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Learning to fly is expensive. GoFly Aviation understands that you might not be able to afford to fly weekly. However, the more lessons you do in a short space of time, the more you progress and the less information you forget between lessons. There is a way to achieve your flight training goals faster than you would if you had to save up for your lessons.
GoFly has partnered with Study Loans to provide prospective students with four types of loans:
The loan application process is very straightforward and you often have an answer within 24 hours.
For students wishing to access larger CPL and PPL loans, we have partnered with Alistair McNee, a Finance Broker. See below.
On average it takes between 20-26 hours to obtain your Recreational Pilot Certificate. All training at GoFly is competency-based and some students will achieve their RPC in less time and others may take longer.
Our $6000 Study Loan covers 20 hours of flight training plus free theory, briefings, unlimited use of our simulator and the exams required to obtain your RPC. Students who take longer than 20 hours of flight training to pass their flight test, may require some additional personal funds to make up the difference between the loan and the final cost of their light training.
Study Loans is Australia’s first dedicated private student loan provider. They offer highly competitive rates, allowing you to borrow all or part of the course cost through a responsible funding method. You simply pay-as-you-go with simple terms & conditions.
Take a look at the GoFly Aviation dedicated page to find out if you meet their eligibility criteria and begin your application
Study Loans also provides loans to $5,400 for students who wish to obtain their Cross Country (also called Nav) and Passenger (Px) endorsements. This amount will cover 15 hours of navigation, including the nav flight test, and 5 hours of command time, including the passenger endorsement. This is the average time taken to pass your nav and passenger endorsement, but all training is competency-based and some people will achieve their endorsements in less time and others may take longer (and require some additional personal funds to make up the difference).
Find out if you meet their eligibility criteria here.
Study Loans also provides loans to $5,900 for students who wish to build up their command time in order to be able to be eligible to do their Instructor rating or for any other reason. All training is competency-based and some people will achieve their endorsements in less time and others may take longer (and require some additional personal funds).
Find out if you meet the loan eligibility criteria here.
Study Loans also provides loans up to to $6,500 for pilots who would like to become Instructors. All training is competency-based and some people will achieve their endorsements in less time and others may take longer (and require some additional personal funds).
Find out if you meet the loan eligibility criteria here.
Make sure you also read about our Instructor Rating and contact our CFI at GoFly to see if you qualify to become an Instructor. Check out our testimonial page to hear from some recent candidates.
All paid in advance flight training (either direct from a student or via Study Loans) is non-refundable, however, under exceptional circumstances, GoFly may agree to provide a refund. In these instances, GoFly will charge a 30% cancellation fee to cover our admin expenses.
We have teamed up with Mortgage Choice finance broker, Alistair, who is also a graduate of GoFly Aviation, to assist our students to access the most appropriate loans for their Commercial Pilot Licence. We believe that a personal loan can be paid off faster than a VET fee debt. Below we have listed the three types of training for which you can apply for a personal loan plus some repayment comparisons between VET fee and personal loans.
To enquire about eligibility for loans and to ask any questions, please email Alistair at alistair.mcnee
A full time course of approximately 10 months studying five days per week for approx $55,000 (part-time also available). The GoFly CPL Finance Package includes:
VET Student Loans
Facts:
Interest Charged – No. (There is no interest charged on HELP/Student Loan Debts. The HELP/Student. Loan debt however is indexed each year “to maintain its real value” adjusting in line with changes in the cost of living (as measured by the Consumer Price Index -CPI).
Indexation Rate: 2019 – 1.80% (Since 2012 rate has averaged 2.03%) While there is no interest charged as such, the HELP/Student Loan debt IS indexed each year “to maintain its real value”, adjusting it in line with changes in the cost of living (as measured by the Consumer Price Index – CPI). Repayments: Calculated on your worldwide taxable income. Repayments commence at an annual income $45,881 (1%), increasing to 10% of income for $134,573 & above.
Scenario 1:
VET Student Loan
CPL Course $88,000*
+ Loan Fee 20% $17,600
Total Debt $105,600
Indexation Rate 2.03%
Average Salary $61,000
Yearly repayment $1,830 pa (based on 3% repayment)
Time to repay debt 58 YEARS!!
*the average cost for VET-fee registered flight schools. GoFly offers much cheaper training.
Facts:
Scenario: GoFly Training with Personal Loan
Begin RPL then complete CPL with Personal Loan
Personal Loan $50,000
Interest Rate (indicative) 10.99%**
Loan Term 7 years (84 months)
Repayments $199,94 per week
** Interest rate indicated is based on Advertised Fixed Personal Loan rate as at 14/02/2020. Actual interest rate will depend the borrower’s specific individual circumstances. Advice Disclaimer: The information provided above is correct for general education purposed only and does not constitute specialist advice. Because of this, you should consider the appropriateness of the advice to your situation, before taking any action.
** Interest rate indicated is based on Advertised Fixed Personal Loan rate as at early 2018. Actual interest rate will depend the borrower’s specific individual circumstances & are subject to lender’s assessment.
Advice disclaimer: The information provided above is for general education purposed only and does not constitute specialist advice. Because of this, you should consider the appropriateness of the advice to your situation, before taking any action.
All training at GoFly is based on competency of the pilot and not on hours of tuition. A student will only receive their certificate or licence if they have passed all tests and the Instructor deems their flying to be satisfactory. All pricing for completion of course costs is an estimation only. Finance is provided by a third party provider and GoFly Aviation takes no responsibility for advice given in relation to financial products supplied by the provider.
Alistair makes loans for planes, plain easy! Alistair organised the finance for GoFly Aviation’s brand new Sling aircraft. If you wish to buy a plane or form a syndicate with your mates to get a loan for an aircraft, give Alistair a call to see what terms he can negotiate.
To enquire about eligibility for loans and to ask any questions, please email Alistair at alistair.mcnee