Imagine a Trade Apprentice starting out with no money but the ambition to get skilled, start a career, and be independent. Well, it has become a real possibility with up to $20,000 available, interest free. And what’s more, when an apprentice successfully completes their apprenticeship, they will receive a discount of 20% off the loan (so they only owe $16,000). How good is that!
This ‘Trade Support Loans’ scheme is an Australian Government
initiative. Trade Support Loans are loans paid in instalments totalling up to
$20,000 over four years. These loans are intended to assist apprentices with
everyday costs while they complete their apprenticeship. Eligible trade
Australian Apprentices may apply (opt-in) for regular instalments according to
their needs.
Trade Support Loans are a more effective method of assisting
eligible apprentices with their everyday cost while they undertake their
apprenticeship. The programme provides apprentices with up to $20,000 as an
income contingent loan, compared with the Tools For Your Trade payments that
ceased on 30 June 2014.
ELIGIBILITY
Who is eligible to
receive Trade Support Loans?
The Trade Support Loans List identifies those occupations
and qualifications eligible for Trade Support Loans. This list includes
certificate III or IV qualifications leading to certain priority
trade occupations that currently appear on the National Skills Needs List
as well as a number of agriculture and horticulture qualifications at the
certificate levels II‑,III and IV levels.
Will current
Australian Apprentices receiving Tools for Your Trade payments qualify for
Trade Support Loans?
Most apprentices, who were eligible for Tools for Your Trade
payments, including those apprentices undertaking qualifications in agriculture
and horticulture as outlined above, will be eligible for Trade Support
Loans. More detailed information on
eligibility can be accessed from Australian Apprenticeships Centres. Contact
details for Australian Apprenticeships Centre can be accessed by using the
"Find my AAC" search tool or calling 13 38 73.
Are school-based
and/or part-time apprentices eligible for Trade Support Loans?
Yes, subject to meeting eligibility criteria. Payments are made at the same rate as for
full-time apprentices.
PAYMENT
ARRANGEMENTS
How much will an
apprentice receive if they opt in to receive the Trade Support Loan?
Eligible apprentices can apply for loans totalling up to
$20,000 over the life of an apprenticeship. Apprentices will opt in for six
monthly periods with loan payments paid monthly in arrears. The amount an
apprentice is eligible to receive as a Trade Support Loan is determined by the
year of their apprenticeship, that is, whether they are a first, second, third
or fourth year apprentice.
Apprentices will receive up to $8,000 in the first year of
their training, $6,000 in the second year, $4,000 in the third year and $2,000
in the fourth year. Apprentices can opt
out at any time.
Apprentices who complete their apprenticeship will receive a
20 per cent discount, meaning that the amount they borrowed will be reduced by
20 per cent.
There is more information available on the Government’s
Industry website. We recommend you have a look over this and call 13 38 73 to
take action. http://www.industry.gov.au/skills/AssistanceForIndividuals/TradeSupportLoans/Pages/default.aspx
To find your local ACC (Australian Apprenticeship Ctr) that can
assist you, go to http://www.australianapprenticeships.gov.au/find-my-aac/full-list
For Civil and
Construction Training requirements contact me on the details below.
0409 879 111
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