areas of our outgoings and ensured we maximised our savings to be able to save for our future. She is really patient and her advice on various fronts of our finance structure helped us immensely. She is a walking encyclopaedia of all things finance. Definitely will recommend her to everyone who needs a great adviser... She has certainly made a friend for a lifetime...
Rupayan Chowdhury
Rupayan Chowdhury
2022-01-25
As a first home buyer, I was really facing so much issues. The advice, support and service Finance and Mortgage Solution that are giving me are simply amazing. I highly recommend FMS for mortgage related consultancy.
Ramprasad Krishnaswamy
Ramprasad Krishnaswamy
2022-01-24
Madhu was my mentor for 2 years from November 2016 to June 2018. She was available during working hours for any questions and she believes in helping her mentees to learn by working through scenarios and arriving at the approriate solutions. My skills in developing appropriate scenarios to the unique financial situation of a customer were enhanced during the mentorship. How to talk to the assessors and how to approach a BDM for a solution were skills that were honed during this period.Finally pitching the loan to the customer and compliance training were addressed in great detail. Madhu is very helpful and extremely knowledgeable. I would recommend her anytime as a mentor for any person wishing to become a Broker.
Yuva Raj
Yuva Raj
2022-01-13
Madhu and team are thorough professionals and am really happy with the advise they provided to make informed decisions. I have gone again with Madhu for the construction loan. She was able to secure us an excellent deal after going through with several lenders. Appreciate thier customers first approach and commitment. Thanks a lot again.
Dheerajkumar KR
Dheerajkumar KR
2021-11-18
I cant recommend much more than this. Well organised, good follow up, great mentorship and guidance throughout. Recommends based on our specific needs and answers to all our questions patiently and responsibly!
Sunny Puri
Sunny Puri
2021-11-01
I recently got a home loan approved from Finance & Mortgage Solutions. I cannot thank them enough for their help excellent service and highly recommend especially Madhu and Arnab without them it wouldn't have been possible . Thanks 👍.
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