17 December 2013

Removal of discount for early payments of HELP debts

From 1 January 2014, the Government will remove the 5% Higher Education Loan Program (HELP) voluntary repayment bonus, applied to payments of $500 or more, subject to the passage of legislation.

If you make a voluntary repayment of $500 or more on or before 31 December 2013,you will receive a bonus of 5%. The bonus is 5% of the value of the payment made, not 5% of the outstanding debt. You will not receive a bonus on repayment amounts that exceed the balance of your HELP account.

Voluntary repayments of $500 or more received after 31 December 2013 will not attract a bonus.

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This Newsletter, of necessity, has dealt with matters of a technical nature in general terms only. Clients should contact us for detailed information on any of the items in the Newsletter. No responsibility for loss occasioned to any person acting or refraining from acting in reliance upon any material in this Newsletter can be accepted by any member or employee of the firm.

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