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New home loan scheme to aid Tasmanian Catholics


Tasmania's Catholic Development Fund (CDF) is getting into the business of brokering home loans.

The Standard newspaper reports that a link has been established with a leading home loan institution to ensure competitive rates and services for those who take up the deal.

CDF Manager, Mr Peter Cusick, said this was a first for the Catholic Church in Australia.

"Tasmania's Catholic Development Fund is the first CDF in the Australian Church to open up this source of revenue for its diocese," he said.

Mr Cusick explained that by brokering home loans, CDF would not be using its own money but would reap the benefits.

"The CDF will receive commission payments - both settlement and trail commissions - from every settled loan."

The monies received will mean, in turn, lower loan rates for schools, parishes and other Church institutions. It could also mean a greater donation from the CDF to Archdiocesan funds.

Various options such as fixed and variable rates and a part-fixed, part-variable rate would be offered, Mr Ryan said. There would be no establishment or ongoing fees although normal Government fees would apply. At the time of going to press, the current variable rate was 5.74 per cent per annum.

"This will provide a great opportunity for people to support the Church through the CDF while benefiting themselves," he said. "Home owners will receive a great deal the Church will benefit and there is no risk to Church funds."

LINKS

Catholic Development Fund (TAS)

SOURCE

The Standard

8 Mar 2002