Hi everyone, I'm looking at a 5-year novated lease through Novated Lease Australia for a 2026 Tesla Model Y RWD in Victoria, and I'd really appreciate hearing from anyone who has used them.
I sign, I'd love to know:
Were you happy with Novated Lease Australia overall?
Did the finance interest rate end up matching what you expected? (My calculations suggest mine is around 8.5–9% p.a., but the quote doesn't actually state the interest rate.)
Were your insurance premiums competitive, or did you source your own insurance?
Were the maintenance and tyre budgets realistic, or did you end up with money left over or needing to top up?
Any hidden fees, unexpected charges, or surprises during the lease?
How was the customer service, especially if you changed jobs or needed to update your lease?
My quote is roughly:
Tesla Model Y RWD
Drive-away price: $60,700 ($55,181.81 exclude GST: is it expensive as I can see somewhere on web $53800 but not sure)
5-year lease
15,000 km/year
Lease payment: $1,022.88/month
Total package: $1,592.73/month (including insurance, registration, electricity, tyres, maintenance, admin, GST)
Insurance budget: $2,376/year
Maintenance budget: $616/year
Tyres budget: $660/year
Electricity budget: $903/year
Residual: 28.13% ($15,586.80 ex GST)
If you've used Novated Lease Australia, would you choose them again? Any advice or things you wish you'd known before signing would be greatly appreciated.
Thanks!

There is a local Ozbargain/reddit user who is quite knowlegeable on NLs, and has created a calculator that can make it easier to work out what you'll be saving. I recommend having a read through this post.
In general Im a bit wary of NLs. They can certainly save money compared with financing, but they can also be used as an avenue to get people into vehicles they otherwise might not be able to purchase.
For most people, dropping 60k+ on a depreciating asset isnt a great financial decision. I think the potential savings of NLs get hyped so much, people tend to forget that part.