Any funds you withdraw from your Superfund under the FHSS program will be used to pay your outstanding Commonwealth debt.
How do I pay off my HECS debt?
You repay your HELP debt through the tax system as soon as you earn above the mandatory repayment limit. The prescribed repayment limit is different every year. The mandatory repayment threshold for income year 202021 is $46,620.
Should I use my Super to pay off my debt?
In reality, tapping into your super to pay off your debt is a bad move. For example, if you’re using your retirement pension to pay off loan arrears early, you’re not really getting to the root of the problem. At the same time, you’re reducing the amount of money you have to draw from in retirement, which could be risky.
Is there a discount if I prepay HECS?
If you are eligible for HECS HELP and make a full prepayment to your provider equal to 90% of your student contribution for your tuition(s) or a partial prepayment to your provider of $500 or more for your tuition(s) you will receive 10% discount. This is known as the HECS HELP discount.
Can you sacrifice your salary to reimburse HECS?
Yes you can . Additional HELP repayments may be salary dependent if you wish to pay off your HECS/HELP debt earlier. Example: … Contact us on 1300 123 123 to learn how the Salary Package could help you pay off your HECS/HELP debt faster and increase your disposable income.