Contact Property and Administration Manager, John White for an application form and the terms and conditions..
Through the generosity of the late Mrs Olive M Burnett, the Burnett Loan Fund provides ministers with access to interest-free loan funding. The Church Property Trustees administer this Fund.
Summary of the Burnett Loans Terms & Conditions
1. Objectives
The Fund makes loans to eligible PCANZ ministers to assist them with funding the cost of goods or services, which cannot reasonably be met from the minister’s current resources.
2. Eligibility
To be eligible for a Burnett Loan, the minister must be:
a. A national or local ordained minister within the Presbyterian Church of Aotearoa New Zealand, and
b. In active service, either within the PCANZ, or in the service of an employer considered by the Trustees, at their absolute discretion, to be a kindred employer, and
c. In receipt of a stipend or salary, and
d. In the opinion of the Trustees, likely to be able to repay any loan before the minister ceases paid ministry with the Church (or a kindred employer).
3. Loan Policy
Loans are made, subject to the availability of funds, to a maximum of $12,000 and subject to the Trustees’ absolute discretion to decline a loan for any reason.
Loans will be provided for, but not necessarily limited to, the purchase of a motor-vehicle, major vehicle repairs, computers or laptops, medical expenses, training costs and fees, and household appliances or furniture.
These loans will be unsecured.
4. Repayment
Approved loans will not be paid out until a completed and signed Loan Agreement and bank stamped and initialled repayment direct debit form has been received by the Trustees.
Loans to ministers are expected to be repaid monthly by direct debit at the rate of not less than $2.00 per $100 borrowed (rounded up to the next $10).
In the event of either resignation or retirement from parish ministry, other Church appointment, or employment with a kindred employer, or any default under the Loan Agreement, the balance owing must be immediately repaid, or in special circumstances repaid on such terms and conditions as may be agreed.
In the event of death, the outstanding balance is recoverable against the estate.
5. Interest-Free Trial
The Trustees, at their absolute discretion, have determined that Burnett Loans will be available interest-free for a trial period of three years commencing 1 January 2025. Any existing interest-bearing loans will become interest-free from 1 January 2025, subject to the review provision.