Financial Incentives and Payments for Apprentices and Trainees | Sarina Russo

The Trade Support Loan is designed to help apprentices cover expenses, and you can receive up to $22,890* over the course of your apprenticeship.

Unlike a regular bank loan, repayments only kick in once you start earning and reach a certain income threshold. You can opt in and out of the loan, which gives you control over how much you borrow over the lifespan of your apprenticeship.  

There are no restrictions on how you spend the loan. It can be used to cover living expenses, clothes and tools of the trade, a car, or anything else you need to purchase. Just remember, that you will need to repay your loan once your income reaches the repayment threshold of $48,361 p/year. The TSL is interest-free, but is indexed annually in line with the Consumer Price Index (CPI).

Repayments are made through the income tax system (just like university HELP loans). Even better, once you’ve successfully completed your apprenticeship, you’ll receive a 20% discount on the amount you need to repay.

* 2022-23 lifetime limit
** 2022-23 income threshold

Once your Trade Support Loan application is approved, you receive the following payments as you progress through your apprenticeship:

• $763.00 p/month in year one
• $572.25 p/month in year two
• $381.50 p/month in year three
• $190.75 p/month in year four

Once you reach the income threshold for repayments, you’ll need to make compulsory repayments through the tax system. Find information about repayment rates on the ATO website.

You may qualify for apprentice loan payments under the Trade Support Loans program if you’re an Australian citizen or permanent resident, and:

• undertaking a Certificate III or IV level qualification leading to an occupation specified on the Trade Support Loans Priority List; or
• undertaking a Certificate II, III or IV level agricultural qualification; or
• undertaking a Certificate II, III or IV level horticultural qualification in rural or regional Australia (as determined by the list of eligible postcodes).

For further information on Trade Support Loans, click here or contact the team at Sarina Russo Apprenticeships.