Check your balance on myIR (ird.govt.nz).
Repayment rate: 12% on income over $22,828.00
Interest: 0% for NZ-based borrowers
Annual Repayment
$3,860.64
Loan Balance
$30,000.00
Est. Years to Repay
~8
How are repayments calculated?
Student loan repayments are 12% of every dollar you earn over the repayment threshold of $22,828.00 per year. Your employer deducts this automatically via PAYE when you use an "SL" tax code.
Is there interest on NZ student loans?
If you live in New Zealand, your student loan is interest-free. If you move overseas, interest is charged at a rate set by IRD each year. You must also make repayments based on your loan balance rather than income.
Can I make voluntary repayments?
Yes, you can make additional voluntary repayments at any time through myIR. Since NZ-based loans are interest-free, voluntary repayments go directly to reducing your balance.
IRD-Aligned: Repayment rate and threshold are for the 2025-26 tax year. Check your actual balance and repayment history on myIR.
Disclaimer: This calculator provides estimates based on current HMRC rates and thresholds for the 2025/26 tax year. It does not constitute professional tax, financial, or legal advice. Your actual liability may differ depending on your individual circumstances. Always consult a qualified accountant or tax adviser before making financial decisions. Read our terms
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