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Receiving the loan payment

Once approved, most applicants will receive their loan payment in full from us within 5 working days. It will be paid to the bank account shown in myIR. You can update your bank account in myIR.

There will be no loan adjustments for any tax debt owed and the loan is not subject to income tax or GST. You will be able to claim deductions for expenditure funded by the loan.

Repaying the loan 

You will have 5 years (60 months) to pay off the loan. Our usual repayment options will be available. Later this will include the ability to set up instalments.

Loans will be subject to an annual interest rate of 3% from the date it is provided by us. During the loan period, the following general rules apply:

  • If you repay the loan in full within 1 year you won’t be charged any interest.
  • If you do not repay the loan in full within one year, you will be charged interest for the entire term of the loan.
  • Repayments are not compulsory in the first 24 months.
  • Voluntary payments can still be made over this period.
  • After 24 months, you will be required to make regular payments for both the principal and interest.

Payment methods

You can make payments towards your SBC loan by the following methods:


  • Direct debit (variable) as a one-off payment
  • Direct debit (recurring) establishing a regular payment either weekly, fortnightly or monthly (this option will be available soon).
  • Credit card


  • Through your bank’s pay tax function (most banks have this function). Banks are updating their systems to include SBC as a tax type.
  • You can make an internet payment to IR’s account number: 03-0049-0001100-27 using your IRD number and putting SBC as the reference. No period is required.
  • Credit card over the phone

Over the counter

  • From 1 July 2020 you can pay over the counter at Westpac. These payments must be accompanied by a barcode.

Make a payment