To take ownership of your Lexus after completing a novated lease, you'll need to pay what’s known as the 'balloon payment' or 'residual value.' This payment is determined as a percentage of the car’s overall price and is influenced by the duration of your lease. Generally, opting for a shorter lease results in a higher balloon payment, while a longer lease can lower this amount but allows for less flexibility.

With Leaselab, you won’t have to navigate this journey alone; our dedicated team is here to assist you in making informed decisions that suit your financial goals and lifestyle.

The ideal length of a Lexus novated lease primarily depends on your unique preferences and financial circumstances. For Lexus drivers, opting for shorter lease terms might mean higher monthly payments, but this flexibility can be invaluable for those who want to avoid long-term commitments or anticipate lifestyle changes. On the other hand, longer leases generally feature lower monthly expenses but may lead to a prolonged repayment period. Generally, a lease duration of three to five years offers a sweet spot between affordability and commitment.

No, a Lexus novated lease does not have a minimum salary requirement. However, approval depends on your financial standing, including your income, living expenses, and any dependents, to ensure you can comfortably manage the regular lease payments. For a detailed evaluation of your situation and tailored advice, Leaselab is here to help guide you through the process.