What happens at the end of my novated lease term?

A novated lease gives you options at the end of your lease term. A residual amount remains which you can pay out or refinance or you can take up a new lease on a new car.
Vehicle trade-in
Trade-in your vehicle and repay the residual balance on the lease. If you sell your car above the residual value, you keep the profit tax free.
Vehicle purchase
Repay the residual balance on the lease and own the car outright.
Re-lease your existing car
You can lease any car that will be under 9 years old at end of lease. If you have time to spare on your current vehicle, you can re-lease it again for a shorter time.
Lease a new vehicle
You can sell your current vehicle, pay out the lease (pocketing any profit above the residual balance) and lease a new car.