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Financing for CPL


shags_j
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Hey all,

 

My Brother in law in the US has just received finance to complete his CPL (forget that it will cost him half of what I pay, regardless of the exchange rate). The finance is quite light on at the begninning then once complete steps up a level (assuems a job I guess).

 

Do we have any license specific finance in Australia? If not is there market for it? In the latest edition of Australian Flying it talks about how pilots license holders in australia have decreased (for all types). Could this be the cause? Or are they going O/S to learn where it is cheaper all round?

 

I am a specialist accountant and had to move in to a career just to afford to pay for my flying. I would have given anything for the ability to finance a career.

 

Cheers,

 

Shags

 

 

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Guest basscheffers

I can't really answer your specific question but I can give you some thoughts.

 

How about equity in your home? Secured debt is usually cheapest. I guess your brother in law is paying less on his loan initially because he is paying the school (and drawing from the loan) in stages, like monthly. You could do the same if you have that kind of equity in your home or have a supportive family member who does. In any case, don't borrow $60K or so up front only to pay the school a bit of that every month!

 

Be careful of "pay us back very little while you are still studying" deals because if each month you pay back less than the interest accrued, the difference is likely to go onto the principal and you end up paying interest on interest! (much like "payment holidays" offered on mortgages)

 

Also go looking for CPL schools (they advertise in the magazines) and ask them if they have any deals. But do get your sums right to make sure you get the best finance deal possible, wherever you get it from.

 

 

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Well now that I have a career I am able to pay for most of it (certainly up to PPL) as I go along. I just thought it sucked that we find it so hard for younger people to get into the industry.

 

As far as I'm aware, unless you're parents are going to pay for it, or I believe there is one hecs based aviation course, or you get into the RAAF academy on a scholarship (all situations very unliekly) it seems hard to get into flying.

 

Was just musing on the article re: decrease in license numbers.

 

 

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I'm interested to hear the answers. I was on the train home on Wednesday, when a chap sat next to me while I was reading my BAK. He asked if I was studying for fixed wing or rotary. I told him I was just doing fixed wing (for now). His shirt had 'Australian Helicopters' on it, and I had actually heard him talking to a lady with the same shirt about how they had just secured a contract with Channel 9 for a Bell 206, so they had to get one...

 

Anyway, he told me that his main job is recruiting pilots. I asked what the market was like, and he said there is a HUGE demand for commercial helicopter pilots. I asked what sort of base requirements would make a person employable. He said that hours means a lot, and to become employable, you need at least 1,000 hours in a single engine (Turbine?) chopper, and that is the base starting point. I asked how these guys get the hours, if no one will employ them sub-1000. He said that there is work in the bush(!?) where CPL guys will go and get their hours up.

 

Man, what a track to be on! The more I speak to people, the more I admire commercially operating heli pilots. (I think it's harder to get to be an employable heli pilot, than fixed wing due to the costs...)

 

At my age of 34, and married with very young kids, I think my boat has sailed (Although my wife is extremely positive and keeps telling me that one day I will be paid to fly...) as there is no rookie hour building in the major centers, I don't think. You need to be away from home, for long periods. And that's after you have put your life savings, house and maybe even sold your body on the corners (I wouldn't make much.... :( ) to get money to get the CPL(H) and all the required ratings...

 

It's a mission, but I'd still like to know if it's possible for an average earner, aged >30, to somehow get into flying as a career. It's not just money - it's time and family commitments...

 

 

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Cost of Training.

 

Aeroplanes have never been cheap. When I started to fly, a weeks wages got you less than 2 hours flying. Today it is more than 4 hours. I worked 2 jobs. By the time I had got CPL + instructor rating, I had spent nearly half the cost of a suburban house and that was with a bit of Gov't. subsidy on the hourly cost (if you were under 30 you were considered to be a sort of reserve pilot for military service).

 

Nothing has changed Re. the experience requirements, except Airlines out of necessity briefly lowered the entrance requirements a little while ago. The pay rates in GA are LOW as pilots will work for nothing to get hours up. The Junior pilots instruct for a while or do charter, and then disappear into airlines. There should be a good career in instructing, but it doesn't seem to happen very often.

 

Not being a supreme optimist, I would think very carefully before borrowing money for flying training, as you cannot predict what the pilot job opportunities are likely to be in the future and you never could. Nev..

 

 

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Nev, I would have to disagree. Any career has an element of risk. If you started in IT in 1998 it would have been a totaly different outlook to 2001. having said that the wages are still good (Above average) now in 2008. As in all employment you need to be able to move around to really get the big bucks. A degree in IT takes money and time just as one in Aviation does.

 

 

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He said that there is work in the bush(!?) where CPL guys will go and get their hours up.

I've read that a lot of them do Heli mustering to get hours up...but to do that, you not only got to be an on the ball heli pilot...you've got to be able to read the cattle's minds also...:big_grin:

 

 

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Guest basscheffers

From what I read, there is a fair bit of fixed wing work out there also with many stations needing a pilot to fly staff or vets around, keep an eye on stock from the air, run errants, etc.

 

 

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