About Michael Whyte & Co

Welcome to Michael Whyte & Co

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Michael, Whyte & Co (MWC) is a boutique law firm.  Specialising in property law, commercial law, securities, Wills, estate administration and succession planning, we make regular monthly visits to Geraldton, Esperance and Merredin in order to serve the wider community.

MWC is built on over 30 years of experience, and has a vast knowledge of local markets within both metropolitan and rural WA.

MWC has been established as a well respected and highly regarded law firm which has seen rapid growth over the last 10 years.

We continue to thrive due to strong leadership, excellent lawyers, a culture that focuses on staff retention and a “can-do” attitude towards client service.  The key to our success is delivering superior legal representation services and building long-term relationships with our clients. We have earned a reputation of getting the job done right and for acting with honesty and integrity.

Our goal is to provide excellence in legal representation to support our clients. To do this we must understand our clients’ needs, meet their expectations and deliver the best possible outcome.

Australian Novated Lease Calculator

Why Would One Need an Australian Novated Lease Calculator?

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When someone makes the shrewd and momentous decision to explore  whether to take out Car Finance by Stratton Finance or even novated leases, it warrants a novated lease calculator. Both nifty and pragmatic, novated lease calculators are tremendously advantageous.

What Is Novated Leasing?
Novated leasing is an agreement between three parties, employee, employer, and leaser, in which an employee sacrifices a considerable amount of their salary in exchange for a car payment. The unfolding of the process is far more intricate, but this brief overview will help you better understand why novated lease calculators are a crucial component of novated leasing.

What Are Novated Lease Calculators?
While there’s no one definition to describe a novated lease calculator, they’re virtually financial calculators that break down payments after weighing several considerations. The amount you pay month to month is entirely contingent upon these factors, so it’s imperative that you give honest, fair, and suitable answers. Otherwise, you’re liable to wind up with a skewed payment that doesn’t reflect a just amount. What’s more, inaccurate responses could sully your employer’s image of you, deterring them from participating in the agreement in any capacity.

What One Can Expect When Employing A Novated Lease Calculator
Using a  Stratton Finance novated lease calculator https://www.strattonfinance.com.au/calculators/novated-lease is straightforward and self-explanatory. Before the gadget can crunch the numbers, you’ll be prompted to answer a series of questions. Each novated lease calculator comes with its own set of inquiries, so it’s crucial that you utilize as many as possible to get the best deal. Here are some examples of questions you may encounter:

  • Would you like a small car, SUV, sports car, etc.?
  • What model car would you like?
  • Do you have an automotive manufacturer in mind?
  • How much interest would you like to pay?
  • What is your pretax income?
  • How much are you willing to invest?
  • How far do you travel on a yearly basis?
  • How long would you like your lease for?

Benefits Of Novated Lease Calculators

  • Reduces the risk of you getting scammed
  • Provides incredible insight
  • Equips you with ample knowledge
  • They’re available on the Internet
  • Allows you to get a feel for your desired budget
  • Helps pinpoint the most competitive rate
  • Both fast and easy
  • Incredibly convenient

Car Finance

The Best Car Finance Option

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When seeking to purchase the car of your dreams, you may not always have a lump sum to cater for the car’s price in a single instalment. In such a scenario, you need to consider a car finance or loan to foot your bills without much hassle and stress. These loans are just like regular loans, with the difference being that you can only use them for car purchases.

What is a Car Finance?

The term car finance constitutes the various financing options that enable an individual to purchase a vehicle through an arrangement that doesn’t involve a single lump sum payment. It is usually provided by a third party, which can be a bank or a specialized car finance company. These loans take between one and seven years. Typically, the longer the loan duration, the lower the monthly instalments.

There are two primary car finance types- secured and unsecured car loans.

Secured Car Loan

In this type of financing, the car to be bought is used as security for the lender. This implies that when you fail to pay the loan, the lender will repossess the vehicle and sell it to cover any outstanding arrears regarding the credit. The interest rate for the secured car finance option is approximately 8.4 %. They are cheaper than unsecured car loans because the lender is exposed to a lesser risk. In addition to that, the loan limit for this type of car loan is relatively higher.


Unsecured Car Loan

When you take an unsecured car loan, you need not put your car or any other property as security for the loan. Therefore, the lender risks losing some money when you are unable to repay the loan within the stipulated time. Due to this risk, the interests rates are relatively higher (approximately 12.08%), and the loan limit is slightly reduced.

Which is the Best Car Finance Option?

After establishing the differences between the common types of Car Finance Stratton options, the hard part is discerning which one is the best. You need to consider several factors before choosing either of the two options. First, you have to check the types of interests offered by different lenders. Are they fixed or variable? Are there any discounts associated with early payments? Different car loan service providers have different rates. Some lenders also check your credit rating and award higher interest rates if it is not solid.

You also need to know the total amount (including interests) to be repaid at the end of the loan term. The option that provides you with a lesser gross total should be worth a shot. Always keep in mind that while secured loans are cheaper than unsecured ones, your car will be repossessed if you default. Also, you can only use unsecured loans for new or relatively new used cars. Make sure to discuss the terms of a car loan with your lender before making a decision.

How Do Novated Leases Work?

How does a novated lease work for me?

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A novated lease is the kind of lease your employer works with you to arrange, and it’s one that benefits you both. This type of lease is typically issued as a perk by your employer. It allows you to go out and lease a new car that your employer will pay for with your pre-tax earnings. It’s not meant to be confused with a company car your employer pays for and you get to drive as long as you are employed with the company. This kind of car is designed for you to drive when you work for your company, when you leave your job, and when you want. It’s your car. If you’re not certain what a novated lease is, here are the answers to the most commonly asked questions.


Does my employer pay for my novated lease?

Your employer does not pay for your novated lease from their budget. They pay for it on your behalf. This means they take the money they pay you to pay the cost of the novated lease, and then they give you what’s left of your earnings. It’s a way of keeping your car payment on time without worrying about making it on your own.

Why should I bother with a novated lease?

A Novated Lease Stratton at https://www.strattonfinance.com.au/novated-lease  is financially beneficial because it lowers your taxes and it helps you keep more of your own money. When your employer makes your novated lease payments, they make it from your pre-tax earnings. This means the money used to make your car payment is no longer taxed. Your income is taxed at a lower level, which means less of your money is taken out and used to pay taxes. Now you’re paying fewer taxes and saving some money that’s being used to pay for your car.

Do I get to keep my car?

A novated lease is like any other lease. You only get to keep it as long as the contract states. If you choose to drive the car for one year, you keep it for one year. If you choose a novated lease for a five-year term, you keep the car for five years. If you want to buy it outright when the novated lease term is up, that’s an option you have. You may also choose a new car.

If you leave your job and worry your novated lease might be a problem, don’t worry. Your novated lease is transferable. You can send it along to your new company or even take over the payments on your own. This allows you a chance to keep the car even if you decide not to stay with your company. A novated lease allows you to save money while buying a new car, drive what you want, and never worry you’ll accidentally make a late car payment. It’s a good option for someone who enjoys saving and making timely payments.

Novated Lease

Novated Lease

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A novated lease is a way to cause an end of an old obligation. A novated lease therefore has a dual nature. A novated lease is the legal operation by which the parties decide to substitute a new obligation for a pre-existing obligation which is correlatively ended.

Thus a novated lease can be considered as a contract between the creditor and the debtor. The object of which is the modification of the obligation which unites them. However, it is above all the creation of a new obligation.

A novated lease does not end the obligation but only causes a change of ownership. Contrary to novation, where the old obligation and the effects which result from it are ended in subrogation, the obligation retains its character and the security which guarantees it. It aims either to replace one thing by another, in this case it is called real.

Or, to replace one person by another as a creditor in a bond of obligation, in this case it is called personal. Subrogation expresses the idea of replacement. Subrogation is a means of payment and transmission of debt.

The old obligation does not disappear absolutely. However, unlike debt assignment, in novation, the new creditor to a new claim and the debtor must consent to this change. Just like assignment of debt, novation can effect a change of creditor.  Novated Lease Calculator at https://www.strattonfinance.com.au/novated-lease/online-quote.aspx

Being a contract binding the creditor to the debtor and whose object is the modification of the obligation which unites them, this convention must therefore obey the general conditions of validity of the contract, namely consent, capacity, object and cause. To speak of novation, there must be a succession of two obligations, a difference between them, and the parties should have the intention of animus novandi.

Indeed, only the perfect delegation operates novation. It can not, therefore, as in novation, result from the circumstances of the act. In law, the delegation was attached to novation in that it was considered as having to produce novation. That is not entirely accurate. Imperfect delegation, which is the norm, is not a novation.

It approaches the objective of a novated lease, that is to say, is a change of the objective which ends the primary debt in order to substitute another for a different object. The dation in payment is the transaction whereby the debtor transfers ownership of a thing to his creditor who agrees to receive it in lieu and in payment of the due amount. In the dation in payment, we are not in the presence of an obligation which replaces another, but only the extinction of an obligation.

The payment is made instantaneously in contrast to the novation which is in principle in the long term. However, these two concepts are fundamentally distinct. However, there are three specific conditions.

The old obligation must be valid. The aim of a novated lease is to effect the extinction of an obligation binding the creditor to the debtor. Novation can only occur if the new obligation created by the parties is valid. Here the aim is the succession of the old obligation to be ended and the new obligation to be created.

Getting a Car Loan

Things to Know when Getting a Car Loan

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Buying a car is something that is both exciting and has the potential to be overwhelming. There are many makes and models with various features and colors to choose from. One of the most confusing parts of buying a new car is financing the purchase, typically done through a car loan from a bank or credit union. Understanding how the process goes from the moment you step into the dealership until you secure financing with a car loan and finally when you walk out with the keys to your new vehicle makes the overall experience more enjoyable and quicker

Know your Credit Score
Look up your credit score before applying for a car loan anywhere so you don’t waste your time trying to qualify for a loan that you don’t meet the basic requirements of. A higher credit score improves your chances of being approved for the loan, gives you a better interest rate, and qualifies you for a larger sum of money to give you more options when browsing the lot.

Know your Budget
The car payment itself isn’t the only thing you need to factor into your budget. Other expenses including gas and automobile insurance should be factored in to determine how affordable the vehicle is to own in a larger context. It might be smarter to choose something that isn’t as pricey if you expect to deal with high ownership costs. Car Loan www.strattonfinance.com.au/car-finance/options/car-loan.aspx

Make a Large Down Payment
It might be appealing to walk into a dealership and walk out after putting little to no money down. It’s great on the surface, but you’re facing higher interest rates and longer loan terms. These combined contribute to thousands of dollars during the life of the loan in interest charges, which could be controlled by obtaining a car loan with favorable terms for you as the buyer. Putting a larger down payment is ideal to have lower monthly payments while extending the term of the loan to 60 or 72 months also does this.

The difference is that you’ll eventually pay more in interest charges by spreading the loan out for such a long period. Aim for a loan term of three years, but up to five if necessary. It’s best to put down 20 percent of the total amount of the car loan to ensure you get the most favorable interest rate for the duration of the loan.

Read the Fine Print
Read the fine print in any contract you sign to ensure you aren’t signing something that you definitely don’t agree with. If you intend to pay off the vehicle before the end of the loan, then you’ll want to ensure you aren’t subjected to prepayment penalties in an attempt to save money overall.

Take the steps to get a car loan so you can have the vehicle you’ve been waiting for. Take your time evaluating your options to get the best deal and feel comfortable with the terms and results of your recently approved car loan.