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

3 September 2014 Media Release

Good Money receives MoneySmart Week Award

The Good Money community finance stores have been recognised in the national MoneySmart Week Awards announced last night.

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16 May 2017 Media Release

GOOD MONEY STORE PROVIDES SUPPORT FOR PEOPLE ON LOW INCOMES

More than 110,000 people in Far North Queensland could be eligible to borrow money for essential goods and services and pay no or low interest through the region’s first Good Money community finance store.

Good Money opens today on Mulgrave Road at Bungalow and provides access to the No Interest Loan Scheme (NILS) and the StepUP low interest loan, helping people on low incomes by offering a better alternative to the high fees that come with cash loans and expensive consumer lease contracts.

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

Barbara, Good Money client