The concept of Matching Deposits is a unique facility offered by the LLL and provides an ingenious way to support a particular project within the Lutheran Church of Australia (LCA).
Any LLL Savings Account can be a Matching Deposit to support an LCA project loan.
Once the approval process is complete, the project is able to borrow funds from the LLL to the total amount of Matching Deposits at the low interest rate of 5% p.a. with no application fees or any ongoing fees.
When compared to commercial lending rates and the fees imposed by financial institutions, LCA projects typically can enjoy lower loan repayments over the life of their loans. This enhances capital development and can facilitate more rapid repayment of the loan.
1. Open an LLL Savings Account.
2. Nominate your LLL Savings Account to be a Matching Deposit to any LCA project by completing the Matching Deposit instructions on the account application form to advise us which LCA project you wish to support.
To make an existing LLL Savings Account a Matching Deposit, fill in and print the Matching Deposit Instructions form.
3. LCA project borrows funds. Matching Deposit accounts support low interest loans.
When approved, your nominated project is able to borrow funds from the LLL at the low interest rate of 5% with no fees or charges.
Matching Deposit instructions can be changed at any time, to support another project and/or multiple projects, simply by writing to the LLL.
Of course, you do not have to nominate your account as a Matching Deposit account, but please consider how you can provide further assistance to particular church projects.