Just my two pence worth if you're interested boys and girls, as I notice some of the old boys haven’t been on recently (obviously far too busy flying shiny new jets!)
As a recent "graduate" of the wings programme, and one of the lucky last few who have been offered a flying position since about April, I am now fully immersed in the World's favourite airline. The quotes from BJK refer to repayments at a certain orange operator and I thought I'd better just remind you that, for legal reasons, other employers are/may be available!
Due to the way BA are unionised they will not accept a separate pay scale for cadets and therefore you will be invited to join as a self sponsored pilot (SSP). You will then forego your bond to APL and the resulting repayments to HSBC will have to be entirely covered by yourself after taxable income.
So.....basic SSP salary in year 1 is around £31000 and this is taxed in the usual way. Flight pay is then awarded at around £11 per flight hour, £2 something per duty hour and £5/10 depending on the nature of your overnight (UK or abroad); this will equate to appox. £12-15k per year and is taxed at 18%. The basic salary then increases £6000 per year until year 3 when the SSP scale merges with the DEP scale and everyone’s a winner....? Now depending on your own situation (student loan, mortgage, child benefits etc) you can work out what you would have left.
The 2 loans from HSBC are for £64400 (for the foundation and cadet course) and £10000 (for living expenses) they are to be repaid over 84 months and will track 2.75% above the BoE base rate. A combined repayment of the two will cost approx £1260 per month. Early repayment is an option, but bewares as the clause that covers that situation does invoke various financial penalties that make it seemingly unwise to do so.
As for the suggestion that the living expenses loan does not need to be taken in full or that you will struggle to spend it in NZ....I'd be more concerned with keeping as much as possible available for those long, cold days spent in the pool at the other end of training in today’s' climate. Remember, you don't accumulate interest on any of the amounts until they are drawn down and this is done over a period of roughly 18 months.
Good luck to all who decide to apply or who are in training, it really is worth it when you see the light at the end of the tunnel...Here's hoping someone turns it back on soon eh?
Pre3