A Moneybren tool
NZ STUDENT LOAN CALCULATOR
When will your New Zealand student loan actually be gone? The 12% rule, the debt-free date — and what happens to the loan if you head overseas.
Your numbers
$
$/yr
% pa
$/mo
% pa
IRD sets this yearly — 5.6% from 1 April 2026. Check the current rate.
$/yr
IRD sets fixed minimums by loan size — check your myIR assessment.
Debt-free in
—
The payoff curve
Year-by-year detail
| Year | Repaid this year | Interest added | Balance |
|---|
The rules, honestly. NZ-based borrowers repay 12c of every dollar over $24,128, deducted through PAYE with the SL tax code — and pay zero interest, which makes this the cheapest debt you will ever have. That cuts both ways: there’s no financial reward for paying it off early (inflation is shrinking it for free), so weigh voluntary repayments against KiwiSaver, investing, or a house deposit. The trap is going overseas: after about six months away you lose interest-free status, interest accrues on the whole balance, and IRD requires fixed repayments based on your loan size regardless of what you earn. If an OE is coming, run both modes here first.
How to use this calculator
Enter your balance and salary. The calculator applies the 12% over-threshold rule, grows your salary each year, and gives you the debt-free date. Add voluntary extras to see the time saved — or switch to overseas mode to see what an OE does to the loan.
If the overseas balance grows instead of shrinking, that’s not a bug — that’s the warning.
This is a tool only, and none of the information it produces is financial advice. Its accuracy is not guaranteed. Always check your own figures and get advice from your own financial professionals before making decisions.