The Government is proposing changes to reduce the indexation that is applied to HELP loans.

The changes will require legislation to be passed through both Houses of Parliament. If passed, the changes will be back-dated to 1 June 2023.

Currently the Consumer Price Index (CPI) is used to calculate the indexation rate. The change would mean that indexation will be capped at the lower of the CPI or the Wage Price Index (WPI).

This will reduce the 7.1% indexation rate that was applied to HELP loans on 1 June 2023 and will also be used to calculate the indexation that will be applied to HELP loans on 1 June 2024.

To find out how your HELP debt be indexed on 1 June 2024 see how will my HELP debt be indexed on 1 June 2024?.

You can access information about this change and a HELP indexation credit estimator to help you understand these changes and how they may benefit you.