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Banks to waive HECS-HELP loans in mortgage applications - Campus Review

Summary
People with student debt can now borrow more for a house as new government guidance filters through to the banks. Finance brokers say a couple earning a combined $140,000 should be able to borrow an extra $36,000. In February, Treasurer Jim Chalmers wrote to the financial and investment regulators, calling for them to reassess their advice to banks and lenders about HECS debt – to essentially take HECS debt out of the equation when someone applies for a mortgage if the debt is set to be paid off in “the near term”. The first real changes have now washed through Commonwealth Bank; the bank will no longer consider HECS debt if it is due to be repaid within 12 months. If the debt holder has two to five years left to pay, the applicant’s mortgage serviceability buffer will be lowered from the standard and legislated three per cent.
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campusreview.com.aucampusreview.com.au

Banks to waive HECS-HELP loans in mortgage applications - Campus Review

People with student debt can now borrow more for a house as new government guidance filters through to the banks. Finance brokers say a couple earning a combined $140,000 should be able to borrow an extra $36,000. In February, Treasurer Jim Chalmers wrote to the financial and investment regulators, calling for them to reassess their advice to banks and lenders about HECS debt – to essentially take HECS debt out of the equation when someone appli…

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campusreview.com.au broke the news in on Monday, April 14, 2025.
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