North Coast Church

North Coast Church Loan Offset Briefing

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In December 2019, NCC held its first Sunday gathering at 154 Balcatta Rd. This property was purchased for $5,140,000, utilising funds from four main sources:  

  • Funds from the sale of NCC’s property in Kingsley ($940,000 of $1,200,000).
  • One-off contributions from members.
  • Loan from Churchlands Christian Fellowship ($550,000, interest free).
  • Two loans from Baptist Financial Services (BFS) totalling $3,650,000.


The loan from Churchlands of $550,000 was paid in full in May 2019 and the current loan  from BFS stands at $3,450,000.  

Following interest rate rises in 2022, NCC’s repayments on the BFS loan increased from  $17,000 per month to $21,000 per month, and are expected to continue to increase to  $26,000 per month with future interest rate rises and part of the loan moving to principal and  interest in 2023. This loan is being repaid by the ongoing generous giving of NCC members.  However, one mechanism for reducing the interest repayments for this loan is via our loan  offset account.

Loan Offset Process

How does the Loan Offset work at NCC? Those wishing to partner with NCC can provide an  interest free loan to NCC, which is placed in a secure loan offset account to reduce the  interest on loan repayments.  

NCC currently have $140,000 of funds loaned that provide around $600 per month interest  relief.  

The following FAQ’s will further assist in explaining the Loan Offset arrangement below: 

NCC and the member enter into a loan agreement whereby the member  lends a specified sum of money to NCC for a specified term, interest free.

Loaned monies are paid into NCC’s Loan Offset Account with BFS and applied  exclusively to reduce the interest payable by NCC on the BFS loans.

No - Loaned monies will not be applied towards any other operating cost,  charge or liability of NCC.

At the end of the specified term, NCC will repay the money to the member,  unless the term is extended or otherwise agreed.

Yes - Members may at any time request in writing early repayment of their loan  funds, allowing 2 weeks to arrange appropriate signatures with BFS to release  funds.

Yes - The loan is confidential between the NCC Business Manager and the  Member only. It is witnessed and signed by both parties so is a legally binding  document.  

Next Step

Please prayerfully consider your participation in this opportunity to give.  

Members who wish to enter into pledges or enter into term loans with NCC for deposit in  NCC’s Loan Offset Account with BFS, or who require further information regarding NCC’s  loan repayment strategy, are requested to contact Martin Gray (Business Manager) via  email or phone 0419917133.

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