Loan Scheme
• Rex will offer cadets a low interest loan for 50% of their pilot training costs (total training costs are estimated at AUD80K). This training will cover CPL, Command Instrument Rating and a multi engine endorsement. ATPL subjects are not part of the initial training.
• Upon successful completion of training Cadets will begin employment with Rex and be assigned to a company within the Rex Group (Pel-Air, Air Link or Rex itself). Subsequently all cadets will have the opportunity to transfer back to the parent company, if not assigned there originally, where they will have the
opportunity to qualify as a Saab Captain. 
I still can’t see how. I would think you might be stuck doing night freight in a metro for 6 years
• Repayment of the loan will begin from the point the Cadet begins employment as a fully trained pilot (First Officer) with a Rex Group company.
• The repayment schedule will stretch over 7 years and will be linked to prevailing salary levels so the burden will be reduced in initial years. i.e. repayment amounts will be structured such that they gradually increase as salary increases.
• To qualify for the low interest loan, cadets have to remain employed within the Rex Group for at least 5 years.
•
If cadet resigns from Rex before the end of 5 years, the loan and interest become repayable immediately and interest will be calculated at a market interest rate. 
Buyer Beware
• If a cadet resigns from Rex after 5 years but before the loan is fully repaid, the balance and interest become repayable immediately but interest will remain at the lower rate.
They haven’t learned a dam thing. The whole scheme works on the premise of entrapping naive and vulnerable unskilled workers (who will be disengaged and bitter after a few years anyway) instead of retaining and attracting experienced skilled workers who would be happy to stay longer than 5 years if they were looked after properly (calculated at market rate!)
For those considering this cadetship – would you want to be financially locked in for 7 years standing still when the industry is moving at break neck speed. The game of musical chairs has already started and there are some great opportunities out there for those with some real flying experience. 7 Years is a long time and you might find yourself without a good seat when the music stops. That means you might be stuck as a Rex F/O for a lot longer than that.
In this climate Qantas cadets will probably be offered F/O slots within 7 years of starting. The decision is really a no brainer, but it will catch a few people out. The rest will go forward with their careers.
I also recommend following the traditional path. It will save a lot of time, money and angst.