Burnett Loan Fund

Contact Property and Administration Manager, John White for an application form.

Terms & Conditions of Burnett Loans

The generosity of the late Mrs Olive M Burnett enabled the Burnett Loan Fund for ministers to be established. The Church Property Trustees administer this Fund. Enquiries should be made to The Administrative Secretary, The Church Property Trustees, PO Box 9049, Marion Square, Wellington 6141, or contact Property and Administration Manager, John White for an application form or phone (04) 381 8290.

1. Objectives
The Fund makes loans to PCANZ ordained ministers in active service, who are in receipt of a stipend, to assist them with financial hardship.

2. 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.

These loans will be unsecured.

3. Repayment
Loans to ministers, together with interest, 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).

Approved loans will not be paid out until a completed and signed repayment direct debit form has been received by the Trustees.

Repayments will commence in the month following the date of the loan advance.

No variation in the agreed repayment arrangements will be allowed without written authority from the Church Property Trustees. Additional payments may be made at any time, thus reducing the interest charge against the loan. These payments may be made by electronic direct credit or by cheque to the Presbyterian Church Property Trustees, with the purpose of the payment clearly indicated.

In the event of either resignation or retirement from parish ministry or other Church appointment or default under these rules, 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.

4. Interest
The interest rate will be determined by the Trustees from time to time.

5. Interest-Free Period
The Trustees, at their absolute discretion, may approve an interest-free period of up to five years for a newly-ordained PCANZ minister in receipt of a stipend, making application to the Fund for the first time.