WECU is proud to announce an exclusive partnership with TEC Finance.
Tax effective novated leases for your new vehicle or current vehicle
Include as many or as few of your running costs such as fuel, insurances,
roadside assistance & more – all offered at cost-price to WECU members
Vehicle locating/pricing service at no extra cost to you.
What is a Novated lease?
A novated lease is a simple & cost-effective way to not only finance your next car, but also to include the costs associated with running it.
Choose a finance term & vehicle that suits you & your budget.
We then work with your employer to deduct a portion of your payments from your pre-tax salary – this can save you thousands every year in income tax as you’re only paying tax on the reduced amount.
Salary packaging your vehicle is all about convenience. The running costs we can package include:
• Car insurance
• Registration & CTP
• Roadside assistance
As a WECU member, you’re able to utilise our vehicle procurement service at no additional charge.
This service will locate & secure your chosen new vehicle from anywhere in the country- at fleet prices! You get to reap the rewards of our bulk buying power which could potentially save you thousands on your new car.
Jane is a Store Manager earning $100,000 p/a & she’s looking to buy a new vehicle with a purchase price of $50,000. Jane drives around 20,000 kms p/a & about 50% of that is for business use.
Jane wants to know if she’s better off getting a normal car loan & paying for her running costs out of her own bank account or if a novated lease would benefit her.
|Personal Car Loan||Novated Lease|
|Fortnightly gross salary (before any deductions)||$3846.15||$3846.15|
|Fortnightly taxable salary (after available pre-tax deductions)||$3846.15||$3654.42|
|Income tax (incl. Medicare)||$1026||$952|
|Fortnightly post-tax deductions||$561.51||$366.76|
|Take-home pay per fortnight||$2258.64||$2335.67|
|Saving per annum||$2002.78|
Call WECU today to find out more on
1300 665 553