Same Kraken salary. Path 1: fly home often enough (32 NZ days in every 184) to stay a New Zealand-based borrower, so the loan stays interest-free and you repay 12% of income over the threshold. Path 2: live in Melbourne, become overseas-based, and pay a fixed minimum that does not fall as the balance falls, plus 5.6% interest backdated to the day after you leave. A planner, not tax advice.
Interest rate: ird.govt.nz student loan interest and fees
32-day rule: ird.govt.nz going overseas
Overseas repayments: ird.govt.nz repaying from overseas
Both paths are always calculated. This only changes which trip schedule and pay breakdown are shown.
Confirm with Kraken whether $121k is base + super or includes super. This page assumes super is on top.
SG is 12% from 1 July 2025.
Basic hospital cover costs about the same as the surcharge it avoids (≈ A$1,210/yr at $121k).
Put your exact myIR balance in. $45,000 to $60,000 sets a $4,000/yr overseas minimum. If part of the $55k is a separate MSD/StudyLink debt (not IRD), take it out here: that part is usually interest-free either way.
$24,128 for 2025/26 and 2026/27.
5.6% from 1 April 2026. Charged daily, added each 31 March.
On Path 1 you are never away 325+ days in 12 months, so under NZ law you stay an NZ tax resident. The NZ–Australia tax treaty tie-breaker will most likely make you Australian-resident for treaty purposes (your own home and job are in Melbourne), and then NZ cannot tax the salary. Tick to see the cost if that fails. Get a tax adviser to confirm.
Default: fly out Sat 31 Oct 2026, job starts 1 Nov (first workday Mon 2 Nov). Days away are counted from this date, including it, to be safe.
Return fares are about A$435–600 (Air NZ, Qantas, Virgin Australia, Emirates fly direct). Book about 60 days out.
SkyBus or rideshare to MEL and back, plus getting to and from WLG.
Needs Kraken’s written OK. Untick to see unpaid leave beyond 20 days’ annual leave.
Lean trims groceries, lifestyle and gym. It does not change rent.
You walk to the office.
Rent, utilities, phone, gym and lifestyle run all year on both paths. Groceries and transport drop on NZ days.
7 Oct 2026: 1 AUD ≈ 1.244 NZD, so 1 NZD ≈ 0.804 AUD.
Wise or similar ≈ 0.5%. Australian banks often 2–4% in the rate.
After tax, all living costs, the required loan repayment, your extra repayment and (NZ path) flights and NZ spending. AUD, while the loan is being paid.
| Path | Total / yr | Extra needed | Per week | Interest | Left / week |
|---|
| Year | Stay: paid | Stay: interest | Stay: owing | NZ: paid | NZ: owing |
|---|
NZD. Stay-path interest is added each 31 March. Year 1 interest is backdated to the day after you leave NZ.
Live in Melbourne, skip the flights, and still send IRD what the interest-free path would have taken. Interest runs until the balance is gone.
Travel times are typical weekday ranges, not a live trip.
Estimates only. AU tax: 2026–27 resident scale, 0% to $18,200, 15% to $45,000, 30% to $135,000, 37% to $190,000, 45% above, plus 2% Medicare. MLS singles 2026–27 starts at $105,001 (1%), then 1.25% and 1.5% tiers.
NZ loan: NZ-based if in NZ 32+ days in a 184-day period (visits add up) and never away more than 152 days in a row. Otherwise overseas-based, with interest backdated to the day after you left. Overseas minimum: $1,000 / $2,000 / $3,000 / $4,000 / $5,000 for balances $1k–15k / 15k–30k / 30k–45k / 45k–60k / over $60k, half by 30 Sep, rest by 31 Mar; re-checked each 31 March, can go up, never down.
NZ path assumes IRD counts your Australian salary for the 12% repayment; confirm with IRD. Working from NZ: a non-resident is usually exempt from NZ tax on work done in NZ for an overseas employer if in NZ 92 days or fewer in 12 months. NZ tax top-up (optional) uses NZ rates 10.5% / 17.5% / 30% / 33% / 39% with a credit for Australian tax and ignores the treaty tie-breaker.