Housing affordability is one of the most pressing issues facing the nation, with one survey ranking Australia as the third most unaffordable country in the world.
For those in our community with a disability, finding suitable accommodation can be even more difficult.
TPT Wealth is proud to be part of the solution to the housing crisis through a new way of funding disability accommodation.
TPT Wealth recently approved funding for Tasmania’s Supported Affordable Accommodation Trust (SAA Trust) for a $1.2 million facility, with the funds to be used to buy land and start the construction process of four purpose-built properties for disability accommodation in Burnie.
TPT Wealth has a proud history in Tasmania of investing on behalf of, and supporting a wide range of not-for-profit organisations, philanthropic groups and charitable trusts since 1887.
Today, TPT Wealth’s commercial lending business is pleased to be working with community organisations, and helping them to secure additional finance and get their projects off the ground sooner.
Bryce Harding, TPT Wealth Head of Commercial Lending and Investments, said as a non-bank lender TPT Wealth has more flexibility when it comes to assessing and approving applications, and supplementing other funding sources compared to the major banks.
The SAA Trust project had already received financial support from the Commonwealth Government in the form of a Grant of $6million to build 27 two bedroom units in Greater Hobart. TPT Wealth was able to provide finance at reasonable interest rates to assist with construction costs.
“We anticipate this will be the start of an ongoing relationship between TPT Wealth and the Supported Affordable Accommodation Trust. We are proud to be able to support the development of innovative funding structures and at the same time, bring together a range of stakeholders to develop support services for a host of community groups,” said Mr Harding.
TPT Wealth will support The SAA Trust to build on 21 further sites to provide homes for 126 people by 2026.
“We’re delighted to be working on this project with TPT Wealth. Knowing we have the backing of one of Tasmania’s oldest wealth management groups, means we’re working with a local team who understands the unique needs of trusts and charitable groups,” says Ralph Doedens, Executive Officer for the Supported Affordable Accommodation Trust.
Alan Logan, TPT Wealth General Manager said the loan is part of an ongoing commitment to help not-for-profit organisations realise their aims.
“As a non-bank lender, we are in an enviable position to assist customers like Supported Affordable Accommodation Trust to deliver their important services in the community,” said Mr Logan.
“TPT Wealth would welcome the opportunity to continue working with Supported Affordable Accommodation Trust and other like-minded organisations and philanthropists to help them deliver these important community projects.
“Now more than ever, it’s essential for businesses like TPT Wealth to invest and lend their support across the community,” added Mr Logan.