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

5 May 2015 Media Release

Victoria continues to lead the way in inclusive finance

Good Shepherd Microfinance and NAB have welcomed the Victorian Government’s continued investment in the innovative and successful Good Money program, with $7.2 million committed over four years.

Read More

24 March 2014

Good Money opens a door for Zadika

Read More

15 May 2016

A NILS loan enabled Malcom to refrigerate his insulin

Malcom had a steady income and a long standing relationship with his credit union, but he couldn’t get a loan anywhere. Then he visited Good Money.

Read More

9 December 2016 Media Release

Affordable financial services for Latrobe Valley

Latrobe Valley residents will for the first time have access to a unique model of financial services - with plans for Victoria’s fourth Good Money store to open in Morwell next year.

Read More

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

Barbara, Good Money client