Well for me it's just not worth it putting yourself in such a debt for an Undergraduate Degree, it's great if you can afford it but putting yourself in debt for it is not such a great move in life in my opinion.The path of going to UCL is full of uncertainties and it'll take you a very very long time to pay back those debts. NUS is already a great University even if you have to settle for less then UCL but it's still a very reputable University, you don't want to regret this move later in life when reality hits you after you graduate with huge debts and very uncertain abilities to pay them. Do not be so optimistic when looking at the future and what if your application for a JPA Loan got rejected later on in your second year? Remember there's a lot of Malaysians going overseas each year, a good number of them to critical courses and great universities as well and a good amount of them will want to get that loan as well.

UK is indeed out of the question, Uni of Melbourne is very tempting.If if I were you I would be very tempted to go to that Uni, your very lucky to have offers from so many top universities and if it would cost about the same I would choose Uni of Melbourne over NUS academically it may be about the same but Melbourne will bring you more special life experiences and you can work for 20 hours a week during your studies and unlimited hours during semester breaks under a student visa in Aussie if I'm not mistaken. Though the choice is still totally up to you.Sit and discuss this very thoroughly with your family while taking everything into account then go over everything if it's still about the same than with your brain I would suggest to go with your heart and see which interests you more.