Raising Finance

• For birthdays and Christmas forget the socks and jocks, and make it known that you'd appreciate a pilot bag, log book, headset, textbook, equipment, DVD (the list goes on). We can advise you of the things you need to complete your licence.
• Don't rent "New Release" DVDs, the late fees hurt! Rent the $1-3 a week ones or read a helicopter book or novel instead!!
• "Pay yourself first". Commit a nominated amount out of your pay cheque every  pay.  Pick an amount for more than what you think you can save. It is amazing just how you make ends meet when you have to.  Have an automatic bank payment set up to your savings account, or have your boss keep this amount out of your pay packet, to pay separately in to your savings account.  It is amazing that if you don't "SEE" the $$$ you won't even miss them and you'll be amazed how quickly the balance grows. 
• If you have any loans pay them weekly or fortnightly. You'll save a bucket in interest and you'll pay the loan back well before its time.
• Save those coins. Put them in a jar and don't take any sneak loans, they add up, when you have enough to buy a text book, DVD, or flying equipment it will save you in the long run, or bank it.

Tips on Bank Finance. Generally a Borrower must:

• Be over 18 years old and have a good clean credit rating. 
• Be able to reflect the ability to repay the loan ie you MUST have an income sufficient to service loan repayments, current commitments, and a normal lifestyle.   If you don't have these abilities at present, you will need to borrow the money jointly with a Guarantor, usually a family member.

Borrowing Amount

• In many cases banks may offer "unsecured" (no collateral just a contract and signature) personal loans for small amounts (say up to $10-20,000.00).  Anything over that amount requires "security" or "collateral". 
• Requested security will usually be in the form of a mortgage over real estate.  In some cases Banks can ask for a "Guarantor"  as the security where, say a parent (or both), signs for responsibility should the loan not be repaid.  In doing so they are mortgaging their assets for your loan. 

What happens at a Bank Loan Interview?

Complete an application for finance and take it to the interview.  The information the Banks will want to see include:

• Confirmation of your income pay-slips or a letter from your employer
• Confirmation of your personal details, address, and age. Take your licence
• Your assets - Make sure you list everything.  Assets include furniture and house contents, bikes, cars, real estate, superannuation, shares, bank accounts, etc Banks usually take 20% off your estimated value of goods....just in case you think that snappy jacket is better than they can sell it for!!
• Your current liabilities ie loans, credit cards, tax, rent etc

The National Australia Bank do "Student Loans" Ph: 13 22 65

Other tips

Loans can be tailored in some cases to meet your needs. If possible get your loan, Interest Only for 1-2 years and then Interest Plus Principle. This gives you some breathing space in the early days. Some personal loans can be taken over 7 years.

Interest rates are the lowest they have been for decades and are an attractive option to beat rising prices and inflation, (and the GST!) BUT ARE ONLY VIABLE if you foresee that you have the ability to repay the loan.

CENTRELINK can discuss loans that can be taken in conjunction with AUSTUDY. Becker Helicopters is AUSTUDY approved so Australian students are able to apply. You need an AUSTUDY application form, it needs codes from the accredited Company you're flying with. A hint when you have your interview with Centrelink, get dressed like a job interview, it will make a difference in the way your application is handled.

GOOD LUCK, SAVE HARD!

HOPE TO SEE YOU SOON.