Anon, it's not a bad job really. The SAAB is a great bit of equipment. But yes, the T&C's are not acceptable for proffesionals.
The main problem is the salary against the amount of work which you can do and are expected to do under the EBA - max hours with no real overtime incentive. To support a family on this money and pay off a house is just not a reality... so these days almost everyone will move on within 2 years of service.
As I understand it under the cadetship (correct me if I am wrong), REX wants YOU to find 40K of your own... then they back a loan of an additional 40K (TOTAL 80K), which you pay back whether you stay or leave? And if you leave before the 2 years your up for another 15K endorsement cost.
I would think in todays climate you could spend the money better - bypass REX and end up in a jet job on twice the money.