Sorry, being ancient I have no idea of the WOMBAT test, and no doubt would fail it!
You mention you could possibly afford just a basic CPL. Shop carefully before spending your money. There are sharks in the training business. Some mentioned in the archives of these forums. Whatever you do, only agree to pay as you go. If they ask for large sums up front, run!
Think about doing it with a company that does charter work as well as training, and try to reach some agreement that if you perform OK on the CPL they will employ you. Smaller operators often prefer to train then employ former students for the obvious reason they know what they are getting.
Basic CPL flying pays very poorly, as does grade 3 instructing - flipping burgers at Maccas pays about as much. But it still could be a better option than signing your lfe away with Rex.
If you see a cadetship as your best plan, investigate other airlne schemes on offer. Qantas and Virgin have advertised cadetships.