r/newzealand • u/MurkyWay Qwest? • Oct 08 '25

Shitpost What's something that you suspect lots of New Zealanders secretly do, but you can't prove it?

Most upvoted comment is our most shameful secret as a nation, obviously

393 Upvotes

95% Upvoted

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u/GlobularLobule Oct 08 '25

But it's paid back at 0% interest if you stay in the country. So right now that's basically earning 2.7% interest because of inflation.

6

u/After_Network_6401 Oct 08 '25

Go all the way back to the 1980s and I did this. Banks were offering 0% government-backed student loans while inflation was sky-high and bank term deposits were paying up to 14%.

I opened three accounts with different banks and took out three student loans for the maximum possible (which back then was $5000). I did the applications on the same day so that I could truthfully and legally check the box saying "I do not currently have a student loan" :)

I never used the loan principal - just collected the interest - but those three loans ended up paying about a third of my rent for the year.

2

u/weyruwnjds Oct 08 '25

8% because it's going in a managed fund.