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, South Australian and Queensland Governments, and National Australia Bank has enabled Good Money to set up in prominent ‘high street’ locations.

Good Money was launched in Victoria in 2012 with stores in Geelong, Collingwood and Dandenong. It expanded to South Australia in 2015 with the opening of a store in Salisbury, and into Queensland in 2017 with stores in Cairns and Southport.

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

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.

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11 June 2016 Media Release

Queenslanders get access to ‘Good Money’ for the first time

The Queensland Government is supporting the Good Money stores which will be in Cairns and on the Gold Coast.

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24 August 2016

Good Money Salisbury turns one

Good Money has celebrated the first birthday of its Salisbury store in style, with a visit from the Minister for Communities and Social Inclusion, the Hon. Zoe Bettison MP, and journalists from channels Nine and Seven.

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31 October 2012 Media Release

Good Money community finance store opens in Dandenong

Good Money, a one-stop store providing financial services to people on low incomes had opened in Dandenong.

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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