PART 2Amendments to the Repayment Regulations

Amendment of Part 5 (Repayment by Overseas Borrowers)

Amendments to regulation 70 (repayment by income-related instalments)I124

In regulation 7027 (repayment by income-related instalments)—

a

for paragraph (4) substitute —

4

The relevant amount is 9% of the gross income which the Department consider the borrower is likely to receive in the next 12 month period following the date of the determination referred to in paragraph (2), disregarding—

a

income up to the applicable threshold, calculated in accordance with regulation 70A; and

b

income in respect of which the Department is satisfied that repayments are likely to be made under Part 3 or 4.

b

in paragraph (5) for “the instalment”, substitute “each instalment”.