The Deposits Fund of Churches of Christ in New South Wales has existed since 1965 to provide financial assistance to local Churches of Christ and the Ministries of Conference.
The Fund uses money deposited by individuals, churches and Ministry Teams to lend to churches for building projects at terms generally more favourable than those available commercially. Loans are also made to Ministers to help them buy vehicles and accommodation.
Depositors are free to place money on deposit at no interest or at any rate of interest up to the current determined rate (from March 2008 : 6.5%; or 6.75% on a twelve-month term). Depositors can have the interest earned on a Deposit (or part of it) paid to a Church's loan account to reduce the Church's interest payments.
The Fund has almost $3.5 million in loans outstanding to more than 20 NSW Churches and Ministries and $44,000 in Ministers' Car Loans.
Withdrawals
Withdrawals can be made at any time. However, the minimum withdrawal is $5,000, or the complete balance if that is less than $5,000.
- Withdrawals below $250,000 will be processed at call.
- Withdrawals of $250,000 and above but below $500,000 require one month's notice.
- Withdrawals of $500,000 and above but below $1,000,000 require two month's notice.
- Withdrawals of $1,000,000 and above require three month's notice.
The Trust will forward the withdrawal within four business days following the receipt of the written request for withdrawal.The request may be made by post, fax or email.
Withdrawals are paid by cheque payable to the depositor/s.
Further information can be obtained from the Secretary of the Trust, Peter Dixon
Phone and Fax : 02 9558 5762
(0432 142 027)
cofcpropertytrust@bigpond.com
PO Box M63
Marrickville South, NSW 2204
