20 Pathfinder Dr, Caloundra West 4551

E: goflyaviation@gmail.com

Mon-Sun: 7.30am - 4pm

Online store open 24/7

1800 707 433 or
0426 282 226

GOFLY FINANCIAL ASSISTANCE

Learning to fly is expensive. GoFly Aviation understands that many students cannot afford even one hour of flight training per week.  The more lessons you do in a week, the more you progress and the less information you forget between lessons. We want to enable students to achieve their flight training goals faster than they otherwise would if they had to save up for tuition fees.

GoFly has partnered with Study Loans to provide our students with small $5,400 Recreational Pilot Certificate loans as well as $5,400 loans for navigation and passenger endorsements. 

For larger CPL and PPL loans we have partnered with Alistair McNee, a Finance Broker.

Small loans

loans for learning to fly

To check whether you are eligible for a $5,400 loan for your Recreational Pilot Certificate from Study Loans, visit their website. If you are deemed eligible, 85% of the money will be released upfront to GoFly for your tuition. This is the average amount required to pass your RPC but you must remember that all training is competency-based and some students will achieve their RPC in less time and others may take longer (and require some additional personal funds).

Study Loans also provides loans to $5,400 for students who wish to obtain their Navigation and Passenger (Px) endorsements. Again, this amount will cover 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).

Middle-sized loans

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@mortgagechoice.com.au  or call 07 3343 1748.  Alistair McNee (Dip FMBM, A Fin, Franchise Owner, MFAA Approved Credit Advisor) 

Recreational Pilot Licence (RPL) Package

Full-time course of approximately 6 weeks duration (part-time is also available) for approx $17,000. The GoFly RPL Finance Package includes:

RAA pilot certificate

RPL constant speed endorsement

Retractable endorsement

Cross country endorsement 

Controlled Airspace endorsement

 

All theory 

 

Commercial Pilot Licence (CPL) Finance Package

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:

200 hours of flying

All theory 

 

RAA and GA Instructor Rating Finance Package

A full-time course of approximately 8 weeks’ duration (part-time also available) for approx $17,000. The price is based on the student having their CPL licence and a minimum of 25 hours command time in a recreational aircraft. The GoFly RAA and GA Instructor Rating Finance Package includes: 

RAA instructor rating and Grade 3 Instructor Rating

All theory 

 

Personal Loan vs VET Student Loan

VET Student Loans  

Facts:

  • There is a lifetime limit on VET Student Loan/FEE HELP Debt of $100,879. 
  • There is a 20% loan fee which is added to the balance of the loan but does NOT count towards the Loan/FEE-Help Limit. 
  • 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). The Indexation Rate for 2017  was 1.50%  and since 2011 the rate has averaged 2.23% per annum.
  • Repayments are calculated on your worldwide taxable income. Repayments commence at an annual income of $54,869, with repayments being 4% of your income, and increasing to 8% of your income for $101,900 & above.

Scenario 1:

VET fee

CPL Course                         $88,000*

+ Loan Fee 20%                $17,600

Total Debt                           $105,600

Average Salary                  $61,000

Yearly repayment            $2,440 pa (based on 4% repayment)

Time to repay debt         73 YEARS!!

*the average cost for VET-fee registered flight schools. GoFly offers much cheaper training.

Personal Loan

Facts:

  • Credit approval is based on your existing circumstances
  • Regular repayments & defined loan term
  • Additional repayments may be allowed so you can repay sooner

Scenario 2:

RPL or RAA /Instructor Grade 3 – with a personal loan

Personal Loan                                    $17,000

Interest Rate (indicative)                 10.99%*

Loan Term                                          7 years (84 months)

Repayments                                      $73 per week

Scenario 3:
CPL with a Personal Loan

Personal Loan                                    $50,000

Interest Rate (indicative)                 10.99%*

Loan Term                                          7 years (84 months)

Repayments                                      $199.94 per week

Loan

Total

Interest rate

%

Loan term

Months

Repayments

Repayments
Scenario 1: VET Fee

105,600

4

73 years!

$2440/yr

Scenario 2: RPL Personal Loan

17,000

10.99

7 years

$3796/yr

Scenario 3: CPL with personal loan

$50,000

10.99

7 years

$10,396/y

** 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. 

Really, really big loans

Sling aircraft available with finance

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@mortgagechoice.com.au  or call 07 3343 1748. Alistair McNee (Dip FMBM, A Fin, Franchise Owner, MFAA Approved Credit Advisor)