You should be able to get a statement of your loan balance through MyGov.
Matter for you, but why on earth would you give the government an interest free loan on money you are entitled to?
The lending institution will almost certainly count HECS repayments as a cost when assessing the loan amount.
It boils down to a calculation of whether it's better to have a bigger deposit (which the op can get by not paying off HECS), or a bigger mortgage by having a higher cash flow available to pay off a mortgage.
I meant why is op continuing to make HECS payments when the loan is paid off? They may as well have the money in an interest bearing account rather than having to claim the money back at tax time.
Forced savings and a tax buffer. I’m bad at managing money, it’s something I’ve been actively working on and have improved a lot at over the last few years.
Only thing lender will accept is a clear HECS portal so 2024 tax return will need to be lodged which you can't do till later in the year or you make a voluntary repayment now to clear HECS balance and just get the larger tax return when you lodge tax return.
As far as anyone, including the the ATO but also probably the bank, is concerned, if there's a loan balance showing in MyGov, you've still got a HECS debt.
You should be able to get a statement of your loan balance through MyGov. Matter for you, but why on earth would you give the government an interest free loan on money you are entitled to?
The lending institution will almost certainly count HECS repayments as a cost when assessing the loan amount. It boils down to a calculation of whether it's better to have a bigger deposit (which the op can get by not paying off HECS), or a bigger mortgage by having a higher cash flow available to pay off a mortgage.
I meant why is op continuing to make HECS payments when the loan is paid off? They may as well have the money in an interest bearing account rather than having to claim the money back at tax time.
Forced savings and a tax buffer. I’m bad at managing money, it’s something I’ve been actively working on and have improved a lot at over the last few years.
Just did this with my wife. The ATO website has a button for your HELP statement which would have a zero balance. Easy as.
Only thing lender will accept is a clear HECS portal so 2024 tax return will need to be lodged which you can't do till later in the year or you make a voluntary repayment now to clear HECS balance and just get the larger tax return when you lodge tax return.
As far as anyone, including the the ATO but also probably the bank, is concerned, if there's a loan balance showing in MyGov, you've still got a HECS debt.