As an Apprentice you may be entitled to financial assistance provided by the Government, to help you throughout your Apprenticeship. You may be eligible for either the Trade Support Loan or the Living Away from Home allowance.
Trade Support Loan
If you are an Apprentice working in a skills need area you may be eligible for a loan of up to $21,078 to help you cover the costs of living and learning. Things like your rent, bills, tools, work gear, public transport or even the purchase of work vehicle are covered by the loan.
The Trade Support Loan can be flexible to suit your individual needs, with payments made to you every month. You can opt in and out of the loan at any time and it’s completely up to you as to how much you borrow.
Additionally, you will get a 20 per cent discount off your loan when you successfully complete your apprenticeship, and you will only have to start repaying your loan once you are earning a sustainable income of $45,881 per year (as of July 2019).
Living Away from Home Allowance (LAFHA)
Don’t let the idea of moving away from home hold you back from your dream job! If you’ve been considering an Apprenticeship, but have hesitated due to location, then the Living Away from Home Allowance is here to support you.
The allowance will provide you with financial assistance if in any case you have to move away from home for the first time to commence or retain your apprenticeship.
The allowance is available to eligible full and part-time Australian Apprentices and Australian School-based Apprentices during the first three years of their training.
Bear in mind, you will not be eligible for the allowance if you have:
- lodged a claim for Youth Allowance, Austudy or ABSTUDY; or
- received rental or accommodation assistance from Centrelink or their employer; or
- moved away from your parental or legal guardian’s home three months or more before starting your Australian Apprenticeship.
Additional Identified Skills Shortage (AISS)Payment
As of July 1st 2019 this payment will be available to eligible apprentices and their employers in occupations experiencing national skills shortage. The AISS payment targets new workers to grow the number of apprentices in the system and encourage more people to take up an Australian Apprenticeship, particularly school leavers and young people.
Eligible apprentices will receive $1,000 at the 12 month point from commencing their apprenticeship and an additional $1,000 after completing their apprenticeship. Eligible employers will also receive $2,000 at the 12 month point from the commencement of the apprenticeship and an additional $2,000 at completion of the apprenticeship. These payments are additional to any payments the apprentice or employer may be eligible for under existing Australian Government programs.
For more information check out our AISS Fact Sheet