Making repayments that are extra your education loan

You possibly can make additional repayments to your loan whenever you want, even although you earn beneath the payment threshold. You possibly can make these re re payments to us your self or perhaps you can pose a question to your manager to help make extra deductions from your revenue.

What exactly is on these pages

Making additional repayments yourself

You may make repayments that are extra us in several different methods. The simplest and fastest method is in order to make a payment online with:

  • Internet banking
  • Credit or debit card, or
  • Cash transfers from offshore.

You can even make re payments:

Us make sure you let us know whenever you make a payment to:

  • It is for the education loan, and
  • Your title, target and IRD quantity.

If you should be in Australia

You are able to put up PayWay direct debit to make regular repayments from your own Australian banking account. These re payments will likely be in Australian bucks therefore we’ll protect the money transformation price. Give us a call free of Australia on 1800 559 653 to create up your PayWay direct debit.

Debit and credit card re payments

If you are a borrower that is overseas-based defintely won’t be charged a charge. Nonetheless, brand New borrowers that are zealand-based be charged a 1.42per cent cost.

Making repayments that are extra your boss

If you would like make extra repayments throughout your boss, tell them simply how much additional you wish to spend. They’re going to deliver us the amount that is extra along with your standard deductions every month.

If you opt to stop making extra repayments, or wish to alter the total amount, simply tell them.

You’ll monitor these repayments using your myIR safe on line Services account.

In the event that you repay a lot more than you need to on the education loan

If you’ve paid back your loan in complete, and paid more you can than you needed to:

  • Spend another taxation billAsk us to move your overpayment to cover another income tax quantity – we will refund any leftover add up to you.
  • Get a reimbursementwe are going to refund your overpayment so long as you don’t possess a tax bill that is overdue. Your reimbursement would be direct credited to your bank that is nominated account.

In the event the loan is not repaid in complete along with no repayments that are overdue it is possible to:

  • Keep the quantity in your loan which means that your stability is reduced
  • Put it towards a payment you have got approaching
  • Spend another goverment tax bill
  • Demand a reimbursement based on your position.

Forward us a protected mail through your myIR protected on line Services account and write to us what you would like to accomplish.

Asking for a reimbursement according to your position

If you should be asking for a reimbursement plus don’t have an overdue amount, have a look at these situations to determine what one pertains to you:

  • When you yourself have a New Zealand-based end-of-year repayment obligationYou can request a refund regarding the overpayment within half a year to be notified.
  • In the event that you earn money from wage or wages and also you’ve made extra repaymentsYou can request a reimbursement regarding the additional repayments within 6 months associated with end of this income tax 12 months.
  • When you have a substantial over-deductionYou can request a reimbursement associated with the over-deduction within 6 months to be notified.
  • If you are overseas-based and also you’ve overpaidYou can request a reimbursement within 6 months associated with final date that is due your repayment responsibility when it comes to taxation 12 months you’ve overpa