Financial Assistance for Apprentices and Trainees
Doing an apprenticeship or traineeship is a great option for a lot of reasons. The best thing is that you get to earn while you learn, but on top of that there are also some ways that you can get a bit of additional financial support.
Here's an overview of some of the assistance available to apprentices and trainees.
Trade Support Loans
Trade Support Loans are loans of up to $20,000 that can be paid to you while you complete your apprenticeship.
With a trade support loan you can borrow a certain amount of money for a four-year period, starting with a maximum of $8000 in your first year, reducing gradually down to a maximum of $2000 in your fourth year, and totalling $20,000 over the four years.
The money that you borrow is automatically paid back as part of your tax assessment once you start earning what’s called "the minimum income threshold". Basically it means you don't have to pay back the loan until you're financially able to do so.
It’s also worth noting that, if you complete your apprenticeship successfully, the amount that you have to repay will be reduced by 20% from what you actually borrowed.
For more information on Trade Support Loans, check out the Australian Apprenticeships Trade Support Loans page (new window)
Living Away from Home Allowance
The Living Away From Home Allowance is an allowance for eligible Australian Apprentices of any age. It's designed to help out during your first three years of training if you have to move away from your parents’ or guardians’ home in order to do your apprenticeship.
It’s available to eligible full and part-time Australian Apprentices and Australian School-based Apprentices during the first three years of your training.
To find out more check out the Australian Apprenticeships Living Away from Home Allowance page (new window).
Adult Apprentices and Apprentices with Disability
Financial support is also available for some apprentices with specific needs:
- Adult apprentices can receive an allowance that is intended to remove barriers for and encourage up-skilling – check out the Australian Apprenticeships Support for Australian Adult Apprentices intiative page (new window)
- Apprentices with disability can receive additional support, including wage support and assistance for tutorial, interpreter and mentor services – check out the Australian Apprenticeships Support for Australian Apprentices with Disability page (new window)
Apprentice Trade Bonus
If you started your apprenticeship between 1 January 2006 and 1 July 2013, you may be eligible for the Apprentice Trade Bonus, a Victorian Government initiative that pays for you to complete your studies.
Basically, it's two payments of $250:
- You get the first payment after you've completed six months of your training
- You get the second payment when you've completed twelve months of training
For more information about eligibility for the Apprentice Trade Bonus, check out the Apprentice Trade Bonus page (new window) on the Department of Education and Early Childhood Development's website.
Tools for Your Trade
The Tools for Your Trade Payments, which were awarded to apprentices to help pay for tool kits, have been discontinued from 1 July 2014.
If you were eligible to receive a Tools for Your Trade payment before 1 July 2014, but you haven’t claimed it yet, you still can claim that payment.
More information about the discontinuation of Tools for Your Trade can be found on the Australian Apprenticeships website (new window).
Group Training Australia runs a leadership program for selected apprentices and trainees called Today’s Skills: Tomorrow’s Leaders. In previous years, apprentices and trainees have met with federal government representatives to discuss training and work opportunities.
Find out more on the Group Training Australia website (new window).
Apprenticeships and Traineeships
The Victorian Government has a range of guides and resources about apprenticeships and traineeships in Victoria.
The Federal Government's apprenticeships and traineeships scheme (formerly New Apprenticeships).