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Ministers' Loan Fund

 

<typohead type=3>Terms and Conditions</typohead>

The Ministers' Loan Fund is administered by the Financial Services Department of the Church Office on behalf of the Mission Resource Board. The Fund assists ministers to purchase cars and other capital items. Inquiries about the Fund should be made to Customer Services Administrator, PO Box 9049, Wellington (04) 801 6000. An application form is attached.

 

1. Loans to Ministers

1.1. A minister duly appointed may open a Loan Account which from time to time may be either in credit or debit.

1.2. Funds may be withdrawn and/or borrowed only for the purchase/replacement of:

(a) a motor vehicle for Church use (including a van, motor cycle, etc and major repairs);

(b) furniture for the manse (upon ordination) including home appliances;

(c) electronic office equipment.

1.3 The maximum loan is $7,000 except for graduates being ordained whose limit is $9,000. In special circumstances this limit may be increased.

 

2. Loans to Lay Workers

2.1 A parish may open a Loan Account for lay workers and non-stipendiary workers who are duly appointed for half-time or more for a term of at least two years.

2.2 Loans will be granted under the following terms:

(a) Maximum loan $7,000

(b) Interest rate 5% p.a

(c) Monthly repayments by bank direct debit of interest and principal

(d) Parish responsible for loan and to pay the instalments, recovering this from the lay worker as appropriate

(e) Under the above terms the loan would normally be repaid within 27 months but becomes repayable in full upon the appointment ending.

 

3. Repayment of Loans

3.1 Loans to ministers, together with interest, are repaid at the rate of not less than $4.00 per month for each $100 borrowed (rounded up to the next $10), with a minimum repayment of $90 per month. Repayments are made monthly by deduction from the monthly stipend and paid by the treasurer, usually by direct debit.

Ministers Loan Fund Application for Finance [Word] [PDF] [RTF]