About LeaseAudit
Independent novated lease quote auditing for Australian employees
What this tool does
LeaseAudit takes your novated lease quote and runs it through 16 independent checks covering:
- Finance structure (interest rate, principal, residual, fees)
- Running cost budgets (rego, insurance, servicing, tyres, electricity, roadside assistance, admin fee)
- FBT and tax treatment (including exemption eligibility, post-tax contributions, luxury vehicle adjustment)
If your quote doesn't show an interest rate (most don't), we reverse-engineer the implied interest rate using the Newton-Raphson method against the standard loan payment (PMT) formula.
Running cost line items are benchmarked against vehicle-specific manufacturer data where available — covering 46 vehicles including BYD, Tesla, Toyota, and other common models — and against current Australian market ranges otherwise.
The result is a clear, plain-English report showing exactly where your quote sits versus real benchmarks, so you know precisely what to negotiate before signing.
Where our data comes from
We rely on transparent, publicly verifiable sources:
- ATO — residual value minimums, FBT rules, LCT threshold ($91,387 for fuel-efficient vehicles in FY2025-26), tax brackets, and Medicare levy
- State transport departments — all 8 states and territories modelled against published 2025-26 registration schedules, with exact weight-based calculation for WA
- Manufacturer specifications — fuel/energy consumption, servicing intervals, tyre sizes and costs from official Australian websites
- Observed provider quotes — a growing dataset of Australian novated lease quotes (used for indicative benchmark ranges only; current competitive interest rate range: 8.75–9.75% — derived from the RBA cash rate plus verified provider spread data)
- Australian Business Register (ABR) — for provider ABN verification and ownership checks
- ATO PCG 2024/2 — EV home charging shortcut rate (5.47c/km from 1 April 2026)
How PDF extraction works
When you upload a PDF or image of your quote, it is sent directly to Google's Gemini API for text extraction.
- The file is not stored by LeaseAudit
- Extracted quote data is used to run your audit and is then saved to our secure database as part of your report record (accessible via your unique report link)
- Data also stays in your browser (sessionStorage) so you can refresh without losing progress
- Primary model: Gemini 2.5 Flash. Fallback: Gemini 2.5 Flash Lite (quota only)
For full details, see our Privacy Policy.
Who built this
LeaseAudit was created by an Australian consumer who went through the novated lease process and found it frustratingly opaque — hidden interest rates, padded running costs, unclear surplus policies, and complex tax rules.
This tool is exactly what we wished existed: an independent, no-nonsense breakdown that empowers employees to understand their quote and negotiate with confidence.
LeaseAudit is operated by Vexanode Pty Ltd.
Independence
LeaseAudit has no commercial relationships with any novated lease provider. We receive no commissions, referral fees, advertising revenue, or sponsorships.
Our benchmarks come from government data, manufacturer specs, and real provider quotes — never from provider-supplied numbers. We track 52+ providers in our database but are affiliated with none of them. Our goal is simple: help Australian employees get better deals.
Contact
Have feedback, found an error in our benchmarks, or have questions about our methodology?
Email us at hello@leaseaudit.au.