Continue Training
 

Hi guys,
I am currently flying my VFR Part in my Abinitio-training and roughly the half of my credit is gone. I finished my theory and "only" the rest of VFR, IFR, ME and MCC/JOC have to be done. Because of the coronacyrisis and the fact that I have a credit which is secured by my parents and their house I am not sure if I should continue the training or study and try it again in a few years with a backup and a sponsored program.

What would you say and recommend ?

You must explore all the options :

Read the contract signed with the ATO. Are there any natural break points? Are there any penalties clauses? Is there a FORCE MAJEURE clause. Is the contract worded so that any refund is minimal?

How long are the exams valid for? Perhaps minimum training (CPL only) for licence issue to secure them?

As your parents are involved in your plight, you need to discuss the scenarios with them.

No easy answer irrespective which is chosen.
What are the other trainees thinking of doing?

Additional points: why did you sign up for RWL MCC/JOC in May 2019, when to date the VFR phase isn’t even complete?
When did you start the training? Integrated or Modular?

Continue part time
 

Whoever is considering training in aviation now, or finishing training now, it is doable.
If you are half way, now there is no longer a need to rush and to try to finish your training, you can slow down, get a side job or commence a back up career and in the meantime with the money you can save from the job you use it to fly once a week or per month, because you must continue in order to avoid losing what you have achieved so far.
If any of you want to start training now, it is totally fine just do not go crazy on betting houses on this market because it is not a good moment.
Having said what I mentioned before, flying training it is perfectly doable during crisis, what you can not do is to rely your bright future in only one volatile job/profession (pilot), hence you must try to continue flying parallel to your back up plan (a side job, a part time or full time and a career as a back up) there are plenty of degrees online that you can further grow and develop.
To build the flying hours it will take you longer, but at least they wont be a debt on your future. There are plenty of ways to build hours at a low cost. One of them can be glider towing for one summer season. The other options could be to take family members and friends for a flight during the weekend and you can pass your hat so they can chip in a bit (it works better when you pass your hat in cruise level and you tell them, guys I need to descend now, help me remember how).
Gliding is a wonderful way to start flying, it will help you as a therapeutic hobby for the rest of your life, it will teach you the real concept of flying and it will connect you with fellow pilots that may help you in the future either as towing gliders or assist you to put you in contact with the right person to get a job, gliding connect people (it takes two to tango, three to gliding).
In a year or two timeframe, you may be having 20k saved in your account, then you can go for IR, after few months/savings later, ME and CPL and once you see the light at the end of the tunnel, MCC and job interview preparation/sim. In 3 years you will have a stable job, a back up degree and a full license ready to jump to that very important pilot job when possible. If the industry does not recover, you keep your license valid and current.

Thank you for the input. I talked with my flightschool and parents and we decided to change from integrated to modular. I will take some more time but I think this should be the better way. Beside the training I will work and earn the money for the training.

Thank you once again guys :-)

A very wise move. Getting your first job in this industry involves hard work but also luck and timing. To an extent you can control the latter, and graduating within the next couple of years would be best avoided. You can now control the pace, and control the costs. Well done.

Absolutely good move, batmax! Continue training, aviation is not dead, and will not be.
However in general be careful with finances... I myself would like to avoid debts if possible in all parts of my life and taking the pilot training on credit is a very very risky move, in my opinion.