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- Rex will offer cadets a low interest loan for 50% of their pilot training costs (total training costs are estimated at AUD80K). This training will cover CPL, Command Instrument Rating and a multi engine endorsement. ATPL subjects are not part of the initial training.
- Upon successful completion of training Cadets will begin employment with Rex and be assigned to a company within the Rex Group (Pel-Air, Air Link or Rex itself). Subsequently all cadets will have the opportunity to transfer back to the parent company, if not assigned there originally, where they will have the opportunity to qualify as a Saab Captain.
- Repayment of the loan will begin from the point the Cadet begins employment as a fully trained pilot (First Officer) with a Rex Group company.
- The repayment schedule will stretch over 7 years and will be linked to prevailing salary levels so the burden will be reduced in initial years. i.e. repayment amounts will be structured such that they gradually increase as salary increases.
- To qualify for the low interest loan, cadets have to remain employed within the Rex Group for at least 5 years.
- If cadet resigns from Rex before the end of 5 years, the loan and interest become repayable immediately and interest will be calculated at a market interest rate.
- If a cadet resigns from Rex after 5 years but before the loan is fully repaid, the balance and interest become repayable immediately but interest will remain at the lower rate.
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- In addition to the loan, cadets with outstanding performance could qualify for a scholarship where Rex will pay a proportion or all of the remaining 50% of the training cost. The scholarship amount will be decided on merit.
- As a condition of the scholarship, cadets will be required to stay employed within the Rex Group for 6 years following the completion of their training.
- If they leave before the end of 6 years, the scholarship amount and interest become repayable immediately and interest will be calculated at a market interest rate.
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