About Uniting Financial Services

Revitalise your place of worshipSchofield Loan for Uniting Church Organisations

Do you have a church building that’s in need of repair or a manse with dated kitchens and bathrooms? Could your church save on energy bills by installing solar power? If so, the Schofield Loan could be the solution for you.   The Schofield Loan was created following a bequest from the late Rev. William Schofield, who died in 1878 and left a sum of £22,000 in his will to be employed as a perpetual loan fund for churches.   The Schofield Loan is available to eligible Uniting Church congregations in NSW/ACT for essential and approved repairs to church buildings and manse properties. It is also available for the installation of solar power.   To ensure an application is successful, it must be demonstrated that the funds, and associated borrowing, will assist the congregation with their work in relation to the Synod's Future Directions strategy. Due to the Schofield bequest having limited funding available, it is important for both the congregation and Presbytery to consider other funding options prior to applying. This may include fund raising, a Church loan or the use of existing funds held by the congregation. This is to ensure that the bequest is available to assist congregations that need the funding most, to cover the costs of essential repairs.

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Features and benefits    We offer loans of up to: $50,000 for repairs to Church buildings (10 year loan term) $25,000 for repairs to manse properties (5 year loan term) $15,000 for the installation of solar power (5 year loan term) Unsecured loan structure Low interest rate of 0.5%   Monthly principal and interest repayments   No loan or administration fees   No early repayment fees       *Essential, approved repairs mean functional repairs or upgrades to ensure safety of church members – renovations for cosmetic purposes will not be considered. 

How to apply   The Schofield Loan is accessible to Uniting Church congregations in NSW/ACT. The application must be submitted using the Schofield Loan Application Form.    To ensure an application is successful, congregations must demonstrate the ability to repay the loan within the agreed loan term. Prior to assessment by Uniting Financial Services the application must be approved by Presbytery. Furthermore, in cases where building works are required, a building application form must also be submitted and approved by Property Services, Synod Mission Services in accordance with their guidelines, prior to assessment by Uniting Financial Services. Should your organisation wish to borrow more than the amounts stipulated above, please contact the UFS Partner Solutions and Support team on 1300 133 673 or via email on contactus@unitingfinancial.com.au to discuss whether there is a solution available.   For solar installations, your organisation may be eligible for a government rebate and may also receive payment for any excess energy that is fed back to the grid within the National Energy Market. Tariffs vary by state.   For further information on rebates and assistance, visit energy.gov.au

Learn about the bequest

The late Rev. William Schofield, a native of Yorkshire, England, was the first minister who was connected to the New South Wales and Queensland Conference of the Australasian Wesleyan Methodist Church.Born in 1793, Rev. Schofield became a member of the Wesleyan Church in 1814. He left England for Australia in 1827 on the ship Alacrity, arriving in Port Jackson after a six-month voyage.During his years of service Rev. Schofield acted as a chaplain in Tasmania, Sydney and Melbourne. His last appointment was in Goulburn in 1850, after which he resided in or near Sydney until his death in 1878.After making provision for his immediate relatives, Rev. Schofield left the whole of his property – worth £22,000 - to the Wesleyan Church, to be employed as a perpetual loan fund, which was established in 1898. Further benefactions were added in 1993 when proceeds from the former Presbyterian Church were incorporated.Over 140 years after Rev. Schofield’s generous bequest, congregations within the Uniting Church are still benefiting from funding for the repair of churches and manses today. 

 Leaving a lasting legacy

If you are interested leaving a bequest to the Uniting Church in your estate plan to help our Church organisations like Rev. Schofield did, more information can be found here.

Got a question? If you would like more information about any of the products in our range, simply click Enquire Now below to fill in a form and one of our helpful team members will get back to you.

  CallInvestments and Lending: 1300 133 673Other enquiries: 02 8267 4300

  Emailcontactus@unitingfinancial.com.auWe are here to help.

  Post P.O. Box A2178, Sydney South NSW 1235  

  AddressLevel 10, 222 Pitt Street, Sydney NSW 2000

  Important for you to know Financial services are provided by The Uniting Church (NSW) Trust Association Limited ACN 000 022 480, ABN 89 725 654 978, AFSL 292186 (“UCTAL”) and by The Uniting Church in Australia Property Trust (NSW) ABN 77 005 284 605 (“UCAPT”) (together and separately “Uniting Financial Services”), for The Uniting Church in Australia, Synod of NSW and the ACT (“Synod”), under a s.911A Corporations Act 2001 (Cth.) authorisation and pursuant to APRA Banking Exemption No. 1 of 2021 and ASIC Regulatory Guide 87 and ASIC Corporations (Charitable Investment Fundraising) Instrument 2016/813 exemptions. Uniting Financial Services® is a registered trademark of UCTAL used with permission of UCAPT. None of The Uniting Church in Australia, UCAPT and UCTAL is prudentially supervised by APRA. Therefore, investments with or contributions to these Uniting Church organisations will not receive the benefit of the Financial Claims Scheme or the depositor protection provisions in the Banking Act 1959 (Cth.). All financial services and products are designed for investors who wish to promote the religious and charitable purposes of Uniting Financial Services and The Uniting Church in Australia and for whom profit considerations are not of primary importance in their decision to invest. The information on this page has been prepared without considering your objectives, financial situation or needs. You should, before acting on it, consider its appropriateness to your circumstances or refer to the relevant disclosure document. Loan applications are subject to credit approval. Interest rates are subject to change. Fees and charges may apply.