You want to buy a property, but you’re unsure how your student HECS or HELP debt could impact your ability to take out a loan.When you apply for a home loan, you’ll need to reveal information about your liabilities, poor credit ratings and any other debts you have. This is where you need to start considering your student debt.
If you chose to defer any of your HECS/HELP payment, you don’t need to start paying it off until you’re earning an annual taxable income of $54,869 or more.
At this point your employer is required to hold a percentage of your taxable income and direct it towards your HECS/HELP loan. The percentage increases with your income but tops out at 8 per cent when you earn over $101,900 annually.
Essentially, this decreases your net annual income.
By having the ability to compare several lenders at the one time, we are
able to recommend a product suitable for the applicant’s individual needs.
During the initial contact with the applicant, we complete a fact find, enabling a comprehensive financial analysis to be conducted. From there, guidance can be given on paying down or consolidating debt in order to reduce outgoings and increase borrowing
capacity. If you’re getting ready to buy a property for investment or to live in, there’s no need to hold out because you’re still paying for your education.
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