Loans
The following table shows the number of loans approved during the last three years:
2019-2020 | 2018-2019 | 2017-2018 | |
Number of Loans Approved | 2,808 | 3,182 | 3,306 |
Total Value of Loans Approved | $13,161,400 | $14,792,100 | $14,588,500 |
The following table shows the analysis of loan funds for the year ended 30 June 2019:
LOAN TYPE | AMOUNT $ | % OF TOTAL LOANS |
Home Improvement | 292,100 | 2.22 |
General (Emergency) | 30,600 | 0.23 |
Professional Development | 102,700 | 0.78 |
Long Service General | 382,700 | 2.91 |
Group Life Insurance | 12,353,300 | 93.86 |
TOTAL | $13,161,400 | 100.00 |
The following types of loans are available to eligible members:
Home Improvement Loan. Home Improvement Loans are available to help a member build or buy a home or to furnish a home with new or second hand furniture. The maximum value of this loan is currently $4,000.
General Loan. General Loans are normally available to meet temporary circumstances such as emergency housekeeping expenses, family medical or dental expenses, pressing household bills or fares for travel or compassionate leave. There is no arbitrary limit on the amount of a General Loan.
Professional Development Loan. Professional Development Loans are available to assist members with education and study expenses. The maximum value of this loan is currently $4,000.
Long Service General Loan. Long Service General Loans are available to members who have completed 10 years of service in the Air Force and may be used for any worthwhile purpose. The maximum value of this loan is currently $4,000.
Group Life Insurance Scheme Loan. Group Life Insurance Scheme Loans are available to financial members of the Group Life Insurance Scheme and may be used for any worthwhile purpose. The maximum value of this loan was increased in January 2018 from $4,500 to $5,000.
The following table shows the breakdown of loans approved by rank. The Trustees were pleased to note that 60.6% of loans approved were directed to the lower paid members of the Air Force (junior ranks up to Corporal).
RANK | NUMBER OF LOANS APPROVED | % OF TOTAL LOANS APPROVED |
Aircraftsman(w) / Leading Aircraftsman(w) | 1,149 | 40.92 |
Corporal | 553 | 19.69 |
Sergeant | 323 | 11.50 |
Flight Sergeant | 140 | 4.99 |
Warrant Officer | 61 | 2.17 |
Officer Cadet | 10 | 0.36 |
Pilot / Flying Officer | 181 | 6.45 |
Flight Lieutenant | 259 | 9.22 |
Squadron Leader and above | 132 | 4.70 |
TOTAL | 2,808 | 100.00 |
Bad and Doubtful Debts
The amount written off for the year was $10,868. The figure includes $3,848 in loans written off when members died in Service. On a turnover of loans of $13,161,400 accounts written-off represented 0.08%.
Visit
https://www.transparency.gov.au/annual-reports/royal-australian-air-force-welfare-trust-fund/reporting-year/2019-20-18