Loy has been given the green light by Racing NSW stewards that he can now ride in race trials from June 28.

He can resume race riding early in the new season, on August 9.

The talented hoop has been disqualified since February 9 last year.

He was disqualified for 12 months for giving false evidence to stewards.

Loy was also handed an additional nine-month suspension for providing a urine sample containing banned substances which began on February 9.

The final three months of the suspension has been waved after Loy completed a drug counselling course.

"It's a big step in the right direction for me to be allowed ride in trials," Loy said.

"It's fair to say its been a long 16 months and I've done the hard yards to get myself back into a position where I can ride again."

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Loy has spent the past six months riding track work for local trainers with Mitch Beer a huge supporter.

"I wouldn't have been able to get this far if it wasn't for my family and close friends," he said.

"Mitch Beer has also played a massive part in my comeback and has gone out of his way to help me out.

"I just can't wait to get back in the saddle and repay the favour."

Loy said the penalty was the wake-up call he needed at a time where he life was spiraling out of control with weight issues and drug use.

"To be brutally honest I'm glad I got caught when I did because at the time I was going down a path that was never going to end well," he said.

"I'm not the first jockey to make wrong choices.

"But I've learnt from my mistakes and the whole ordeal has given me the fire in the belly to succeed and to become a champion jockey and repay everybody who has stuck by me though the dark times."

Loy weighs around 60kg and plans to ride at 56kg.