What loan?
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Join Date: Nov 2006
Location: Australia
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What loan?
Hey people,
thinking of doing an integrated course here in perth, would like to know how did other people pay for it... i would like to know what sort of loans could help, maybe another way.
cheers people,
LJones
thinking of doing an integrated course here in perth, would like to know how did other people pay for it... i would like to know what sort of loans could help, maybe another way.
cheers people,
LJones
I did it by funding my PPL personally (one lesson each week lasting 0.7 of an hour and costing $77.00.) Once my Mum could see that I was committed she extended her mortgage and I was contracted to pay it back, which I did.
Obviously it wasn't an integrated course.
If you don't have family members in a position to help out then you just have to work and save I guess.
Obviously it wasn't an integrated course.
If you don't have family members in a position to help out then you just have to work and save I guess.
Join Date: Oct 2007
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Working for a few years and living on noodles
I have a thing where my parents are funding until i can fund my training myself, and then ill have to work the hard yards to pay my parents back later.
Join Date: Jun 2005
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No banks gonna loan you cash for Pilot training.
You will still have to live off Homebrand noodles to pay it off while you are building hours though
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Join Date: Feb 2007
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I don't understand why anybody would need to borrow any money for flight training when working a full time job because most of your flying will be on weekends, public holidays and during annual leave ( which isn't much .. factor in bad weather, a/c availability..etc) .. it simply wouldn't be cost effective having all this money sitting in your bank account while you're working a full time job and paying interest on a loan you're barely using.
On a pay as you go basis the damage done to your bank account when doing a GFPT it's not so bad at $180 a pop. It's the Navs that are gonna hurt you because you're knocking down 2-3 hours @ $500+ a time so it helps to put money aside while you're doing your GFPT and plan ahead so that you have enough cash to complete your PPL.
I had 10k saved before I started my GFPT and by the time I finished it I spent 7K on flying but still managed to have saved 15k in total and I did that on only 48K a year salary in my previous job, I barely survived.
It has taken me longer to get this far and I still have a long way to go but I also don't have to live with the stress of having to pay back a huge loan with interest on top.
On a pay as you go basis the damage done to your bank account when doing a GFPT it's not so bad at $180 a pop. It's the Navs that are gonna hurt you because you're knocking down 2-3 hours @ $500+ a time so it helps to put money aside while you're doing your GFPT and plan ahead so that you have enough cash to complete your PPL.
I had 10k saved before I started my GFPT and by the time I finished it I spent 7K on flying but still managed to have saved 15k in total and I did that on only 48K a year salary in my previous job, I barely survived.
It has taken me longer to get this far and I still have a long way to go but I also don't have to live with the stress of having to pay back a huge loan with interest on top.
Join Date: Feb 2006
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BS. They do
I don't understand why anybody would need to borrow any money for flight training
It has taken me longer to get this far and I still have a long way to go
A loan to fund your flying is an option that is available, and an individuals choice. My mistake was that my loan was deffered for 12 months and during that time I did not pay back a cent. Even 10 bucks a week would of help.
Join Date: Feb 2007
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It's taking longer because I am not studying full time, loan or no loan.. I still would not get through it any faster but I am hoping to start my CPL full time by the end of the year.
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57GoldTop
It is taking you longer because you are not studying full time because you are working to pay off your expences as you go. That is fine. That is your choice. Nobody (and i'm sorry if my previous post came across this way) is saying what you are doing is wrong. But you made a fairly naive comment stating
I worked full time and did my GFPT (restricted ppl back then) one day a week. I realised that I wanted to finish the rest of my training full time and get into the work force. The only option to me at the time was to borrow money. Was it hard for me to pay it back? Well yep, but no harder then it was for my brothers and a bunch of mates paying back their HECS.
It is taking you longer because you are not studying full time because you are working to pay off your expences as you go. That is fine. That is your choice. Nobody (and i'm sorry if my previous post came across this way) is saying what you are doing is wrong. But you made a fairly naive comment stating
I don't understand why anybody would need to borrow any money for flight training
Join Date: Feb 2007
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I worked full time and did my GFPT (restricted ppl back then) one day a week. I realised that I wanted to finish the rest of my training full time and get into the work force.
Cheers.
Join Date: May 2005
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No banks gonna loan you cash for Pilot training.
You just have to be gentle with the banks and really explain everything in detail or else they may think you are hiding something and may not approve your loan.
It also helps if you have access to some form of suirety ( guarantor / etc ) if you need to go for a secured personal loan instead of an unsecured personal loan.
Don't take everyones word for gospel on here, it is in your best interests to get on the phone and make a few inquiries yourself and see what you come up with!
Best of luck
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