[Kalota]

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This post has been edited by Kalota: 24/12/2012, 09:11 AM

[jamdonut]

Congrats Wiping out debt of any kind is a great feeling.

[ubermum]

Why did you do that? It would have made more sense financially to use extra money as a deposit on your house.

Oh well, congratulations. If you are happy that's what counts.

[Kalota]

Why did you do that? It would have made more sense financially to use extra money as a deposit on your house.

Oh well, congratulations. If you are happy that's what counts.

Why would it have made sense financially? In my case I saved about 10% by paying it off early. I am earning well above the ceiling amount so it made sense to pay it all off. It was accumulating "interest" with inflation, too. We already had a 40% deposit for our house! I paid most of my uni fees up front so it wasn't a huge amount. All the advice I received said pay it off so I did! I certainly feel good about it, regardless! Any less debt is good!

This post has been edited by Wrackspurts: 20/08/2012, 09:25 PM

[silver-rain]

Why did you do that? It would have made more sense financially to use extra money as a deposit on your house.

Wasn't aware it was a choice, doesn't it just come out of your pay?

Congrats OP, both on paying off your HECS and on your new house! I was eligible for long service leave before my HECS was paid off But it's a nice little pay rise when it does happen!

[Therese]

Well done OP

[SplashingRainbow...]

Well done Wrackspurts!

[blueberrymuffin]

Congrats!

I'm pretending my HECS debt doesn't exist as I won't earn the minimum to start repaying for a year or two.

However, I didn't think HECS debts (now HELP?) accumulated interest at all?

http://studyassist.gov.au/sites/studyassis...-and-indexation

ETA: Nevermind, I think you edited your post and renamed "interest" inflation.

This post has been edited by blueberrymuffin: 20/08/2012, 09:28 PM

[pinkpineapple]

It's a great feeling!! I paid mine off just before I had DD loved getting the extra 10% off saving about $700 and getting all the money which had been deducted back at tax time.

Sounds like exciting times for you

[Kalota]

ETA: Nevermind, I think you edited your post and renamed "interest" inflation.

Yep sorry, I re-read my post and I didn't phrase it correctly, they don't accumulate interest but mine was accumulating a few hundred dollars each year with "inflation" (or however they work it out) so with the minuscule amount that was left I thought I'd just pay it off! Most of it was paid off by coming out of my pay, anyway!

I'm just happy that it is one less thing to think about