Deferred loan for flight training
 

Gday All,

Would anybody know any banks or financial institutions in SE QLD (preferably brisbane) that offer a deferrred loan for flight training? I am wanting to ditch doing my training part time via PAYG and commit to full time training, but in doing so need to obtain a loan to cover the remainder of my training (from PPL to CPL + MECIR)

Any suggestions/recommendations would be greatly appreciated!

Cheers :ok:

that could be useful for me..
currently my parents are 'investing' in my flight training. but it means i only get to fly once every 2 weeks, but i'm going to try and do something more fulltime when i finish school.

jbr76

When I did my training I was given a defered loan from Westpac. It could only be done through a business loan over 10 years and the loan repayments were astronomical, In fact for my first year working, it was impossible to pay back. A loan of this sort may help you out initially, but be careful.

PyroTek

Other then pride and the hope that you will set them up in a nice little retirement village in their latter years, what sort of ROI are your parents expecting from their investment :}:}:E

what, ROI being Rate of Interest? or somethnig?

to be honest, they are trying to help me get a career as a pilot as ive wanted to do since i was 4.

They only really expect me to give the money back in the end..

And maybe give them a few flights.
I mean, they will be really happy when i pass each stage of license, like, it will be really good when i take my mother up when i get my GFPT.
Parents are trying to help me get a good stance in life, doing what i love.

There's only one real way to do it, and that's go out and work your butt off in two jobs doing as many hours as you can, or one job and studying for the theory exams. Once you've saved up enough do it all in one hit. If you must treat yourself once every so often (e.g. aim to have it all together in two years, but buy yourself a PPL over the two years).

Pilots who get their CPL by having Mummy and Daddy pay for it, may have their CPL, but they haven't really earnt it. Sure I'll get flamed for that - but what I'm trying to say is if you're not use to putting in the hard yards to get the license, you're really going to struggle in the real world that is GA.

well they are going to help me fund it for the remainder of high schooling, i'm really hoping to get a good job after high school and pay the rest myself

ROI = Return On Investment.

ah, its generally the knowledge that she helped me get a career doing what i want to and the money she lent me back (i said similar in the previous post i made)

It won't matter if steps straight into the rhs of a jet!;)

Couple of suggestions:

1. Be greatful of being able to fly once a fortnight, many people who would love to fly cannot. Think outside the square, while your parents a supporting your flying at the moment get a part-time job and save. Once you have saved your first $1000 whack it in a term deposit - should be able to earn at least 5% at the moment. As you earn the next $500 whack it in the term deposit. A term deposit you cannot withdraw on until the investment matures. When it matures roll it over for another term.
Before you know it by the time you gain you PPL by flying once a fortnight you will have saved enough to complete your CPL, MECIR. You will also of showed the bank that you can save, ie excellant reference for future lending.

2. At the end of your training you will either gain employment as an FO for a regional, go to QF as a SO or have to explore the country looking for the best ME GA gig you can find. Here is where the good savings history come ino play you will either be ready to buy a house (QF or Regional Gig), or a bloody good car to pack your life in to find the GA gig

Don't feel rushed the job market will be in it's current climate for some time. Just relax enjoy the flying once a fortnight and use any spare time you have completing year 12 if not already and your aviation studies.

Don't forget to look into the Uni courses and subsequent hecs paid for courses.:)

Do employers prefer their prospective employees to have a university degree in order to fly?

The uni courses seems to be considerably more expensive than those completed through a flying school, and the actual flight training component in them isn't eligible for HECS, which means you will still be paying the 60 000 or so for the flight training, but the university fees are paid for by HECS.

PyroTek,
As already mention ROI = return on investment.
I like said that tongue in cheek :ok:

WilliamOK, to true. If you purchase a full-time ATPL course the cost is about $3000 IREX probably $1000. At UNI these courses are covered, you simply pay for and do the CASA exams. So I guess you don't really save anything as HECS needs to be paid back at some point, however it would free up $4000 towards flight training for someone who is struggling to pay for it.