Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 4: Hello, and welcome to She's on the Money, the podcast
Speaker 4: for millennials who want financial freedom, hex or help. Debt
Speaker 4: has long been described as the best debt you can have. Debatable,
Speaker 4: it's very debatable, debatable, but still described it as that
Speaker 4: who described Is it still the case just producer.
Speaker 2: Or was it the internet?
Speaker 4: Look, I think that it's both of those things probably,
Speaker 4: But listen, as you said before we started recording this
Speaker 4: v let's baby, I think we should really got helped
Speaker 4: it Now though it helped it or hextet, what's the.
Speaker 2: They're they're same. They're the same, so I will probably
Speaker 2: accidentally call it hex interchangeably. So HEX is for those
Speaker 2: of us who are elder millennials, and we had Hex's debt,
Speaker 2: but it has since been updated to be called just
Speaker 2: across the board help debt helped. It sounds more cute,
Speaker 2: does it. I think it's kind of crue anyway. I don't.
Speaker 2: I don't care what it's called. I'm just mad that
Speaker 2: I can't make X jokes.
Speaker 4: Isn't as as a sexy though, that's not that's for sure.
Speaker 4: But we are talking about this because we have been
Speaker 4: getting so many messages, six.
Speaker 2: Million of them, six fi million to be exact. I
Speaker 2: would never overestimate either.
Speaker 4: Oh no, certainly not. We don't do that here at
Speaker 4: Che's on.
Speaker 2: Them, absolutely not.
Speaker 4: So how scared should we be of headlines like he's indexation,
Speaker 4: everything's rising?
Speaker 2: Well, I don't know. Well, it makes sense that we've
Speaker 2: been getting so many messages, right because we are hearing
Speaker 2: all through the news that on the first of June
Speaker 2: HEX is going to be indexed by seven point one percent.
Speaker 2: And I guess today is the day that we are
Speaker 2: going to be talking about that, because it is wild
Speaker 2: and when I just need to make sure that everyone
Speaker 2: is aware that I do mean the first of June,
Speaker 2: not the thirtieth of June, because a few people have
Speaker 2: messaged me because I was on Instagram Stories just like
Speaker 2: talking about it the other day and they're like, oh,
Speaker 2: don't you mean the thirtieth of June when you know
Speaker 2: end of financial year happens. No, this happens on the
Speaker 2: first of June, ahead of the end of financial year,
Speaker 2: so that in a month, basically, in the next thirty days,
Speaker 2: they can calculate what your repayments were be with the
Speaker 2: new level of indexation and can hit the ground running
Speaker 2: from the first of July basically. So I'm not wrong.
Speaker 2: I just feel the need to, like, you know, back
Speaker 2: myself a little bit and be like, this is why
Speaker 2: I'm correct. But also people were right to slide into
Speaker 2: my dams because I'm consistently wrong. So if you would
Speaker 2: like to correct me, you are more than welcome to
Speaker 2: so don't. Yeah, I feel like a diep when I
Speaker 2: correct myself, right, Sure, I just feel a little bit
Speaker 2: rude when I'm like, I was right. I know it is.
Speaker 4: It is a bit awkward when you have to be
Speaker 4: like Oh, actually, I did.
Speaker 2: I think this is the correct Yeah. Like, actually, I
Speaker 2: don't know if you know this, but like I'm really
Speaker 2: into finance, like really really into finance. And while I
Speaker 2: might get dates wrong consistently, if it was the thirtieth
Speaker 2: of June, I would know because that's my birthday. Oh
Speaker 2: thirty is the June's your birthday? That end of July? Yes, sexy,
Speaker 2: I'm an end of financial year baby. Is there a
Speaker 2: better date for thirday in the year than the thirtieth
Speaker 2: of June. I hope you get a big chunk of
Speaker 2: return for your birthday? No, I always end up owing money.
Speaker 2: It is actually a joke, is okay? Thank you for
Speaker 2: tho as well wishes though. Let's talk about debt.
Speaker 4: So you've probably heard on the news the term student
Speaker 4: debt avalanche.
Speaker 2: It's dramatic, isn't it. It seems dramatic.
Speaker 4: And I'm also like, I'm not yet scared, but like
Speaker 4: should I be scared?
Speaker 2: Whyren't you scared? I just stowed a headline that they're
Speaker 2: trying to make you scared, and you're still like, nah,
Speaker 2: take it, take it.
Speaker 4: I can take it, because like to me, I feel
Speaker 4: like avalanche.
Speaker 2: That's nothing. It's thirty bucks a month.
Speaker 4: I'm like, I don't really mind, to be honest, but like,
Speaker 4: should I be more worried about we should?
Speaker 2: I mean, at the end of the day, when they're
Speaker 2: talking about the student debt avalanche, it is proposed that
Speaker 2: on the first of June, the student debt here in
Speaker 2: Australia on the first of June is going to increase
Speaker 2: by five billion dollars this year because of that seven
Speaker 2: point one level of indexation. So that's a lot of money.
Speaker 2: And I mean for you, you might go whatever, it's
Speaker 2: thirty bucks, but to a lot of people, thirty bucks
Speaker 2: is a lot of money. And when you're paying back
Speaker 2: your HEX debt, especially if you're on a lower income
Speaker 2: and you're not maybe you know, in one of those
Speaker 2: high marginal tax brackets, but you're in the bracket where
Speaker 2: you're starting to pay back your debt, it just feels
Speaker 2: like it stacks on a little bit, like it genuinely
Speaker 2: feels like you're getting nowhere. And I mean you are,
Speaker 2: I promise, but it just feels like you're going backwards.
Speaker 2: And I think that there's just this I don't know,
Speaker 2: it's just a unspoken concept of hex versus help that
Speaker 2: it's there to help you, and it feels like you're
Speaker 2: kind of being kicked while you're down. Like you already
Speaker 2: have hex debt, You already see it on your pay
Speaker 2: slip coming out. You already know that that's money that's
Speaker 2: not going into your back pocket. We know how we
Speaker 2: feel about debt in general. Yes, we've spoken about the
Speaker 2: difference between good, bad, and okay debt here on the podcast.
Speaker 2: But I just feel like we're all just a little
Speaker 2: bit salty with indexation because for so long we've just
Speaker 2: talked about how hex slash help debt doesn't have an
Speaker 2: interest rate associated with it, Right, So when you hear
Speaker 2: that Beck, you smile and nod, go yeah great, but
Speaker 2: it is indexed, So it kind of feels like we're
Speaker 2: being kicked while we're down. Does that make sense? Kind of?
Speaker 4: But I guess, like what my estion is is what
Speaker 4: is indexation and what are the basics of it?
Speaker 2: Stunning question. So indexation basically just means an adjustment to
Speaker 2: a price or a wage or other value based on
Speaker 2: the changes in other prices or a composite indicator of prices. Right,
Speaker 2: So we spoke about it a couple of weeks ago
Speaker 2: on the podcast where indexation is basically how much something
Speaker 2: increases in value over time. And my favorite example of this,
Speaker 2: which I didn't give you a saved it for this podcast,
Speaker 2: the maccas cone. Oh Maca's ice cream cone? Right, yes, So, like,
Speaker 2: do you remember back in the day. I don't know
Speaker 2: if you ever had this luxury, but my mum would
Speaker 2: give me a fifty cent coin silver, it was silver.
Speaker 2: I don't know if anyone sin silver coins these days
Speaker 2: because they can't buy you anything anymore. But I get
Speaker 2: a fifty cent cone from macis.
Speaker 4: I actually remember when they were thirty cent.
Speaker 2: I feel like they went twenty cents. I feel like
Speaker 2: twenty twenty. But last time I spoke about that publicly,
Speaker 2: everyone was like, they are fifty cents. Was going to
Speaker 2: call it fifty cents, right, So I do remember, probably
Speaker 2: late primary school I was paying fifty cents for a
Speaker 2: Maca's cone. After school we go to swimming lessons and
Speaker 2: then we get a Maca's cone. Is like our treat,
Speaker 2: little treaty treat for you know, going to swimming lessons,
Speaker 2: as though it's not already a privilege to go to
Speaker 2: swimming lessons, like Victoria Devine. Anyway, you're right. I feel
Speaker 2: like it used to be twenty cents at some point,
Speaker 2: but this is beyond the point. It is now what
Speaker 2: like a dollar fifty? A dollar fifty, I think it's
Speaker 2: like more than a dollar. Oh, blow me down. I
Speaker 2: feel like in different locations around Australia, somewhere you're going
Speaker 2: to say, oh, they're a dollar, somewhere else they're like
Speaker 2: a dollar fifty. Right, Okay, so that has increased in
Speaker 2: price over time. But are you getting the same product, beck,
Speaker 2: I would say, identical product, identity. It's just nowadays it
Speaker 2: costs more to produce. It's going to be more expensive.
Speaker 2: So the dollar that you used to have back in
Speaker 2: nineteen ninety eight, when I was seven years old and
Speaker 2: going to swimming lessons and paying twenty cents for a cone,
Speaker 2: I could have bought five of those ice cream cones
Speaker 2: for a dollar. But today, if I gave you a dollar,
Speaker 2: you could only buy one, and in some locations you
Speaker 2: wouldn't even be able to buy one. You need another
Speaker 2: fifty cents to get there. Right, So a dollar today
Speaker 2: is not worth what a dollar tomorrow is worth. And
Speaker 2: that's what that saying means. So indexation is that increase
Speaker 2: in price. So it's the difference of going from twenty
Speaker 2: cents to a dollar and you kind of don't get
Speaker 2: any more value out of that product. You're still getting
Speaker 2: the Maca's cone. There's actually no more value. It's not
Speaker 2: any better today than it was back then because it's
Speaker 2: probably the same recipe. So like nothing has changed about
Speaker 2: it except the price. And that's what inflation is. It
Speaker 2: just means that a dollar back then was actually quote
Speaker 2: worth more because you could buy more with that dollar
Speaker 2: than it is today.
Speaker 4: So at the end of every financial year, the government
Speaker 4: will tally up how much inflation goes inflation goes up
Speaker 4: and then add that to your texted Yeah, okay, So
Speaker 4: it's kind of like across the board as well. I mean, milk, eggs, bread,
Speaker 4: everything goes up. But the reason it goes up is
Speaker 4: because things start to cost more. The world starts to
Speaker 4: cost more, beck you start to earn more, like the
Speaker 4: world does increase over time. And when we look at it,
Speaker 4: the RBA, which is the Reserve Bank of Australia, they're
Speaker 4: kind of in charge of making sure that's consistent for
Speaker 4: us and the reason we want it to be consistent
Speaker 4: is so we can consistently afford to grow as an economy.
Speaker 4: Inflation on average increases about two or three percent each
Speaker 4: and every single year, which is good.
Speaker 2: That's nice. It's actually a sign of a growing economy
Speaker 2: like that means that we're healthy as a country, right,
Speaker 2: So that's good to see. This year it's seven percent,
Speaker 2: And it's because we've gone through so much turmoil in
Speaker 2: the last couple of years. That's kind of like now
Speaker 2: hitting us like a ton of bricks, and so we're
Speaker 2: feeling the wrath of what has happened previously, and the
Speaker 2: RBA historically has tried to like protect us from that.
Speaker 2: So the way that they're trying to protect us from
Speaker 2: that is by increasing the cash rate. So the cash
Speaker 2: rate is how much they're lending the let's call it
Speaker 2: the government's money, how much they're lending the government's money
Speaker 2: out to the big banks. So by increasing the ca
Speaker 2: hash rate, it costs the banks more to borrow the
Speaker 2: money from the RBA to give people mortgages and.
Speaker 4: Business loans and personal loans and home loans. And when
Speaker 4: home loans and business loans and personal loans increase in
Speaker 4: the amount of interest, you're paying.
Speaker 2: That means you're less likely to take it out. Right,
Speaker 2: So if I said, Beck, you can buy a house today,
Speaker 2: it's going to be like one point five percent finance Like,
Speaker 2: you're going to get an interest rate that's really low.
Speaker 2: You go some money in, that's a good deal. I
Speaker 2: can afford that. That's only one point five percent. But
Speaker 2: now today it's much higher than that, and a lot
Speaker 2: of interest rates are at five percent. You start to go, oh,
Speaker 2: I don't know if I could afford those repayments. I
Speaker 2: don't know if that's going to work for me. So
Speaker 2: you as the consumer, the person that gets the mortgage
Speaker 2: or gets the personal loan or gets the business loan,
Speaker 2: you're less likely to take it out. And if you're
Speaker 2: less likely to take it out, what that means is
Speaker 2: the economy starts to slow down because there's less people
Speaker 2: like you making big purchases and throwing money around, so
Speaker 2: that the economy starts to go down a little bit.
Speaker 2: And that's what they're trying to do, so that we
Speaker 2: can curb that growth or the inflation over time. So
Speaker 2: if you're doing less in the economy, like you're not
Speaker 2: buying as much, things are a bit more expensive. You're
Speaker 2: kind of like holding your purse a little bit closer
Speaker 2: to your chest, going like, I don't know if I
Speaker 2: want to, you know, pay for that this month. It
Speaker 2: means that there's less business going on in the community
Speaker 2: and less business going on in the country, which means
Speaker 2: ultimately the economy isn't doing as well, and that's what
Speaker 2: they're trying to create.
Speaker 4: Does that make sense, Yeah, that does make sense.
Speaker 2: So like things are just kind of like slowing down,
Speaker 2: and they're doing it on purpose because they want people
Speaker 2: like you to be boring less money.
Speaker 4: Yeah, okay, so I guess for me, and I've said
Speaker 4: this before, I do have a help debt. I've ever
Speaker 4: finished a course, so I've just that's literally the worst.
Speaker 2: Like i mean, not the worst that you've done it.
Speaker 2: I'm sure you've got a lot out of it, but
Speaker 2: the amount of people in our community I've spoken to you,
Speaker 2: like I have a help debt, I don't use it. Yeah,
Speaker 2: Like I went to union and I did this and
Speaker 2: now don't even work in the area. Or my friend
Speaker 2: did this course. I thought I'd do that course and
Speaker 2: then it was a terrible course and I didn't enjoy it,
Speaker 2: or now I have thirty thousand dollars.
Speaker 4: Absolutely. I feel like I've started like five or six
Speaker 4: subjects and never finished any of them. So I just
Speaker 4: have all this money and no qualifications. But that's okay
Speaker 4: because we're still here to tell the story.
Speaker 2: We're happy about it. We're making content because that was
Speaker 2: worth it. It was worth it. It was worth it.
Speaker 4: And you know, I learned that if you learn something,
Speaker 4: it's not a waste, no matter how you did it
Speaker 4: all week whatever.
Speaker 2: You know what I'm trying to say. I think it
Speaker 2: was my mum. I'm not sure who it was. I
Speaker 2: want to give her credit for it, though she always
Speaker 2: says it was either a blessing or a lesson. I
Speaker 2: love that, and I feel like that's good because it
Speaker 2: always reframes something as if it was kind of terrible.
Speaker 2: Let's just call it a.
Speaker 4: Lesson, exactly, exactly, just call it a lesson.
Speaker 2: It makes me feel so much better about it. Perfect.
Speaker 4: So I mentioned this is the start of the episode.
Speaker 4: I kind of am not stressing about the I suppose
Speaker 4: like the indexation on hextet or helped it.
Speaker 2: I want to stop you there because I want to
Speaker 2: hear why, like, why do you not feel that pressure?
Speaker 2: When obviously a lot of people in the media jumping
Speaker 2: up and down exacting, oh my gosh, what's going on? Why?
Speaker 4: So this is the thing. I don't know what that
Speaker 4: looks like. So for me, helped, it remains the same.
Speaker 4: And I'm so ignorant because I have no idea. But
Speaker 4: for me, I think that, you know, I'm just.
Speaker 2: Going about my business.
Speaker 4: I'm paying like two bucks a week in hextet when
Speaker 4: my employee takes out of my pay slip, and then
Speaker 4: this is going to happen. My hex debt is going
Speaker 4: to go up and my pay slip will be exactly
Speaker 4: the same. So I don't know where the fear is.
Speaker 4: But I could be completely wrong. I could it could
Speaker 4: be changing my take home income.
Speaker 2: I don't know, all right, Beck, So we just took
Speaker 2: a really quick minute away from the podcast so I
Speaker 2: could get out a few calculators for you and organize
Speaker 2: what this looks like. And now I'm scared. No, don't
Speaker 2: be scared, but I do think it's really important to
Speaker 2: understand where you stand and how that works for you.
Speaker 2: So my favorite website, and I have, you know, put
Speaker 2: it in the show notes before. It's paycalculator dot com.
Speaker 2: Dot au. And the reason I like this is because
Speaker 2: it's up to date with what's going on on the
Speaker 2: ATO website. But in all honesty, it's better than the
Speaker 2: ATO website. It's a privately owned website. I mean, this
Speaker 2: guy whoever owns paycalculator dot com dot u is a wizard,
Speaker 2: because everybody in the industry or in my industry uses
Speaker 2: this website as kind of like a really good base
Speaker 2: level calculator to just like go, oh, I'll whip it out,
Speaker 2: see what's going on. You know, pop in your income,
Speaker 2: see what that looks like. Anyway, everybody uses it, but
Speaker 2: it's covered in ads, and you just know he's breaking
Speaker 2: it in because every single time someone in our industry
Speaker 2: goes there or you go there, he's making money. So
Speaker 2: I just feel like that was a genius thing from him.
Speaker 2: That is genius exactly. So if you go to this website,
Speaker 2: you can basically put in your salary and then click options,
Speaker 2: So you could click your salary includes superannuation or it doesn't,
Speaker 2: or you could click student loan, which is what we're
Speaker 2: talking about here. Yes, so many people, just like you,
Speaker 2: they don't know what they're paying. All they see is
Speaker 2: these headlines and get really stressed out about like, oh
Speaker 2: my gosh, I'm going to be paying seven percent indexation,
Speaker 2: Like I already can't afford a house. I already, you know,
Speaker 2: struggle to buy a good coffee every friggin day, Like
Speaker 2: what's going on. So, when it comes to calculating your repayments,
Speaker 2: it's actually based on income thresholds, and those are different
Speaker 2: from your marginal tax bracket. So your marginal tax bracket
Speaker 2: is kind of the most normal one, which sits in
Speaker 2: that thirty two point five cents per dollar, which most
Speaker 2: people are in in our community, because it sits between
Speaker 2: forty five than one twenty, Like, that's a really wide bracket.
Speaker 2: People often think that that bracket then applies to your HEX,
Speaker 2: but it doesn't. It's different from that. So if you
Speaker 2: earn under forty eight thousand, three hundred and sixty one dollars,
Speaker 2: you don't pay any of your HEX back. After that point,
Speaker 2: it starts to increase, and the first amount that you
Speaker 2: pay back is one percent, then two percent, then two
Speaker 2: point five percent, and that is the repayment of your income.
Speaker 2: It's a percentage of your income, not a percentage of
Speaker 2: the debt that you owe. Right, So if you earn
Speaker 2: forty eight thousand to fifty five thousand, eight hundred and
Speaker 2: thirty six dollars, you pay back one percent. If you're
Speaker 2: between fifty five and I'm just going to round these down,
Speaker 2: but fifty five and fifty nine it's two percent, fifty
Speaker 2: nine and sixty two it's two point five, sixty two
Speaker 2: to sixty six it's three, and so on and so forth.
Speaker 2: Let's pretend for a hot second that you earn an
Speaker 2: income between seventy four hundred and ninety three dollars and
Speaker 2: seventy four thousand, seven hundred and twenty two dollars. That
Speaker 2: means that your repayment rate is four percent. So if
Speaker 2: we calculated that out, and I've just popped in a
Speaker 2: random number, and I can do this for you offline,
Speaker 2: so it's your specific income back. But I've pretended that
Speaker 2: you're on seventy three thousand dollars, right, which I feel
Speaker 2: like is a pretty normal income for our community. That
Speaker 2: means that every single week from your paycheck, you would
Speaker 2: have a student loan amount of fifty six dollars coming out.
Speaker 2: That's fifty six dollars that you're paying towards your help
Speaker 2: or hex debt. That's not going into your back pocket.
Speaker 2: The second that your hex or help debt doesn't exist,
Speaker 2: that fifty six dollars goes back into your personal account.
Speaker 2: You start being paid it right right, So that to
Speaker 2: me is a fair whack of money, because like fifty
Speaker 2: six bucks that you know, it's half my grocery bill, Like,
Speaker 2: that's a lot of money. I think it's a lot. Fortunately,
Speaker 2: that's one hundred and twelve dollars. Every single month, that's
Speaker 2: two hundred and forty three dollars, and then every single year,
Speaker 2: beck that adds up to twenty nine hundred and twenty dollars. Like,
Speaker 2: that's a lot of money. I see, nine hundred and
Speaker 2: twenty bucks. I could go on a holiday to Bali.
Speaker 2: I reckon, in this economy, the flight's probably going to
Speaker 2: cost two nine hundred dollars, But we don't want to
Speaker 2: stretch that out right, I reckon, we jet Star. We
Speaker 2: could get there. But moving on from that, I think
Speaker 2: it's important to understand what that means because if you
Speaker 2: actually increased your salary back and you were between a
Speaker 2: different tax bracket, like let's say you earn eighty four
Speaker 2: thousand dollars, that student loaner payment goes up. So now
Speaker 2: on a salary of eighty four thousand dollars, you're actually
Speaker 2: paying back five point five percent, which to me is
Speaker 2: a fair whack. So five point five percent each and
Speaker 2: every single week's eighty nine dollars. Every single fort nine,
Speaker 2: it's one hundred and seventy eight dollars. Every month that's
Speaker 2: three hundred and eighty six dollars, and every year that's
Speaker 2: forty six hundred and twenty dollars. So this isn't something
Speaker 2: that we should be blinking at. Like from little things,
Speaker 2: big things grow. And I know you said, oh, it's
Speaker 2: just like thirty bucks a week or whatever, and that
Speaker 2: could be true for your circumstance, but thirty bucks a
Speaker 2: week back ends up being fifteen hundred and sixty dollars. Okay,
Speaker 2: I see, And we know that a lot of people
Speaker 2: are still struggling to get you know, one thousand dollars
Speaker 2: in their emergency fund. Yes, So it ultimately, to me,
Speaker 2: is a lot of money that we should be caring about,
Speaker 2: and I think that it's something that we do need
Speaker 2: to discuss. And whether you're paying back more or less
Speaker 2: isn't really about the conversation right now, The conversation I'm
Speaker 2: having is I really want you to understand what your
Speaker 2: paycelip means. I really want you to be in the
Speaker 2: position where you just know what those repayments are. And
Speaker 2: I mean it's not a decision you're making like you
Speaker 2: have to pay that back. It's coming out before you
Speaker 2: even get your money back. But what we want to
Speaker 2: understand is is that something that's hindering your ability to
Speaker 2: create wealth in the future and right now for your
Speaker 2: personal situation. I don't think it is. I think it's fine.
Speaker 2: You're bopping along, you're having a good time. Like I
Speaker 2: know the financial position you're in, you shared it on
Speaker 2: the podcast before, like you're not about to buy house
Speaker 2: in the next six months. So it's not something that
Speaker 2: we need to be worried about because it's not impacting
Speaker 2: your borrowing capacity. So personally, I don't think you do care.
Speaker 2: So do we worry about the seven percent? I mean,
Speaker 2: yes we do. And the reason we do is because
Speaker 2: we want to understand what that means for you. Pragmatically
Speaker 2: and pragmatically, all we need to understand is what does
Speaker 2: that mean for you? Beck? Right, So seven percent of
Speaker 2: thirty thousand dollars is actually twenty one hundred bucks, So
Speaker 2: that seven percent is going to mean that you go
Speaker 2: up to thirty two thousand, one hundred dollars instead of
Speaker 2: the thirty thousand dollars and beck we just said before
Speaker 2: that if you're on an income of seventy four seventy
Speaker 2: three thousand dollars, your student loan repayments every year about
Speaker 2: twenty nine hundred and twenty dollars. So you just paid
Speaker 2: twenty nine hundred and twenty dollars off. And what that's
Speaker 2: going to feel like to you is that you only
Speaker 2: paid eight hundred and twenty dollars off that year, even
Speaker 2: though every single week fifty six bucks was coming out
Speaker 2: of your account. It just increased. So no, there's no
Speaker 2: interest on that, Like you're not paying an interest amount
Speaker 2: on the repayments that you have, but that amount that
Speaker 2: you owed increased by seven percent because of indexation, right,
Speaker 2: I see?
Speaker 4: Okay, So I guess like I have two questions, but
Speaker 4: they're kind of linked. So my thought is that if
Speaker 4: the amount you pay on your HEX is dependent solely
Speaker 4: on your income and not how much you have in HEX, yes,
Speaker 4: I feel like that's a good thing. But also on
Speaker 4: the other sides that I'm thinking, if this is a
Speaker 4: common thing that your hex staate kind of goes up
Speaker 4: on a yearly basis depending on how the economy is
Speaker 4: going and things like that, it almost feels like, is
Speaker 4: there any point in trying to like pay it off
Speaker 4: faster or anything, because it's it just feels like you're
Speaker 4: running on a treadmill.
Speaker 2: Like it's really frustrated. Gets the end of the.
Speaker 4: Year, you've paid x amount off and then the government's like,
Speaker 4: here's some more, and then you just end up a
Speaker 4: little bit better off, maybe even worse than you were
Speaker 4: the year before.
Speaker 2: You know, Yeah, and it makes me really really frustrated
Speaker 2: because that's an amount that you feel a bit sick about.
Speaker 2: But it's not the government trying to screw us over,
Speaker 2: let's be honest, Like, it's just not the government going, oh,
Speaker 2: do you know what, we want to increase back stuff
Speaker 2: by seven percent. I mean, they could choose not to.
Speaker 2: So the Greens were actually proposing a law that would
Speaker 2: freeze indexation for seventy four billion dollars in help loans,
Speaker 2: which has been rejected by the Senate Committee, which I
Speaker 2: think is a little bit rude. That's why I think
Speaker 2: it's so much of a hot topic in the media.
Speaker 2: A pitch it out because obviously would it help the
Speaker 2: economy to freeze help debts, Probably because people are already stressed,
Speaker 2: We're already not getting pay rises. It's why as she's
Speaker 2: on the money, we're going to be going into even
Speaker 2: more career content because I'm getting so frustrated with people
Speaker 2: just not being paid what they're worth, people not being
Speaker 2: able to afford the groceries that they were last year,
Speaker 2: people not knowing their worth because they don't have the
Speaker 2: confidence to ask, Like I just think that the government
Speaker 2: could be doing more for us. But I guess let's
Speaker 2: have a quick look back at what indexation has looked
Speaker 2: like historically, because indexation is calculated each and every single year,
Speaker 2: and basically it's not always the same. So in twenty eighteen,
Speaker 2: indexation on our help debt was one point nine percent.
Speaker 2: In twenty nineteen, it was one point eight. In twenty twenty,
Speaker 2: it was one point eight. In twenty twenty one, it
Speaker 2: was zero point six percent. In twenty twenty two it
Speaker 2: was three point nine. So it increased, and the reason
Speaker 2: it increased is because inflation in general was increasing, And
Speaker 2: what they do is they take the average inflation rate
Speaker 2: for the past two years and then apply that. So
Speaker 2: they've done that again this year, and that's why we
Speaker 2: are predicting it's going to be seven percent. That number
Speaker 2: hasn't come from nowhere. That's come from us going Okay, well,
Speaker 2: if the inflation rate last year and the inflation rate
Speaker 2: this year is this, This is what that seven percent
Speaker 2: looks like and where it's coming from. So that doesn't
Speaker 2: mean that seven percent is going to happen again. It
Speaker 2: might go back down. And in a perfect world, if
Speaker 2: the RBA is doing exactly what they should be doing
Speaker 2: by you know, helping to slow down economic growth and
Speaker 2: helping to bring down the rate of inflation, next year
Speaker 2: it won't be so much. So it won't be the
Speaker 2: same thing each and every year, but there's always going
Speaker 2: to be a level of indexation that is applied to
Speaker 2: help or hex steps, because that's what we signed up for. Sure.
Speaker 4: Okay, if only I had read the te's and c's
Speaker 4: before starting a million courses, Yeah.
Speaker 2: I just feel like even if you'd read the t's
Speaker 2: and c's, you would have been like, whatever, I don't care.
Speaker 4: That's true. Actually, I could have been like, I don't
Speaker 4: know what any of this means anyway, sign up.
Speaker 2: No, No, I'm glad we're best friends now, because I
Speaker 2: could just be like your financial fairy god brother and
Speaker 2: I could text me and be like, V, is this
Speaker 2: a good idea and be like, no, it's not. I'll
Speaker 2: like you grateful, I'll probably do it anyway. Let's be honest.
Speaker 2: I mean, maybe that's very true.
Speaker 4: It's I'm an old dog and it's going to be
Speaker 4: hard to learn new tricks, but we're going to get there.
Speaker 4: I think this is a really good time to go
Speaker 4: to a quick break and we'll see you guys on
Speaker 4: the other side. All right, V, we are back and
Speaker 4: ready to talk about help Hex helped it.
Speaker 2: Let's talk about he be Lily girl. You know what.
Speaker 2: Sam probably isn't going to cut that out. He's what
Speaker 2: he doesn't you know what? Neither do I. Let's move on.
Speaker 2: Let's make a song.
Speaker 4: No, let's not this, Okay, sure, let's not. I'm going
Speaker 4: to stick to podcasting. Yeah, that's fair. It's a fair
Speaker 4: that's a fair career choice.
Speaker 2: That Facebook podcasts. You do have a face of podcast.
Speaker 2: Thank you.
Speaker 4: Let's talk about help debt fe I think we were
Speaker 4: just about to talk about the interest and I don't
Speaker 4: know what these terms mean, but yeah, let's dive into it.
Speaker 4: Let Steve dive inte.
Speaker 1: Why not?
Speaker 2: Yeah, So we want to talk about interest again because
Speaker 2: I think it's important to touch on it. I mentioned
Speaker 2: before that help slash Hex's debt doesn't actually attract an
Speaker 2: interest rate, it just has an indexation rate. So it's
Speaker 2: basically to take into account the different costs of living
Speaker 2: and the way I see it, and I'm not defending
Speaker 2: the government on this because I just don't think they
Speaker 2: should do it. If I'm being really honest, I just
Speaker 2: think that they should wipe it and be kind. But whatever,
Speaker 2: they're doing it so that their dollar that they len
Speaker 2: to you for your education isn't worthless when they get
Speaker 2: it back. Oh those dirty dogs, I know, right, But
Speaker 2: like it makes sense if I explain it like that,
Speaker 2: Like if I said, hey, Beck, I'll pay for your
Speaker 2: your degree. It's thirty thousand dollars, I'd like thirty thousand
Speaker 2: dollars back. But as we explained before, a macis cone
Speaker 2: in ninety seven is not worth what a macas cone
Speaker 2: is today, But the same value is there. They're basically
Speaker 2: saying we just want the value of our dollar back
Speaker 2: so that we can you know, put that money into
Speaker 2: something else and not have it be worthless. And you
Speaker 2: kind of go, oh, that makes sense, Like that's a
Speaker 2: pretty pretty sexy explain if I borrowed money from a
Speaker 2: friend and they're like, oh, yeah, okay, can you just like,
Speaker 2: if you want to borrow the money from me, can
Speaker 2: you just make sure like there's no additional fees or
Speaker 2: charges or anything that get charged to me, because individually,
Speaker 2: I shouldn't be missing out if I'm lending the money
Speaker 2: to you. And I mean, we're not friends with the government,
Speaker 2: But that's okay.
Speaker 4: Actually it's a really good point, and I hadn't thought
Speaker 4: about that. I suppose like what would happen to the government.
Speaker 4: Will we just like crumble as a society if they
Speaker 4: were to just like freeze it and we kind of
Speaker 4: paid back the hex stet and it was worth less
Speaker 4: than when they lent it to us.
Speaker 2: There's a lot of debate about this, but I mean
Speaker 2: that's probably why the Greens got so up in arms
Speaker 2: and they were like, it's not going to impact it,
Speaker 2: Like I feel like from my perspective, and I mean
Speaker 2: I've shared this perspective on the podcast before. We're so
Speaker 2: lucky to live in Australia, right, Like, we have a
Speaker 2: beautiful economy, we have beautiful infrastructure, we have a really
Speaker 2: great healthcare system, we have roads that we can drive
Speaker 2: on that are safe, there are rules in place and
Speaker 2: there are people to protect us. Right. How good is that?
Speaker 2: But there are a lot of things that a lot
Speaker 2: of people don't agree with. I mean, we could start
Speaker 2: a conversation about the doll we could start a conversation
Speaker 2: about how government money is being channeled into the wrong
Speaker 2: education places, where could be starting a conversation about how
Speaker 2: there are a million schemes that need funding and don't
Speaker 2: have it. But essentially, I just think that the government
Speaker 2: is maintaining this so that they still have money to
Speaker 2: go around because they just don't want their dollar to
Speaker 2: be worth less tomorrow than it is today to them.
Speaker 2: And they essentially, from my perspective, they're seeing helping you
Speaker 2: out as a privilege. They're seeing it as like, Okay,
Speaker 2: well I helped beck out, she didn't have to cough
Speaker 2: up thirty grand to go to university. I'm gonna just
Speaker 2: ask for that money back, and that's a fair way
Speaker 2: of doing things. Obviously, the same is not true in
Speaker 2: other countries, like in America, like they have to get
Speaker 2: very expensive student loans that are worth a whole heap
Speaker 2: of money and have a whole heap of interest associated
Speaker 2: with them. And then on the flip sides, there are
Speaker 2: countries that have a completely free education system. In fact,
Speaker 2: Australia used to have a free education system where university
Speaker 2: was free, and this wish that happened again. So essentially,
Speaker 2: what I think that they're trying to do is get
Speaker 2: back the money because they just don't have enough of
Speaker 2: it to go round at the moment. And I think
Speaker 2: that from their perspective they're doing the right things, but
Speaker 2: from a community perspective, I think they could be doing more.
Speaker 4: Amen'sis mic drop.
Speaker 2: I don't know if that's a mic drop. I just
Speaker 2: you know what I mean. I feel like we've all
Speaker 2: got our own opinions on how things work, and I
Speaker 2: just think that that's where it gets political. And this
Speaker 2: isn't a political podcast, right. I just think it's a
Speaker 2: podcast about doing the right thing and being good people.
Speaker 2: And you know, I just think that students and people
Speaker 2: who have hex stets are having a bit of a
Speaker 2: hard time. What would we do about there? It's not
Speaker 2: really yeah, a political conversation for me, it's not going,
Speaker 2: oh my god, the Greens a label or liberal like.
Speaker 2: The Greens had this idea to freeze indexation for seventy
Speaker 2: four billion dollars, and I nodded and smiled and said,
Speaker 2: you know what, that's a pretty good idea. I think
Speaker 2: people would like that.
Speaker 4: Yeah, absolutely, and I'm sure there will be absolutely no
Speaker 4: consequences whatsoever. So at the end of the day, I've
Speaker 4: gotten all this information, what does this actually look like
Speaker 4: for help loans?
Speaker 2: Obviously I am stouts girl. I've done some maths because
Speaker 2: I love to do maths. I also love to stop
Speaker 2: the podcast halfway through so I can do some sly
Speaker 2: maths and come back. You guys don't have to wait
Speaker 2: because we edit all of the waiting time out.
Speaker 4: But Beck does, so I will say patiently.
Speaker 2: You do you smile or nod, But from the first
Speaker 2: of June, most Australians with an outstanding student loan debt
Speaker 2: will actually see their balance shoot up by hundreds or
Speaker 2: even a thousands of dollars. Beck, if the indexation rate
Speaker 2: does go up by seven point one percent, So I
Speaker 2: calculated that really quickly for you. But I've got a
Speaker 2: few examples. So if you've got ten grands left on
Speaker 2: your loan, it's going to increase by seven hundred and
Speaker 2: ten dollars. For every ten thousand dollars in debt you have,
Speaker 2: it will consistently increase by seven hundred and ten thousand dollars.
Speaker 2: So if you have a twenty five thousand dollar loan balance,
Speaker 2: it would increase by seventeen hundred and seventy five dollars.
Speaker 2: Beck And if you had a fifty thousand dollar loan,
Speaker 2: it would increase by three thousand, five hundred and fifty dollars.
Speaker 2: And Beck, do you want to know how much my
Speaker 2: hex STEP's going to be increasing by? Because you know,
Speaker 2: we've been a little pervy, we're being a little personal
Speaker 2: go on. So I still have eighty thousand dollars worth
Speaker 2: of hex step, So I'm going to be slammed with
Speaker 2: five thousand, six hundred and eighty dollars worth of indexation. No,
Speaker 2: that's a trip for two to Bali.
Speaker 4: At least, yeah, at least please.
Speaker 2: But again, I feel very grateful to have that system
Speaker 2: in place, And I mean there's actually no way that
Speaker 2: I could have personally afforded to go to university and
Speaker 2: get the degrees that I have without the help and
Speaker 2: HEXT system. So am I mad that that's the case?
Speaker 3: No?
Speaker 2: Not really. I feel like it's you know, part and
Speaker 2: parcel of the system that we are using. I mean,
Speaker 2: could I be mad about it? Yeah, it's a lot
Speaker 2: of money, but again I think that I'm just trying
Speaker 2: to see it from a more positive light of like,
Speaker 2: that's the cost of you know, me being able to
Speaker 2: get to where I want to be in life, because
Speaker 2: Lord knows, I wouldn't have gotten anywhere without those degrees. Amen, Well,
Speaker 2: could you be sad about it? I could be sad
Speaker 2: about it, Like I could just be a little sad that,
Speaker 2: you know, I'm in a bit more debt. But honestly,
Speaker 2: I see my HEX debt as something that has helped
Speaker 2: me in the past few years. It has got me
Speaker 2: to where I need to go. There was a period
Speaker 2: of time where it made me feel physically sick when
Speaker 2: I logged into my portal because it was more don't
Speaker 2: log in. Yeah it was more than one hundred grand,
Speaker 2: and I'd be like, whoah, who let that happen? Whose
Speaker 2: idea was that, And it's kind of like you. Right
Speaker 2: when I started my degree, I just didn't think about
Speaker 2: how much debt I was racking up, Like I was
Speaker 2: not interested in finance. We've talked about this publicly before
Speaker 2: that by the time I was twenty two, I was
Speaker 2: in like I think it was forty four thousand dollars
Speaker 2: worth of personal debt. Like I was really good at that,
Speaker 2: and that didn't worry me at the time until I
Speaker 2: started learning more and more about finance and I kind
Speaker 2: of was like, oh, I might need to pull my
Speaker 2: socks up. This is a lot of money. And like
Speaker 2: I got out of that. It took a lot of
Speaker 2: work and a lot of time. But it's one of
Speaker 2: those things where now things like this mean a bit
Speaker 2: more to me because I'm grateful for them. But when
Speaker 2: I took them on, I had no concept of what
Speaker 2: that would look like for me in the future. And
Speaker 2: I think a lot of people are in that circumstance.
Speaker 4: Yeah, absolutely, it is good to know that it hasn't
Speaker 4: been this high historically and hopefully won't be the case
Speaker 4: in future years.
Speaker 2: It's actually not sustainable if it was in future years, right,
Speaker 2: because if it was in future years, you're gonna be
Speaker 2: is a bit screwed, babe. Like, there's a lot more
Speaker 2: going on than help in hex debt repayments. I promise
Speaker 2: if indexation kept up at that rate, there's going to
Speaker 2: need to be some serious and the government would get
Speaker 2: involved to promise it's okay, and they would drown in
Speaker 2: our tears. They would, they would.
Speaker 4: So should people start trying to pay down their helped
Speaker 4: it before the first.
Speaker 2: Of June, Beck, you should know better than asking a
Speaker 2: personal advice question on this podcast. This podcast is general
Speaker 2: advice only, and you shouldn't actually take my advice on
Speaker 2: anything because that would be financially irresponsible. I have a
Speaker 2: license to uphold Beck. That's fair. Now pretend, but pretend here, Okay,
Speaker 2: So there are a few things that I want you
Speaker 2: to think about. So first things first, we know that
Speaker 2: every single persons situation is different, and if you're stressing
Speaker 2: over it but you can't afford it, please stop stressing.
Speaker 2: It is what it is. Let's not stress about the
Speaker 2: things we can't change, Like, what's the point. Absolutely, if
Speaker 2: it's something that is stressing you, then maybe we can
Speaker 2: look at it in a bit more depth. But I
Speaker 2: think making sure that you're comfortable with that and you
Speaker 2: know what it means and how it works is basically
Speaker 2: what everyone can do. Whether we contribute more or not
Speaker 2: is a different conversation. But given what we've discussed for
Speaker 2: the first time in a long, long, long time, it
Speaker 2: actually might be worth for some people to be making
Speaker 2: extra contributions to their HEX debt. It's something that personally,
Speaker 2: I will not be doing, and the reason I'm not
Speaker 2: doing it is because I don't need to do that
Speaker 2: to achieve the goals that I currently have. So if
Speaker 2: my goal was to buy a house, and I knew
Speaker 2: that by paying down some of my HEX debt would
Speaker 2: mean that my ability to lend more money would increase them,
Speaker 2: maybe it would be worth it for me. Maybe I
Speaker 2: could do that. But if you're in that circumstance shameless
Speaker 2: plug for Zella Money, please go. We'll put the link
Speaker 2: in the show notes to talk to one of our brokers.
Speaker 2: If you are in the position to be purchasing a house,
Speaker 2: or you think you're in the position to purchase house
Speaker 2: and you're thinking about your HEX debt repayments, go and
Speaker 2: talk to a mortgage broker so that they can look
Speaker 2: at your whole circumstance, and they can sit you down
Speaker 2: and be like, yep, back in your situation, it would
Speaker 2: do this for you, and you go, great, I will
Speaker 2: do that. Can I tell you that on a podcast?
Speaker 2: Unfortunately not. But what I can tell you is that
Speaker 2: it might change it for some people, it might not
Speaker 2: because it's going to depend how much text debt do
Speaker 2: you have, how much can you afford to repay? What
Speaker 2: is your current deposit for the home that you're looking
Speaker 2: to buy? Do you have a Garran tool loan? What
Speaker 2: do all these things actually mean for you? There's no
Speaker 2: one size fits or response to that, and I am
Speaker 2: very sorry. I wish there was. Did it make content
Speaker 2: creations so much easier?
Speaker 1: Oh?
Speaker 2: Fuck you? Just make the podcast be like, all right, guys,
Speaker 2: so indexations coming out first of June. This is what
Speaker 2: we're going to do.
Speaker 4: These are the rules, These are the answers.
Speaker 2: Beck, You're going to do X and if you're not
Speaker 2: in exposition do why do? How much easier content creation
Speaker 2: would be? The community would love it? But do you
Speaker 2: know what, You've got to do some of the work yourself.
Speaker 4: Unfortunately, unfortunately, but.
Speaker 2: The girls that Zella Money can basically do that for
Speaker 2: you and kind of calculate it based on your personal circumstances. Also,
Speaker 2: they'll do it for free, so that's kind of a
Speaker 2: money we Oh my god. As I said, and I've
Speaker 2: said a million times before, I would always prioritize paying
Speaker 2: off personal debt first, so things like personal loans and
Speaker 2: credit cards and any other personal debt. I would also
Speaker 2: look at bumping up your emergency fund, because your emergency
Speaker 2: fund is going to be that fund that means that
Speaker 2: you can get out of a pickle real quick. Someone
Speaker 2: the other day called it a squirrel fund, and I
Speaker 2: thought that was real cute, because like squirrels, they're like
Speaker 2: hide away all their nuts for the winter, and then
Speaker 2: they live off their nuts in the winter when things
Speaker 2: aren't as good. That's what how emergence. That's very cute. Anyway,
Speaker 2: we want a squirrel fund. We want to make sure
Speaker 2: that we're not in any personal debt, and at that
Speaker 2: point we can consider whether making additional contributions to our
Speaker 2: hex or help debt is a good idea. Perfect Again,
Speaker 2: it's going to depend on whether you're going for a
Speaker 2: home loan or not as to whether that is worth
Speaker 2: it or you know, what could just be stressing the
Speaker 2: but Jesus out of you, Beck. You could be so
Speaker 2: stressed over your heck's debt, and no matter how many
Speaker 2: times you listen to me or how many times you
Speaker 2: listen to other podcasts, it's just something that keeps you
Speaker 2: up at night. Maybe making additional contributions to something that
Speaker 2: fits within your goals makes you feel good. You do you, sis,
Speaker 2: you do you, You do you. But what I want
Speaker 2: you to be able to do is tell me what
Speaker 2: your payments are, what they look like, how it impacts
Speaker 2: you as an individual, what it actually looks like if
Speaker 2: you paid off more debt. Because a lot of people
Speaker 2: might go, I really need to get rid of my
Speaker 2: hex step before I get a home. That's actually not true.
Speaker 2: I bought a house with a one hundred thousand dollars worth
Speaker 2: of hex step. We work with people every single day
Speaker 2: that have very large hex stets and still get homes.
Speaker 2: That's company. So it's really important to understand that doesn't
Speaker 2: need to be completely diminished before you do that. That's
Speaker 2: why I want you to talk to a broker, because
Speaker 2: the amount of people that I have spoken to that
Speaker 2: are like, oh my god, vee, like I've paid off
Speaker 2: eighty thousand dollars worth of my hex stet. I go
Speaker 2: far out, that's so sick, like, that's so good, And
Speaker 2: then they say, so I'm going to now start saving
Speaker 2: for a house, and I kind of go, oh good,
Speaker 2: smile a nod like, because there's nothing I can do
Speaker 2: about that circumstance. But in reality, if they had the
Speaker 2: capacity to pay off an eighty thousand dollars home loan,
Speaker 2: they had the capacity to save eighty thousand dollars, and
Speaker 2: they could have probably already been in a house and
Speaker 2: just started paying off their hextet a bit more now
Speaker 2: that they have the property. And obviously, when it comes
Speaker 2: to investing, the sooner you're in the market, the more
Speaker 2: time you have for compound interest to play into it.
Speaker 2: And sometimes that's the best outcome. Am I saying that
Speaker 2: that's right for every single person? No, But that's why
Speaker 2: you need to be educated, because if you're stressing about
Speaker 2: your hextet, I can almost guarantee that the reason you're
Speaker 2: stressing about it is because you don't know enough about it.
Speaker 2: You don't know the semantics of that hexel help debt,
Speaker 2: but you also don't know how it impacts you financially,
Speaker 2: and that makes people stressed. So talk to someone, listen
Speaker 2: to some more podcasts, go and talk to a mortgage
Speaker 2: broker about how that actually impacts you, because Beck, you know,
Speaker 2: we calculated what your hex step looks like and how
Speaker 2: much you're paying back. You're like, yeah, okay. I feel
Speaker 2: like you said yep, okay, because that was about what
Speaker 2: you expected anyway, Yes, you were fine with that, and
Speaker 2: you're also not looking into any other big goals. But
Speaker 2: would you be stressed about it if you were on
Speaker 2: the home buying process and you're like, oh, I don't
Speaker 2: know what that looks like.
Speaker 4: If I didn't know, and I guess I don't really
Speaker 4: know that much kind of do now about it. I
Speaker 4: do the whole podcast, but I wouldn't know the process
Speaker 4: of like buying a house very well. But the idea
Speaker 4: that you have a debt might make you stress. I
Speaker 4: think about achieving something else. I think that would probably
Speaker 4: stress me out a little bit. More money MO problems.
Speaker 2: Exactly exactly, but essentially, I guess the crux of this
Speaker 2: is I just want you guys to be educated. I
Speaker 2: hope that this has given you the level of education
Speaker 2: that you deserve, but also there are going to be
Speaker 2: a whole heap of resources on our Instagram soon. I'm
Speaker 2: probably going to make a whole heap of tiktoks because
Speaker 2: I keep being told off by the cheese. The TikTok well,
Speaker 2: I don't. I don't love making them, but my team
Speaker 2: keep bullying me into making more, so I will do that.
Speaker 2: But I just I want you to be in the
Speaker 2: best possible position to make the best decision for you,
Speaker 2: and that is honestly all I can do.
Speaker 4: I love that visa anything else before we shut this down?
Speaker 2: Yeah, okay, so first things first. Obviously, education is the key.
Speaker 2: I could go on about it forever. If you don't
Speaker 2: know what's going on with your HEX or help debt,
Speaker 2: you can check it through your mygove login. That's just
Speaker 2: like the Tax Officers online platform. You guys should know
Speaker 2: what my guve is. If you don't, please google it
Speaker 2: and make sure that you log into that and have
Speaker 2: a look, because that's not just got your HEX, it's
Speaker 2: got your tax information, it's got your Medicare information. It's
Speaker 2: kind of like your personal hub. The simplest way to
Speaker 2: make your repayment on Hex is actually just through bepay
Speaker 2: it's so easy. I'm not saying go do it right now,
Speaker 2: but what I am saying is, like, I think a
Speaker 2: lot of people assume it's this really complex process. It's not.
Speaker 2: It's just a be pay for repayment, like you just
Speaker 2: transfer it like you would be transferring your mate when
Speaker 2: they bought the pizza. Easy, really easy. So if you
Speaker 2: are considering making a repayment and you're like, oh, I'm
Speaker 2: really stressed about this, or I only have a little
Speaker 2: to go rah rah, make sure you're making that repayment
Speaker 2: well before the end of May to make sure it's
Speaker 2: processed in time to avoid any additional indexation that might
Speaker 2: be applied to that. So just be in really early
Speaker 2: because when it happens, it's going to happen on the
Speaker 2: first of June, so you want to make sure that
Speaker 2: you are getting that payment in asap. If that is
Speaker 2: your plan.
Speaker 4: I love that.
Speaker 2: I'm done. Are you done? I could keep going on
Speaker 2: and on, but I think we need to be done,
Speaker 2: and I could keep listening. No, you couldn't. You're sick.
Speaker 2: You are so sick of me.
Speaker 4: I think it's lots of absorbed. Let's go and have
Speaker 4: a little tea.
Speaker 2: You have a little walk. We deserve Yeah, I think
Speaker 2: we deserve a treat.
Speaker 4: I think we just have a treat.
Speaker 2: Everybody deserves a treat. Have a good day. We will
Speaker 2: see you guys on Friday.
Speaker 4: See you soon bybe.
Speaker 2: The advice shared.
Speaker 3: On She's on the Money is general in nature and
Speaker 3: does not consider your individual circumstances. She's on the Money
Speaker 3: exists purely for educational purposes and should not be relied
Speaker 3: upon to make an investment or financial decision. If you
Speaker 3: do choose to buy a financial product, read the PDS
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