Government legislation that would shorten the repayment holiday for overseas-based student loan borrowers has passed its first reading in Parliament.
Revenue Minister Peter Dunne says it would maximise repayments from New Zealand-based student loan borrowers by removing their ability to offset losses against their net incomes to reduce loan repayments.
He says overseas-based borrowers would also have their repayment holidays cut from three years to one.
Mr Dunne says the legislation has been sent to a select committee for further consideration.
