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.

Loy said he was looking forward to making the most of his second opportunity.

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"I can't change the past and I'm just looking forward to getting back into what I love the most and that's being a jockey," Loy said.

"It's true that you don't know how much you miss something until it's gone.

"I'm looking forward to trying to make up for everything I've lost over the last 18 months.

"Being on the sidelines has only fuelled my desire to succeed and I'm not lacking any motivation to come back as an even better jockey than before."

Loy has spent most of this year riding track work for Mitch Beer as well as other local trainers.

The 22-year-old said he was grateful for all the support he had received since the disqualification.

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

"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.

"I just want to repay everybody who has stuck by me though the dark times."

Loy has been working hard on his fitness and plans to ride around the 56kg mark.

It will be a low-key return for Loy with three rides at the Canberra meeting.

Loy has rides for Keith Dryden, Denise Wise and Gratz Vella.

The Wise-trained Dezzy looks the best chance of handing Loy a winning return.

Dezzy finished fourth at his most recent outing at Albury after hitting the front before fading over the final furlong.

Loy said he plans to remain based in Albury but is prepared to travel long distances to take mounts as he re-establishes himself in the jockey ranks.