In a previous newsletter, we advised you that you may want to consider repaying your SBCS loan within two years to avoid an interest charge on the first two years you’ve had the loan. However, it’s now been confirmed that the first two years will be interest-free regardless of when you start to pay. Interest will kick in from the first day of the third year of the loan, at 3%.

With this change, the SBCS becomes a pretty good loan to keep for a bit longer if you need to, compared to what you could get elsewhere. You can read all the details here.

You can also apply for a top-up of an additional $10,000, with the first two years interest-free. You can read more about that here.

If you need any help deciding whether you should start repaying or top up your SBCS loan, or if you have any questions about the new Trust disclosure requirements, don’t hesitate to get in touch.