Church Builder Interest Offset accounts are one of two different offset accounts offered by CCFS.
This product is available to church congregation members who wish to provide financial assistance for their church’s building activities.
How does it work?
CCFS holds the investment on behalf of the investor, with the investor always retaining ownership and control over their investment, whilst “donating” their interest.
All accounts identified as offset accounts are linked to the church loan account and are aggregated to calculate the loan offset benefit for the church. The investor receives no interest however, the church’s monthly interest bill is reduced by an equivalent amount.
How much can be offset?
The first $100,000 or 20% of the church’s loan limit (whichever is greater) qualifies for 100% offset. Offset amounts more than this amount receive a partial offset rate. Offset amounts are deducted from the loan interest at the end of each month. Interest is calculated daily and credited monthly.
How long do funds need to be invested for?
31 days notice is required to be given when withdrawing funds. This allows CCFS to provide appropriate notice to the church and adjust loan repayments accordingly. An account holder should also be mindful of any commitment made to their church when they first entered the arrangement regarding the term of the offset investment. For convenience, your account can be viewed online through a view only CCFS Online profile and statements will be provided regularly.
Contact our customer service team to find out more via the contact us page.
Important Information:
Church of Christ Financial Services Limited (CCFS) ABN 86 165 535 866 is the holder of an Australian Financial Services Licence (AFSL) number 502160 and is regulated by many regulators including the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA). For full details please refer to our disclaimer which can be viewed here
