dreamer,
Have you actually looked at what the J* Cadetship entails?
Do you have $70k to spare, or the ability to borrow it, then pay it back while earning a very paltry wage AND feeding you family?
Seems to me that the Cadetships are a shortcut for those young and unencumbered enough to live on nothing for a good period of time. I thik they'd be LESS attractive to someone in your position than getting a job up North that at least pays you.
I'm not amongst the traditionalists who think someone going through a Cadet scheme is somehow an inferior pilot (I don't think Australia NEEDS cadet schemes, but that's a different argument!!), but I think that if you consider it a financial/lifestyle improvement, you don't really understand what it entails.
I've got kids and obviously, having decided on parenthood, their future is paramount. I gave up a couple of dearly loved (but dangerous) passtimes out of concern for their future. You've done the same and, as such, I think you've put yourself in the position where pursuing flying is going to be difficult.