Loans for apprentices
ABOUT TRADE SUPPORT LOANS
The Trade Support Loan is designed to help apprentices cover expenses, and you can receive up to $24,492* over the course of your apprenticeship.
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.
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. The TSL is interest-free, but is 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, you’ll receive a 20% discount on the amount you need to repay.
* 2023-24 lifetime limit
** 2023-24 income threshold