If you are looking for the ideal alternative before venturing into an apprenticeship, Trade Support Loans can give you the support and assistance you will need. Meanwhile, the loan application process is without stress, and eligible trainees can apply for the loan. They pay entire amount of these loans, which can be up to $22,890 (for the years 2022-23), down monthly in arrears.
What Is Trade Support Loan?
A Trade Support loan is government-provided loan with no interest that they repay within six months. When you complete your apprenticeship, you will receive a 20% decrease in your debt, which is indexed annually.
Australian Apprentices who qualify may apply for Trade Support Loans to help them cover their daily expenses while completing their training.
Trade Support Loans Requirements | Who is Eligible?
Applicants must meet the loan criteria to apply for their desired loan amount. These requirements make the application competent for the loan.
A trade support loan may be available to you if:
- You possess a permanent visa or are an Australian citizen who resides in Australia;
- A Certificate III or IV level qualification listed on the TSL is what you are pursuing.
- Leading to an occupation listed on the Trade Support Loans Priority List and on the Qualifications List; or
- You are studying for a Certificate II, III, or IV in agriculture; or
- You are studying horticulture at the Certificate II, III, or IV level in a rural or regional area of Australia (as determined by the list of eligible postcodes).
Apprentices and trainees may apply for the loan on full-time, part-time, or school-based basis.
How Much Can I Borrow on Trade Support Loans?
With a trade support loan, you can choose how much money you borrow. Up to the lifetime maximum of $22,890, you could take out a small loan over a short period of time or receive payments over the course of your apprenticeship.
You get up to the following monthly payments for the Trade Support Loan, depending on the size of your loan:
- $763 per month during your first year of training;
- in the second year of your apprenticeship, $572.25 per month;
- in the third year of your apprenticeship, $381.50 per month
- Your monthly wage for the fourth year of your apprenticeship is $190.75.
The loan amounts are greater to make up for your reduced pay during the initial training years.
How To Apply For Trade Support Loans
To apply for a trade support loan, you can visit the Australian Apprenticeships website, visit your local Australian Apprenticeship Support Network or call the Australian Apprenticeships referral line on 13 38 73.
Trade Support Loan Repayment
If a borrower with a Trade Support Loan debt moves abroad and their combined income from Australia and international sources exceeds the required level, they must make mandatory loan repayments.
You can contact the Australian Tax office if you wish to payback the loan.
How To Contact Trade Support Loans
For further information, you can contact or visit the Australian Apprenticeships website or dial 13 38 73 to reach the Australian Apprenticeships referral line.