Palmwoods Community Branch

It all started with people

After years of being overlooked by other banks, in the early 2000s the people of Palmwoods sought a way to access full banking services in their community. After investigating numerous options, it became clear that the Heritage Community Branch banking model made the most sense and would allow them full access to quality financial services on their doorstep.

In February 2006, 99 local investors raised $200,000 in capital to help set up the Palmwoods Community Branch. And now, as a joint-venture between Heritage Bank and the local community represented by Palmwoods Community Branch Ltd, a share of the profits from the branch are distributed back to the community in the form of Community Grants. These grants are used to support charities, sporting clubs and other local organisations in the branch footprint.

Ongoing success

Since opening, Heritage Palmwoods Community Branch has achieved great success investing $3.3 million in funds back into the community so far. And after eight years in operation, they have injected more than $1 million in grants alone back into the Palmwoods community, well ahead of their 10-year target. These grants have enabled local organisations to complete numerous essential projects that may have never been possible if it wasn’t for this mutually beneficial relationship between Palmwoods Community Branch Ltd and Heritage.

Here are some of the latest organisations we’ve been able to support:

Name of organisation

Purpose

Amount

Palmwoods State School

New tuckshop and playground for children

$100,000

Palmwoods Tennis Club

Repairs to courts

$12,508

Palmwoods Kindy

Interactive whiteboard

$5,984

Woombye Soccer Club

Upgrades to ground drainage and lighting

$30,000

Palmwoods Cricket Club

Repairs to machinery and dressing rooms

$35,000

Community Grants - profits back to the local community

Applications for Palmwoods Community Grants are open from 1 May to 30 June each year, with successful candidates notified by the end of July. If your community group is from the Palmwoods area and would like to apply for a Community Grant, please contact your local Community Branch for more information.

* Based on a $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.