APPRENTICES can now access more support to successfully complete their qualification with the legislation for Trade Support Loans being passed by Parliament.
Federal Member for Leichhardt Warren Entsch said the Government was delivering on its commitment to introduce Trade Support Loans for apprentices to encourage more young people to take up a trade and complete their qualification.
“All too often, young apprentices do not complete their training because they can’t afford the costs associated with undertaking an apprenticeship,” Mr Entsch said.
“We want people who start a training programme to actually finish it and realise the opportunity of working in their chosen field. That’s why these loans will ease the financial burden and help increase apprenticeship completion rates.”
Apprentices in Leichhardt will have access to $20,000 over the entire period of their training with more support provided during the initial years when it is needed most.
The Trade Support Loans will provide up to $8,000 in the first year of the apprenticeship, $6,000 in the second, $4,000 in the third and $2,000 in the fourth.
“Apprentices who successfully complete their training will be rewarded. When an apprentice completes their training, 20 per cent of the loan, or up to $4000, will be immediately deducted from the total of their loan,” Mr Entsch said.
“Like HELP loans for tertiary students, the loans will be repayable once apprentices are earning a sustainable income.”
Trade Support Loans will specifically target occupations on the National Skills Needs List such as plumbers, diesel mechanics, electricians and fitters, as well as priority areas in horticulture and agriculture.
For further information on the programme, contact your local Australian Apprenticeships Centre or visit www.australianapprenticeships.gov.au.