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

5 December 2016

Mayken’s StepUP Loan meant “freedom and the choices”

Mayken sold her car to fund her escape from a ten year relationship of financial, emotional and psychological abuse, but soon realised she couldn’t continue her life the way it was without a car.

Read More

18 December 2017

NILS helps Troy say goodbye to his dog, Dhama

For many people, a pet can be like a member of the family. For Troy and Alicia, their beloved dog Dhama was an important part of their lives for 17 years. So when it became apparent that she was unwell, they wanted to get her medical care quickly.

Read More

20 April 2017 Media Release

Good Money store in Southport provides support for people on low incomes

Queensland’s first Good Money community finance store has opened on Nerang Street at Southport, providing access to the No Interest Loan Scheme, the StepUP low interest loan, as well as dedicated financial counselling support.

Read More

14 August 2015 Media Release

Community finance store offers affordable finance in South Australia

The Good Money store, an initiative backed by the South Australian Government, Good Shepherd Microfinance and NAB, will offer an alternative to high cost payday lenders and rent-to-buy schemes for people living on low incomes.

Read More

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

Barbara, Good Money client