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Repaying your education loan in full

Repaying your education loan in full

You can easily repay your education loan in complete anytime. Discover what you have to do and what the results are when you have made your last repayment.

Before you repay your education loan in complete you will need to:

You should check your balance and improve your details in your myIR Secure Online Services account. The balance shown in your myIR account might not be the balance that is final.

In the event that you earn money from wage or wages

Your manager has until the 20th associated with month that is following deliver these to us, therefore the stability shown may perhaps not consist of your latest repayments. We must process the re payments before allocating them to your education loan. Once you learn exactly how much is deducted from your earnings you can make use of this to function out of the amount you ought to spend.

If you should be offshore

Interest will be put into your loan once you have been offshore for 184 days or maybe more (about half a year). This begins through the after you leave New Zealand day. Inform us if you have been offshore for half a year or maybe more so we could make certain the amount that is correct of happens to be added.

Outstanding re payments or tax statements

You should contact us if you have any outstanding payments or tax returns.

In the event that you spend within thirty days to getting your loan that is final stability

We are going to cancel any interest charged:

  • Between the date the balance was received by you, and
  • as soon as the re re payment flow from.

Before we could shut your loan you can find last things you must do.

Ensure you get your documents as much as date

File any outstanding income tax returns. Be sure we now have your contact that is current and account details so we are able to refund any overpayments.

If you have overpaid your loan

We could transfer your overpayment to some other refund and account any leftover add up to you. You are able to request a transfer with the secure mail solution in myIR.

Stop payments that are making

If you’ve put up payments that are automatic your bank remember to stop them.

In the event that you generate income from income or wages you will have to provide a brand new Tax rule declaration (IR330) form to your company to alter your taxation rule. If you should be making additional repayments, pose a question to your boss to quit these.

When we’ve organised compulsory deductions that are extra’ll allow your manager know to prevent these.

You may not need to e mail us

After you have every thing as much as date and now we’ve gotten your payment that is final’ll:

  • check always your loan to ensure the amount that is right of is used
  • refund any overpayment (or move to some other account if you have required this), and
  • tell you if your education loan is closed.

This can use up to 30 days that are working.

If for example the payment that is final is income or wages

We defintely won’t be able to shut your loan until we have gotten the re payments from your own company and allocated this to your loan account.

Your boss has until the twentieth associated with month that is following deliver these re payments to us.

What goes on that I can’t pay if I have a bill?

You can easily deliver us a proposition to pay for any outstanding quantities you borrowed from by instalment if you cannot manage to spend in full prior to the date that is due likely to our Pay making use of instalments page.

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