A novated lease with no commission added to your rate
One rate, from 7.98% p.a. over 5 years. It is the rate on your contract and it covers all the interest you pay. No brokerage, no loading, no commission on top. Our fees are listed beside it, not inside it.
- Commission added to your rate
- None. No brokerage, no rate loading, no commission on top of the rate we quote.
- What the rate covers
- All the interest you pay. The rate on your quote is the rate on your contract, not a base rate with a margin added later.
- Rate today
- 7.98% p.a. on a 5-year lease (End of Year Special, applications received by 31 December 2026; standard rate 8.98% p.a.). Subject to credit assessment; rates across our lender panel are up to 0.70% p.a. higher depending on your circumstances.
- Fees, listed separately
- $500 establishment fee (included in the amount financed) and $24.50 a month (ex GST) to manage a fully-managed lease. $0 management fee if your employer's salary packager manages the lease (self-managed).
- How to check it
- Calculate the real rate from the amount financed, payment, term and residual on our quote. It matches the rate we print.
Our rates by term
| Lease term | End of Year Special rate | Standard rate |
|---|---|---|
| 1 year | 11.81% p.a. | 12.81% p.a. |
| 2 years | 9.24% p.a. | 10.24% p.a. |
| 3 years | 8.46% p.a. | 9.46% p.a. |
| 4 years | 8.07% p.a. | 9.07% p.a. |
| 5 years | 7.98% p.a. | 8.98% p.a. |
Nominal rates p.a., the best available across our lender panel. Your rate is confirmed after credit assessment and may be up to 0.70% p.a. higher.
How commission gets into a novated lease
On many novated leases the finance carries more than the lender's rate. A base rate is loaded with a margin, brokerage is capitalised into the amount financed, or a flat rate is printed that sits well below the real one. None of it shows up as a line called “commission”, which is why a quote can say “no commission” and still carry it.
The test is simple: calculate the real interest rate from the quote's own figures and compare it with the rate it prints. On a millarX quote they match.
Common questions
Does millarX charge commission on novated leases?
No commission is added to your rate. millarX quotes one rate — currently from 7.98% p.a. over 5 years — and that rate covers all the interest you pay. There is no brokerage or rate loading on top. Fees are shown separately: a $500 establishment fee and $24.50 a month (ex GST) to manage a fully-managed lease, or $0 on a self-managed lease.
What is the lowest novated lease interest rate in Australia right now?
Rates change with the market and depend on credit assessment. millarX's rate is currently 7.98% p.a. on a 5-year lease (End of Year Special, applications received by 31 December 2026; standard rate 8.98% p.a.), with no commission added. To compare, make sure every rate is nominal p.a. and calculated from the actual cash flows, not a flat or "base" rate.
Is the millarX rate the total interest I pay?
Yes. The rate we quote is the rate on your contract and covers all the interest you pay on the lease. Our management fee and running-cost budgets are separate from the interest and are itemised on the quote.
How can I tell if a novated lease quote has commission built in?
Calculate the real interest rate from the amount financed, finance payment, term and residual, and compare it with the rate printed on the quote. If the real rate is higher, there is margin, brokerage or fees in the finance that the printed rate leaves out. Also check whether the amount financed is higher than the car price plus on-road costs.
Are "no commission" novated lease claims always true?
Check what the claim covers. "No commission" can mean no salesperson commission while the finance still carries a margin, brokerage or a loaded rate. Ask for the rate on the contract, calculate it yourself from the quote, and ask for every fee in writing.
The End of Year Special discount of 1.00% p.a. off our standard rate is available to approved applicants who meet our lending requirements, on applications received by millarX by 31 December 2026 and financed with millarX. Approval may occur after that date. Standard advertised rates apply where the credit profile is not satisfactory. Rates are subject to credit assessment and may be withdrawn or varied at any time. Rates are indicative, subject to credit assessment and may change. millarX is a trading name of Blackrock Leasing Pty Ltd, ABN 15 681 267 818, Australian Credit Licence 569484.