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| Thread ID: 87011 | 2008-02-04 20:44:00 | Student Loan interest rate? | Mercury (1316) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 637476 | 2008-03-15 10:32:00 | 0800 88 99 00 - Studylink is not as cruel as you thought :) | Renmoo (66) | ||
| 637477 | 2008-03-15 17:52:00 | Advice to all students . Become independently wealthy BEFORE studying overseas . I think it's pretty impossible to become wealthy in new zealand . I mean even if you earn the high income you'll get taxed 33% . Thats 1/3 of your salary gone . Now after that you'll have to pay other fees like food,electricity and stuff . At the end of the day you'll only have enough just to survive . Not much spare cash to spend on anything . |
Ninjabear (2948) | ||
| 637478 | 2008-03-15 17:54:00 | Now that you have meantioned it.I was actually wondering how much interest I have to pay after I finish at the uni year.I've borrwed roughly 9.5k for the past 4 years.Not bad....I have seen some of my friends borrowing more than $20k.Gosh hope they can pay them back. I hope to pay it all up within the next 5 years during work overseas after I graduate |
Ninjabear (2948) | ||
| 637479 | 2008-03-15 21:28:00 | I've known people who were dentist or medical students, they borrowed a lot. I borrowed 28k but I arn't in that lucrative field :p or about that, stay in NZ and its interest free and you don't need to pay more than the min amount that is deducted prior to your pay cheque. I agree in NZ the wages do not measure up and each place has their own wage structure depending on its condition. I have heard that call centre operators in Oz earn more than a office professional in analyst work. In NZ unless you are a senior analyst or a manger you won't reach the $60k where its taxed 33%. If you look at it, Wellington until 2 yr ago had its first 5 star hotel and to date does not have a proper international airport, it has no DFS stores apart from normal departmental stores which provide that service if you request. But I guess for a population of 4M what ca they do. I find that they like the clean green image and do a tradeoff. I have been in Welly for over 20yrs and every time I have flown out of Auckand Airport. Even if you are a analyst or researcher whatever, even if you partner is that too, you cannot mortgage a house unless you go for apartments or townhouse or have a substantial deposit. The house prices and the interest will eat it right up. I don't find it a surprise of people leaving. Kiwi's are understood to be independent and hard workers and adjust quickly and they are understood to be respected overseas as workers. Kiwi's do love to travel the OE is popular and not just to England/Europe. I think the emerging generation is not so much about the clean green image, their views are impacted by global ways, they like music, nightlife, the big cities, the big life, materialism. One thing I find about NZ is that each day you go to work and come home and sleep and eat and watch tv and the sports, you know what else is there? The cities doesn't appear to have a lot of life. Bridges are like unheard of here or ramps, music playing apart from the small guy with the guitar :p all the stores close early, sometimes if you go home an hour later after work and go to the bus stop you see that some shops are already closed or closing. The government put the free tax incentive to persuade them to stay in NZ. I think it was a political stunt to get votes. I believe and a person who has loans and travels regularly overseas, is that its not so much the money, its the overseas experience NZ cannot offer. If you do talk about money, I think its those people who are not recent graduates, they may not have a student loan and still want to go overseas to get more money for their family. Recent graduates go their for the opportunity and the experience. |
Nomad (952) | ||
| 637480 | 2008-03-15 21:40:00 | ...I mean even if you earn a high income you'll get taxed 33%...Try 51.5% plus. That's a combination of 39% income tax, and 12.5% GST. It doesn't take into account any additional levies & taxes, such as rates, specific taxes on goods etc. When over half your income goes straight back to the government, something's definitely wrong with the system. | Erayd (23) | ||
| 637481 | 2008-03-15 21:44:00 | Try 51.5% plus. That's a combination of 39% income tax, and 12.5% GST. It doesn't take into account any additional levies & taxes, such as rates, specific taxes on goods etc. When over half your income goes straight back to the government, something's definitely wrong with the system. It isn't 39% of total income... it's 39% of income above the threshold of $65k (or whatever it is). |
somebody (208) | ||
| 637482 | 2008-03-15 21:52:00 | Oh . . yeah I got mixed up . . its 39% . :D 33% is typical I think . Its not high income . Its done in steps . Ie . , if I can remember . For a $70k income . First $40k is at 20% . Between 65k and 40k (25k) is taxed at 33% . Those over 65k is at 39% . But anyway, given whatever structure unless you have 80k I don't think you can mortgage a proper house and pref both working . 2 people of each of 50k min I guess and its tight . ~ $800-1000 for the first week's interest . . cool as ice :blush: The media today said house prices need to drop 33% to be affordable, just read the headlines . Well that won't happen . People have been willing to get loans and buy houses at those prices before anyway . So they are willing . . the love of houses . |
Nomad (952) | ||
| 637483 | 2008-03-15 22:38:00 | If they do cut the tax rate or cut the gst a bit the government won't be able to survive but if they do cut it people won't leave. My friend who is a european born here in nz left to teach in korea straight after finishing his massey degree. With income tax 4% over in korea and he earns more than the average NZer he has spare money to travel all over the world. He's now gone to japan to teach. Its busy there and things are fast. I am seriously still not to the fact that everything closes in NZ after 5pm.A dead city it becomes... My parents already sold their house.Couldn't afford the mortgage after all.Sold the house.Repayed the debts .Left NZ and moved back overseas |
Ninjabear (2948) | ||
| 637484 | 2008-03-16 01:34:00 | It isn't 39% of total income... it's 39% of income above the threshold of $65k (or whatever it is).Good point. It's still a ton of tax though! | Erayd (23) | ||
| 637485 | 2008-03-16 01:51:00 | Good point. It's still a ton of tax though! I don't disagree with you:) |
somebody (208) | ||
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