Novated lease quotes are dense on purpose. The headline is usually "your take-home only drops by $X", which tells you almost nothing about whether the deal is good. Here are the lines that actually matter.
Amount financed (not the FBT value)
This is the single most common mix-up. The FBT base value is the car value used to work out fringe benefits tax. It is not what you are borrowing. The amount financed is the drive-away price minus the GST the leasing company claims back, and it is the number the interest is charged on.
Lease rental vs running costs
The package is split into the finance (usually the "lease rental" or "finance" line) and the running costs (fuel or charging, servicing, tyres, insurance, registration). Only the lease rental is the loan. The running costs are the provider’s budgeted estimates, not fixed charges, and unused amounts are usually reconciled or refunded at the end.
The residual
This is the lump sum owing at the end of the lease, set by an ATO-mandated minimum percentage based on the term (for a 5-year lease it is 28.13%). Watch whether it is shown inclusive or exclusive of GST, mixing that up is a common source of wrong rate calculations. At the end you can pay it out, refinance it, or sell the car and settle it.
The effective interest rate
If the quote shows an interest rate at all, check whether it is a flat rate or the genuine effective (reducing-balance) rate. Many providers do not disclose a rate, which is exactly why working it out matters. It is the clearest single measure of whether the finance is fair.