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Changes to the myIR login screen are coming You will not be able to use myIR between 1pm Saturday 8 October and 8am Monday 10 October. This is so we can update our external authentication system. From Monday 10 October the myIR login page will have a new look and feel, but the login process will not change.

Cost of Living Payment Eligible customers will have the payment automatically paid into their bank accounts by the end of the day 3 October 2022. The payments will be staggered and Credit Union customers may not receive their payment until 4 October 2022. Cost-of-Living-Payment

Interest is added to overseas based customers' student loans.
Interest is calculated daily and added to your loan balance at the end of the tax year.

If you're a New Zealand-based customer, you're entitled to an interest-free student loan.

If you become overseas-based interest will be added to your student loan, but there are some situations where interest is not charged. It's calculated each day on your loan balance using the current interest rate. Interest is always included in your loan balance, but interest is only charged on this interest after 31 March each year.

The interest rate is set at the start of each tax year, 1 April. It is currently 2.8%.

Moving overseas or returning to New Zealand

Late payment interest

If you do not make your payments on time, we may charge late payment interest. 

This is only charged on the overdue amount, and only if the overdue amount is more than $334. It will keep being charged until you have caught up with your payments.

The late payment interest rate is currently 6.8%. This is calculated as a monthly rate of 0.549%. The standard interest rate applies to the rest of your loan.

Reduced late payment interest rates

If you contact us about late payments on your student loan, we may be able to reduce the amount of late payment interest you need to pay.

You can arrange an instalment plan to pay off your late payment amount. If you stick to the plan we can switch you to the reduced late payment rate so you pay less interest.

The reduced late payment interest rate is currently 4.8%. This is calculated as a monthly rate of 0.391%.

Pay using instalments

Administration fee

If your student loan balance is $20 or more at 31 March we will charge a $40 administration fee. This is to cover the costs of managing your loan. You will not be charged an administration fee in the same year you've been charged an establishment fee.

Past interest rates

Student loan interest, late payment interest and reduced late payment interest rates for the 2016 to 2022 tax years.
Tax year Annual interest rate Late payment interest rate Reduced late payment interest rate
2022 3% 7% 5%
2021 3.5% 7.5% 5.5%
2020 4% 8% 6%
2019 4.3% 8.3% 6.3%
2018 4.4% 8.4% 6.4%
2017 4.8% 8.8% 6.8%
2016 5.3% 9.3% 7.3%
Last updated: 01 Apr 2021
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