Cooperative Home Banking, or the Vietnamese Banking model?

Some 20 years ago, I happened to be driving through the inner city suburb of Burnley, in Inner Melbourne. I noticed about 25 Asian men  leaving a small terrace in the early morning.  I wondered, What is going on here?
This seems like a large number of men in  just one small house.
After some enquiries. I discovered that in the Vietnamese world. If the men don’t have jobs and the banks aren’t keen to lend.
The men work a cooperative banking system. This is where they pool their social security payments each week. Then “Jackpot ” it once a year. The winner is required to employ one of the contributors in a business that he buys, say a hot bread business. Then each year the  pooling of contributions and the “Jackpot” is continued, until they all have a business.

In this manner they are running their own bank.
What has this got to do with  easy home renovating? Well, it just highlights the ability of some people to cooperate to achieve their goals. In Australia, after this latest banking crisis, Banks will be demanding tighter credit criteria. Options still exist like the “Shared Equity “Home Loan fron the Bendigo Bank.
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