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The LLL is pleased to announce that we have become an ADI.

So, what does that mean to you, the LLL and the wider church?

The LLL has been operating and supporting the Lutheran Church in business and financial matters for nearly 100 years.
We have grown from humble beginnings in 1921 to today managing depositor funds in excess of $1.1 billion, reserves of $124 million, and over $300 million in loans to many Lutheran schools, congregations and aged care projects.
For many years, the LLL operated as a Religious Charitable Development Fund (RCDF) with exemptions from the Banking Act and applicable ASIC Class Orders. In August 2016, the LLL was notified that regulatory changes would alter the way in which charitable organisations in Australia must operate, with these changes preventing RCDFs from providing at-call savings accounts to retail depositors unless they obtained an Authorised Deposit-taking Institution (ADI) licence under the Banking Act.
As a result of these regulatory changes, the LLL Board made the strategic decision to apply to become an ADI and be fully regulated under the Banking Act, meaning the LLL can continue to offer at-call savings accounts in support of the Lutheran Church.
This process is now complete and the LLL has received approval to operate as an ADI. The LLL will now be known as LLL Australia.
It is important to note that we will still be the same LLL, continuing to support the wider church financially as we have done for nearly a century. We will continue to provide fantastic customer service to our account holders while operating in an even more secure environment regulated under the Banking Act and by the Australian Prudential Regulation Authority (APRA).
On behalf of the LLL Board and staff, I sincerely thank you for your support of the LLL, and we look forward to an ongoing relationship as we move together in mission into this next exciting chapter.

Allen Kupke
CEO, LLL Australia

What does becoming an ADI mean to the LLL?

The LLL will continue to operate as a charitable financial institution.
We have changed from operating as a RCDF and become an ADI. As an ADI, the LLL will be regulated under the Banking Act and by APRA.
There will be no changes to our Staff or Board as a result of this change.
The LLL will continue to provide significant benefits and services which have averaged over $10 million per annum to the Lutheran Church of Australia. More information about the benefits and services the LLL provides to the Lutheran Church is contained in the Together in mission publication.
We will continue to provide at-call savings accounts offering a great interest rate in a totally fee-free environment.
Importantly, becoming an ADI will strengthen our already strong and robust governance and risk management practices, and provide greater security for our depositors’ funds.

What does it mean to you, our customer?

Day to day our customers won’t notice anything different, we are still the same LLL.
We will continue to provide our customers with great service and our products and services will remain as before.
As a customer of the LLL, you can rest assured we will continue to be there for you and to support the wider church.
LLL Savings Accounts will be subject to the unclaimed monies provisions, so we recommend you keep your LLL account active and make a deposit at least every 1-2 years. For details relating to ‘unclaimed monies’ refer to the LLL Terms and Conditions.
Terms and Conditions have replaced the existing Notice to Depositors, Financial Services Guide (FSG) and Product Disclosure Statement (PDS). Please refer to the new Terms and Conditions for full details about the products and services provided by the LLL.

A message from the Bishop of Lutheran Church of Australia.

For nearly 100 years the LLL has been supporting the mission of the wider Lutheran Church in Australia (LCA) in matters of business and finance.
The significant contribution the LLL makes to the work of our church has long been an important means of support for our mission and ministry activities as we participate together in Christ’s mission, sharing God’s good news for the world.
The LLL’s current annual support to the LCA is approximately $10 million through the provision of low-interest loans to many Lutheran schools, congregations and aged care facilities, targeted grants from LLL Permanent Funds, and Directors’ allocations as requested by General Church Board (GCB).
Along with the GCB, I fully support the decision of the LLL Board in becoming an ADI and I encourage all members to continue to support the LLL.
We thank and praise God for each and every supporter of the LLL and your ongoing financial commitment which enables continued assistance to the LCA.

Pastor John Henderson
Bishop, Lutheran Church of Australia