Good Money

Good Money

Many of the three million people experiencing financial exclusion in Australia have been turned away from mainstream financial institutions, often more than once.

So where do they go when they need to replace a broken fridge, fix the car or pay education costs? Unfortunately many people end up using high cost credit options like payday loans or ‘rent to buy’ services. The negative impacts of this ‘fast cash’ often means that people have to take repeat loans and are left in a spiral of debt.

Good Money community finance stores were created to offer safe, affordable and responsible financial services for people on low incomes.

These stores support customers to make responsible and sustainable financial decisions that lead to greater social inclusion and long-term financial self-management.

An innovative partnership between Good Shepherd Microfinance, the Victorian and South Australian Governments and National Australia Bank has enabled Good Money to set up in prominent ‘high street’ locations.

Good Money was launched in Geelong in 2012 with the support of the Victorian Government followed by stores in Collingwood and Dandenong. Good Money Salisbury is the first store to open in South Australia and is supported by the State Government.

Products available through Good Money include NILS and StepUP Loans, Essentials by AAI, and the AddsUP matched savings plan. Stores can also provide referrals to other services such as financial counselling, Legal Aid and Centrelink.

Latest News from Good Money

11 August 2014

StepUP Loan saved Shahla time and money

Lengthy public transport journeys daily, meant Shahla was unable to find regular work.

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20 September 2016

These tips will save South Australians money

We asked Amanda Vater, Manager of Salisbury’s Good Money community finance store, for some practical tips on beating rising prices in South Australia.

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1 July 2014

Back on track with NILS

Robert never imagined he would need to access the No Interest Loan Scheme (NILS). Like many of our clients, he previously always counted himself lucky.

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24 March 2014

Good Money opens a door for Zadika

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It puts you on a par with everyone else and gives you access to fair and affordable finance.

Barbara, Good Money client