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This is the definition that will explain the concept of this word. This is the definition that will explain the concept of this word. This is the definition that will explain the concept of this word.

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Ava Avatar



Earnings Path: Elevated

Ava leaps with joy from graduating University

Her story starts when she takes out an ISA with the same terms as Emma to complete a degree in business studies.

She stays for a year, making 12 monthly ISA payments.

Ava decides to make a career change into a real estate sales role which is purely commission-based. At first her salary is lower, but just over the $40,000 threshold so she makes only modest payments.

After college, Ava finds a graduate job paying a high wage in the top 30% of her fellow graduates.

Ava sitting at desk
Ava passing time
Ava holding a paycheck

The next year, her sales skills are starting to pay off and she begins earning serious commissions.

She is paying off her ISA as her salary grows, but the annual payment limit prevents her from owing more than $5,000 in a given year, so she ends up paying less than 5% of her wage.

Ava climbing a metaphorical staircase Ava sitting atop a growing chart

After a few more payments, Ava’s total payment reaches the total payment cap and her ISA is concluded.

Ava holding her final payment in glee

Key Benefits

Knowing that ISA payments are scaled to income was a factor in Ava taking the risk to make a career change and focusing on her long-term career growth.

Thanks to the payment limits placed on Ava’s ISA, she knew she would never pay more than the amount allowed by the salary cap and was able to conclude her ISA early after reaching the total payment cap.

Even though she ultimately paid more than the average borrower, Ava benefited from the freedom her ISA afforded her and the controls that limited her payments regardless of her level of financial success.

This tool is meant only to provide a brief explanation of how ISAs can work in practice.

As with loans and other financing options, individual ISA contracts will vary and may include additional terms not discussed here such as: prepayment options, emergency forbearance, late payment penalties, among others.

Always review the specific terms of your financing options and choose the one that is the best fit for you.

Emma Face

Ava’s Summary

Her ISA ended after she reached the total payment cap.

  • High income earner
  • $10k ISA amount
  • $15k repaid over 50 payments



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