Search results

The overall limit? Even though repayments are a fraction of a regular loan's repayments? That's kind of harsh...

Do the banks hold this debt against you when calculating serviceability?

I was paying down mine slowly over 3 years while I was working a relatively low salary job, then on the 4th year I got a new job with a big pay increase and suddenly I had to pay literally the rest of my loan in one shot. It was quite a shock to the system, but glad to have it out of the way!