Will 85K university loan (Fee-help) impact my borrowing capacity?

Viewing 7 posts - 1 through 7 (of 7 total)

usmic
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@usmic
Join Date: 2012
Post Count: 12
June 24, 2012 - 8:15 am
Hi I recently graduated from university. I took a Fee help loan of 85K + interest. Will his have a huge impact on my borrowing capacity?
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
June 24, 2012 - 8:32 am
Yes, it will have an impact because you will be paying more tax if you earn more than a certain amount. I think if you earn more than $48k it will be an extra 4% tax.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Mick C
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@shape
Join Date: 2010
Post Count: 1,099
June 24, 2012 - 9:01 am
usmic wrote:
Hi I recently graduated from university. I took a Fee help loan of 85K + interest. Will his have a huge impact on my borrowing capacity?
Define ” huge”
But yes it will have an impact..
Mick C | Shape Home Loans
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Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
June 24, 2012 - 2:59 pm
As Michael what is huge?
It all depends on your starting salary what you want to borrow, how much deposit you have etc etc.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
June 25, 2012 - 12:48 am
It will probably reduce your nett income which will reduce your borrowing capacity – to work out how much it will reduce your income by, check out this nifty calculator http://www.paycalculator.com.au/
Cheers
Jamie
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mattsta
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@mattsta
Join Date: 2011
Post Count: 604
June 25, 2012 - 1:29 pm
i wonder if you earn less than the $48k threshold, then the HECS/FEE HELP would still have an impact on borrowing capacity? I suppose not as much since you don't have to pay for it.. yet..
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
June 25, 2012 - 1:49 pm
If you earn less than 48k then it probably isn’t that relative as you wouldn’t be borrowing much anyway.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender