I'm glad someone brought up the FEE-HELP repayment fees (it's 20%)
According to
The Going to Uni Homepage
On 2 November 2009, the Australian Government announced that, subject to the passage of legislation, the FEE-HELP loan fee will increase from 20 per cent to 25 per cent for undergraduate students enrolled in units of study with a census date on or after 1 July 2010.
I believe the Associate Degree is only available as a full-fee paying course under FEE-HELP, not a Commonwealth Supported Place under HECS-HELP. The vast bulk of the program cost goes to OAA for flight training and a bit on the side for theory at Swinny.
You're quite right that you certainly won't be buying a house or renting anything outside the outer suburbs on that income, I think most will need to seriously think about shared houses or moving back in with parents until you're earning the real FO wage.