Education Finance

What is Education Finance?

Education Finance is a type of personal loan which is secured in order to pay for training. It is a bit like getting a loan for a car or a holiday which allows you to get started straight away and pay for the course over a longer period of time.

Mediation Institute offers twelve month (12 months) interest free payment terms to all of our CHC81115 – Graduate Diploma of Family Dispute Resolution and instalment options for our shorter courses. You would only need to consider finance if you need longer than a year to pay off your course.

What are the options?

Our registered training organisation partner, Inspiritive, has arranged pre-approval if you are eligible for loans with two providers.

You may also find it worthwhile contacting your bank to see if they are able to assist. Make sure that you consider the interest costs associated with finance when making your decision.

Mediation Institute does not offer VET Student Loans or other higher education loans. These loans also attract interest although payments are not required unless your income is over a certain level and normal lending due diligence provisions do not apply

Harmoney

Inspiritive link to their website – use this link as it ensures that they know that the training you are doing is approved and acceptable for lending.

The interest rate depends on your credit rating and there is a calculator on the landing page that you will go to when you click on the link above.

Lending criteria:

you must be a natural person (that is, not a company, partnership, incorporated society, trust, or other legal entity);

you must be an Australian citizen or permanent resident or New Zealand citizen with a valid Australian driver licence or valid Australian passport;
you must be 18 years of age or older when you register; and

you must have an acceptable credit record, as determined by Harmoney at its discretion. Applicants with past insolvencies or bankruptcies will not be considered for loans.

Inspiritive link to their websiteMoneyplace

Inspiritive link to their website – use this link as it ensures that they know that the training you are doing is approved and acceptable for lending.

The interest rate depends on your credit rating and there is a calculator on the landing page that you will go to when you click on the link above.

Lending criteria:

you must be an individual, 18 years or older

you must be an Australian citizen or permanent resident 

you must be currently employed and earning over $20,000 per year. You can’t be earning the majority of your income from government benefits although they will lend to self-employed people with adequate proof of income.

you must have an acceptable credit record, as determined by Moneyplace at its discretion. Applicants with any court judgements, writs or past insolvencies or bankruptcies will not be considered for loans. You should not be currently in collections for any existing debts.

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Taking on debt in order to improve your professional qualifications is a serious decision.

If you are intending on working as a FDR Practitioner contact your local services to see what their attitude is to take on new clients.

If you are intending on working independently as a FDR consider your likely fees. There is no set fee for FDR services. Professional fees vary depending on your qualifications and experience.

Interact Support pays contractors $132 per hour including GST (as at January 2019). Working independently you should expect to charge in excess of $250 per hour per person.

Mediation and especially Family Dispute Resolution is a referral business due to our requirement to be impartial and not have a conflict of interest with clients. To establish a professional practice you will need to contact and network with other professionals in your area. On the plus side FDR is currently compulsory for parenting mediation and is likely to be made compulsory for property mediations when the Family Law Review currently underway releases it recommendations and they make their way into the   Family Law Act 1975. 

 

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