Financial Incentives and Payments for Apprentices and Trainees | Sarina Russo

The Australian Apprenticeship Support Loan is designed to provide financial support for apprentices and trainees in Priority List occupations. You can receive up to $24,492* over the course of your apprenticeship or traineeship.

Unlike a regular bank loan, repayments only kick in once you start earning and reach a certain income threshold. You can opt in and out of the loan, which gives you control over how much you borrow over the lifespan of your apprenticeship or traineeship.  

There are no restrictions on how you spend the loan. It can be used to cover living expenses, clothes and tools of the trade, a car, or anything else you need to purchase. Just remember, that you will need to repay your loan once your income reaches the repayment threshold of $51,550 p/year. Australian Apprenticeship Support Loans are interest-free, however they are indexed annually in line with the Consumer Price Index (CPI).

Repayments are made through the income tax system (just like university HELP loans). Even better, once you’ve successfully completed your apprenticeship or traineeship, you’ll receive a 20% discount on the amount you need to repay

* 2023-24 lifetime limit
** 2023-24 income threshold

Australian Apprenticeship Support Loans are approved for six months at a time. Where you have a current approved loan, the following payments are available as you progress through your apprenticeship or traineeship:

• $816.41 p/month in year one
• $612.31 p/month in year two
• $408.20 p/month in year three
• $204.10 p/month in year four

Once you reach the income threshold for repayments, you’ll need to make compulsory repayments through the tax system. Find information about repayment rates on the ATO website.

You may qualify for loans payments under the Australian Apprenticeship Support Loans program if you’re:

• an Australian citizen or permanent resident; and
• undertaking an apprenticeship or traineeship that is included in the Australian Apprenticeships Priority List

For further information on Australian Apprenticeship Support Loans, click here or contact the team at Sarina Russo Apprenticeships.