Published to Industry Updates on Sep 08, 2015
The Trade Support Loan program provides government funded loans of up to $20,000 to eligible Australian apprentices over the course of their training. Offered as a more effective method of assisting eligible apprentices with every day costs associated with living, learning and completing an apprenticeship; it is hoped the loans will allow apprentices to focus on completing their trade qualification.
WHAT YOU NEED TO KNOW
Q: Who administers the payments?
Australian Apprenticeship Centres and the Department of Education and Training
Q: Who is eligible to receive Trade Support Loans?
Certificate III or IV qualifications leading to priority trade occupations listed on the National Skills Needs List. This includes Carpenters, Fitter and Turners, Fitter-Welder, Metal Fabricator, Metal Machinist, Welder and many more. See the full list on the Australian Apprenticeships Website.
Q: Are Trade Support loans compulsory for Apprentices?
No. Uptake of the loan is optional.
Q: How much money will I receive?
You will receive up to $20,000 over a four-year period. The amount of money paid is determined by the year of your apprenticeship. For example:
. First Year, up to $8,000
. Second Year, up to $6,000
. Third Year, up to $4,000
. Fourth Year, up to $2,000
Q: How will payments be made?
Directly into your bank account!
Q: When do I repay it?
When you earn more than $54,126 over the tax year you begin to repay the loan.
Q: How do I repay it?
Your loan is paid to the government through your tax, similar to the way HELP (HECS) loans are repaid.
Q: What discounts on repayment are available?
If you complete your apprenticeship, you will receive a 20% discount, meaning the amount you borrowed will be reduced by 20%.
Q: How do I sign up?
You sign up by ‘opting in’ for six monthly periods with loan payments paid in arrears.
If you’re interested in applying for a Trade Support Loan, visit the Australian Apprenticeships website or phone the Australian Apprenticeships referral line on 13 38 73. Please note: Blue Dog Training recommend all Apprentices consult with their own Accountant/Financial Advisor before applying for any loans.
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