What loan?

[LJones]

Hey people,
thinking of doing an integrated course here in perth, would like to know how did other people pay for it... i would like to know what sort of loans could help, maybe another way.

cheers people,

LJones

[FRQ Charlie Bravo]

Don't pay for a job.

[Launchpad McQuack]

Please elaborate a little more regarding the 'intergrated course' part? Which course, with whom?

[AerocatS2A]

I did it by funding my PPL personally (one lesson each week lasting 0.7 of an hour and costing $77.00.) Once my Mum could see that I was committed she extended her mortgage and I was contracted to pay it back, which I did.

Obviously it wasn't an integrated course.

If you don't have family members in a position to help out then you just have to work and save I guess.

[PyroTek]

Working for a few years and living on noodles

DUDE, lucky I love noodles! that will be nice...
I have a thing where my parents are funding until i can fund my training myself, and then ill have to work the hard yards to pay my parents back later.

[Ellsworth]

No banks gonna loan you cash for Pilot training.

BS. They do. If you have an undamaged credit rating and have a full time job. 60 grand's probably asking too much for a personal loan but 30 should be okay.

You will still have to live off Homebrand noodles to pay it off while you are building hours though :}

[57GoldTop]

I don't understand why anybody would need to borrow any money for flight training when working a full time job because most of your flying will be on weekends, public holidays and during annual leave ( which isn't much .. factor in bad weather, a/c availability..etc) .. it simply wouldn't be cost effective having all this money sitting in your bank account while you're working a full time job and paying interest on a loan you're barely using.

On a pay as you go basis the damage done to your bank account when doing a GFPT it's not so bad at $180 a pop. It's the Navs that are gonna hurt you because you're knocking down 2-3 hours @ $500+ a time so it helps to put money aside while you're doing your GFPT and plan ahead so that you have enough cash to complete your PPL.

I had 10k saved before I started my GFPT and by the time I finished it I spent 7K on flying but still managed to have saved 15k in total and I did that on only 48K a year salary in my previous job, I barely survived.

It has taken me longer to get this far and I still have a long way to go but I also don't have to live with the stress of having to pay back a huge loan with interest on top.

[Monopole]

BS. They do Yep, mine did over 10 years. The concern they have is that the loan is secured against nothing (unless you extend a morgage or similar). The comment my bank manager made was "when your earning lots of money we would like to think you will still be banking with us.

I don't understand why anybody would need to borrow any money for flight training To get the training done, out of the way, and into the workforce. Maybe life commitments prevent all your paycheck going towards flying. Not everybody is going to earn 48k a year and live at home with mummy and daddy.

It has taken me longer to get this far and I still have a long way to go Thats my point proven.

A loan to fund your flying is an option that is available, and an individuals choice. My mistake was that my loan was deffered for 12 months and during that time I did not pay back a cent. Even 10 bucks a week would of help.

[57GoldTop]

It's taking longer because I am not studying full time, loan or no loan.. I still would not get through it any faster but I am hoping to start my CPL full time by the end of the year.

[Monopole]

57GoldTop

It is taking you longer because you are not studying full time because you are working to pay off your expences as you go. That is fine. That is your choice. Nobody (and i'm sorry if my previous post came across this way) is saying what you are doing is wrong. But you made a fairly naive comment stating I don't understand why anybody would need to borrow any money for flight training I worked full time and did my GFPT (restricted ppl back then) one day a week. I realised that I wanted to finish the rest of my training full time and get into the work force. The only option to me at the time was to borrow money. Was it hard for me to pay it back? Well yep, but no harder then it was for my brothers and a bunch of mates paying back their HECS.

[57GoldTop]

I worked full time and did my GFPT (restricted ppl back then) one day a week. I realised that I wanted to finish the rest of my training full time and get into the work force.
Makes sense, the problem with part time is finding the time to do it and its frustrating to miss the only day that you have to fly due to bad weather..etc. You get those days where you peer out the window at work, hoping the days pass quickly so you get to the flying. I'm really looking forward to doing the CPL full time..

Cheers.

[jbr76]

No banks gonna loan you cash for Pilot training.

That is the biggest load of tripe I have read on here all week. If you shop around the different major banks, and go and meet with them and sit down & talk with them, provided you have a clean credit history, you are working fulltime and can prove to the bank you can repay the loan back with no hassles they will loan you up $50,000 depending on which bank you choose, as different banks have different maximum amounts and lending criteria.

You just have to be gentle with the banks and really explain everything in detail or else they may think you are hiding something and may not approve your loan.

It also helps if you have access to some form of suirety ( guarantor / etc ) if you need to go for a secured personal loan instead of an unsecured personal loan.

Don't take everyones word for gospel on here, it is in your best interests to get on the phone and make a few inquiries yourself and see what you come up with!

Best of luck :ok:

[LJones]

hoping to go with WA aviation college at jandakot.