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Loans

The following table shows the number of loans approved during the last three years:

2019-2020

2018-2019

2017-2018

Number of Loans Approved

2,808

3,182

3,306

Total Value of Loans Approved

$13,161,400

$14,792,100

$14,588,500

The following table shows the analysis of loan funds for the year ended 30 June 2019:

LOAN TYPE

AMOUNT $

% OF TOTAL LOANS

Home Improvement

292,100

2.22

General (Emergency)

30,600

0.23

Professional Development

102,700

0.78

Long Service General

382,700

2.91

Group Life Insurance

12,353,300

93.86

TOTAL

$13,161,400

100.00

The following types of loans are available to eligible members:

Home Improvement Loan. Home Improvement Loans are available to help a member build or buy a home or to furnish a home with new or second hand furniture. The maximum value of this loan is currently $4,000.

General Loan. General Loans are normally available to meet temporary circumstances such as emergency housekeeping expenses, family medical or dental expenses, pressing household bills or fares for travel or compassionate leave. There is no arbitrary limit on the amount of a General Loan.

Professional Development Loan. Professional Development Loans are available to assist members with education and study expenses. The maximum value of this loan is currently $4,000.

Long Service General Loan. Long Service General Loans are available to members who have completed 10 years of service in the Air Force and may be used for any worthwhile purpose. The maximum value of this loan is currently $4,000.

Group Life Insurance Scheme Loan. Group Life Insurance Scheme Loans are available to financial members of the Group Life Insurance Scheme and may be used for any worthwhile purpose. The maximum value of this loan was increased in January 2018 from $4,500 to $5,000.

The following table shows the breakdown of loans approved by rank. The Trustees were pleased to note that 60.6% of loans approved were directed to the lower paid members of the Air Force (junior ranks up to Corporal).

RANK

NUMBER OF LOANS APPROVED

% OF TOTAL LOANS APPROVED

Aircraftsman(w) / Leading Aircraftsman(w)

1,149

40.92

Corporal

553

19.69

Sergeant

323

11.50

Flight Sergeant

140

4.99

Warrant Officer

61

2.17

Officer Cadet

10

0.36

Pilot / Flying Officer

181

6.45

Flight Lieutenant

259

9.22

Squadron Leader and above

132

4.70

TOTAL

2,808

100.00

Bad and Doubtful Debts

The amount written off for the year was $10,868. The figure includes $3,848 in loans written off when members died in Service. On a turnover of loans of $13,161,400 accounts written-off represented 0.08%.