overseas, student loan, and other

[POSSUM THE CAT]

Pumice It was not that hard really house prices were not inflated by dreamers using supposed tax losses to build a supposed propety empire,1969 tradesmans gross wage approx $3000.00 per year. Run down neglected 8year old home $5350.00 deposit required At least 40% so $2350 plus lawyers & mortgage fees payment at 6.5% $16.21 per fort night Rented it for $26.00 per fortnight for 6 months. Went from skint with an $80.00 bomb of a car to meeting my future Wife having the house exterior profesionally painted and paying my share of a simple wedding & $250.00 car seven days after the end of the 6months rental interest rate on mortgage raisedto 7.5% about 12months later and after anoter aproximatly 18months to 10% so just paid of the balance In this time the wife had assisted assisted with financing the furnishing & decorating and increasing the quality of the car plus a child after 18months of marriage but we lived simply might have gone to the movies about twice in that time.You just have to knuckle down and the shortage of credit kept property prices a lot lower. The rental return on a good property purchase was very good & helped a lot not like the rentals that do not even return your costs.

[ENP]

Any updates on what you have decided to do...

Thishastowork?

[thishastowork]

Any updates on what you have decided to do...

Thishastowork?

No real action yet ENP.

In terms of student loan the plan is (at least until i get back to new zealand) to keep the interest under control. While at the same time will try to increase what i have available for investing.

Have sold out of IFT. So looking for new opportunities.

- thoughts on my plan?

[ENP]

I like the fact that you aren't going to pay off your student loan in full.

It will mean you will have to re-save/invest from scratch if you pay off your loan which to get to the amount of $ you are today would set you back quite a few years.

Can I ask you what you are saving/investing for? Is it to get enough to buy a house? For more travel? Or are you investing for early retirement?

[Corporate]

I'm in a similar situation to you. I left University 4 years ago with a student loan balance of $45k. I'm now down to about $30k. I could pay it all but prefer to invest the cash, even if it is just on deposit.

I am looking to head overseas in the 12-18months and will have to make a call on whether to pay it back or not. At the moment my thoughts are that I'll only be away for 2-3 years so I might just take the interest hit.

[thishastowork]

Good to know that there are a few others in the same boat.

Not really sure what i am saving for. Not really interested in buying a house at the moment even if i could afford. But i prefer to be saving rather than spending so when something does come up ill be able to purchase.

Something interesting to know. If you away from new zealand for less than 6 months then it is still interest free. But if you stay for over 6 months the interest gets backdated to when you left.

[voltage]

also if you pay it all off they will give you a 10% discount

[ENP]

also if you pay it all off they will give you a 10% discount

That's a one off return for losing all your capital. Why not compound your investment returns with your load of capital instead.

[thishastowork]

Correct me if im wrong but if you pay back more than 500 at a time you receive 10% discount? what are the minimum repayments on the paye scheme?

[777]

Correct me if im wrong but if you pay back more than 500 at a time you receive 10% discount? what are the minimum repayments on the paye scheme?

For someone with a student loan I am surprised you have to ask that question. All that information is on the IRD website and you should be familiar with it before you make any decisions on whether to repay or not.

http://www.ird.govt.nz/studentloans/