We're taking 1% off our interest rate on every EV financed through a MillarX novated lease (5 year lease only).
- Standard rate: 8.66% p.a.
- EV rate: 7.66% p.a.
- Saving: up to $1,734 in interest over a 5 year lease compared to our standard rate, and up to $15k compared to other providers
No brokerage, no junk insurance, and the rate and every fee is printed on the quote.
How to get the discounted rate
You can use our calculator to check different cars, lease lengths and prices. It uses our standard rate of 8.66%. To get the discounted rate, submit the quote through to us with a note that you're from OzBargain, and we'll amend the quote to use the special rate of 7.66%. Or you can use the dedicated landing page https://millarx.com.au/ozbargain
Home charger bundled from $35/month
Getting the car is one thing, getting home charging sorted is another. You can bundle a charger, professional installation and ongoing support into your lease payment:
- Up to 4x faster than the trickle cable that comes in the boot
- Cheaper per kWh than relying on public charging
- No upfront cost for a standard installation
- The charger is yours to keep at the end of the term
Two options depending on your switchboard and installation: Autel AC (7kW single phase / 22kW three phase) or Tesla Wall Connector (7kW / 22kW).
$35/month covers a standard installation. If your place needs more than that (switchboard upgrade, long cable run, etc.) we'll let you know and provide a quote.
Why EVs specifically
EVs under the luxury car tax threshold for fuel-efficient vehicles are FBT exempt, which means the whole lease payment comes out of your pre-tax salary. That's where the bulk of the saving comes from — the 1% rate cut is an additional discount on the finance provided by MillarX.
Using the BYD Sealion 7 (Premium) at $54,990 driveaway as an example:
Cash vs Novated Lease (5 years)
| Outright (Cash) | 5 Year Total | Novated Lease | 5 Year Total |
|---|---|---|---|
| Driveaway price | $54,990 | Net cost (the amount your take-home pay drops) | $807/month |
| Running costs (insurance, rego, tyres, etc.) | $346/month | Total (after tax) | $47,613 |
| Running costs (5 years) | $20,760 | Balloon payment | $14,130 |
| Total cost (5 yrs) | $75,750 | Total cost (5 yrs) | $61,743 |
| Total savings | $14,007 | ||
| Mortgage interest saved (6%) | $16,947 | ||
| Net benefit | $30,954 |
Total saving via the novated lease is $14,007, and you get to keep the cash in the bank for 5 years and save almost $17k off mortgage interest. So a novated lease is almost $30k of benefit on a $54k car compared to cash or car loan finance. (If you don't have a mortgage, you can still realise the savings by putting it in a high interest savings account.)
It's a great deal, but it might not be for everyone
Pre-empting some comments — novated leasing isn't always the best solution for everyone, and it is not a magic way to get a free car. Some people may prefer to buy a used car a few years older to save money instead, which is perfectly valid. (BTW, you can novated lease a used car and still realise the benefits.) But if you have decided on buying a new (or used) car, it is a very cost-effective way to finance it and has clear benefits over paying cash or using a car loan.
MillarX vs "other" novated lease providers
Novated leasing can get a bad reputation due to high interest rates and dodgy "junk" insurances tacked on by other providers. Many providers hide behind the "tax" savings, charge you 12-15% interest and add unnecessary insurances and services. We put a quote comparison tool on our website so you can easily compare quotes - https://millarx.com.au/compare-your-quote
We started MillarX to provide clear, transparent pricing. We disclose our interest rates and all fees and charges on our quotes. We let you pick your own insurance to maximise the savings, and we don't charge brokerage to source cars for you (you can find your own car if you want, and we'll do the rest).
Below is an example for the same car, comparing a MillarX novated lease against another large novated lease provider. We've removed the items that are always the same between providers (running costs, balloon payment).
| Other Providers | 5 Year Total | MillarX | 5 Year Total |
|---|---|---|---|
| Vehicle finance (14%) | $60,572 | Vehicle finance (7.66%) | $50,799 |
| Junk insurance | $5,700 | Junk insurance | $0 |
| Total cost | $66,272 | Total cost | $50,799 |
| Total saving | $15,473 |
"Junk insurance" = unnecessary additional insurances that provide little value in most cases.
Do your research
You can use the calculator on our website to check other vehicles or personalise it to your circumstances (salary, location, etc.). There are multiple independent novated leasing calculators available as well — posted in the forums on this website, and also in the Australian subreddit:
- https://novatedlease.guide/
- https://www.reddit.com/r/NovatedLeasingAU/
- https://millarx.com.au/novated-leasing-calculator
Compare your quote
Leasing providers often present quotes in different formats, so it's difficult to get an apples-for-apples comparison on interest rates, fees and charges. We have a quote comparison tool on our website https://millarx.com.au/compare-your-quote so you can identify the headline interest rate and compare properly.
If you're buying a new EV on a novated lease, the real question is: are you getting a clean deal, or getting loaded with hidden costs?
BYO / self-managed
Many employers allow BYO (also called self-managed) novated leases, meaning you're not locked into whoever your employer's salary packaging provider has bundled in. You choose the financier, and your employer just processes the deductions.
MillarX can provide the finance on a BYO lease, and as per the example above, 14% vs 7.66% is a massive $15k saving on finance alone. The tax savings are the same either way — they come from the novated lease structure, not the provider.
If your employer already has a packaging provider but you'd rather bring your own finance, we handle the lease and work directly with your employer's payroll to set it up. Worth a quick email to your HR or payroll team to confirm they'll accept a BYO arrangement — most will.
** EDIT - Just to clarify - the 1% discount is a 5 year lease only **
So glad I got 2.99% during covid