More than 10,000 people across the Latrobe Valley could be eligible to borrow money with no or low interest through the region’s first Good Money community finance store.
Good Money officially opened today at 10 Tarwin Street, Morwell as a ‘one-stop shop’ for affordable financial services for people on low incomes.
The Morwell Good Money store is part of an innovative partnership between Good Shepherd Microfinance, the Victorian Government and NAB.
There are four Good Money stores in Victoria providing access to the No Interest Loan Scheme (NILS), the StepUP low interest loan and affordable home and contents insurance through Essentials by AAI in partnership with Suncorp.
Good Shepherd Microfinance CEO, Adam Mooney, said in partnership with the Victorian Government and NAB they were able to support financial inclusion of people on low incomes particularly in regions like the Latrobe Valley.
“We know that many families are doing it tough and sometimes have to go without the essential everyday goods and services that we all take for granted,” Mr Mooney said.
“Good Money Morwell is open and ready to serve the needs of the local community. If you’re on a low income and you can’t afford to replace the fridge, fix the washing machine or pay for education expenses, then contact our store to have a confidential financial conversation.”
Minister for Families and Children Jenny Mikakos today officially opened the hub in Morwell, which has already provided 19 people with loans.
“This is about helping people experiencing financial hardship buy vital, everyday things like fridges, washing machines, or computers to help them get by – without needing to resort to pay day lenders,” Ms Mikakos said.
“Good Money hubs are providing meaningful support to people who are struggling – helping people avoid the cycle of debt.”
NAB General Manager of Retail (Victoria), Mary Scoutas, said almost 65 percent of people in Australia were experiencing some form of financial stress or vulnerability.
“We know that sometimes a small amount of credit can be all that’s needed to prevent people falling into financial crisis,” Ms Scoutas said.
“That’s why NAB is committed to addressing financial exclusion through supporting initiatives that build the financial resilience of communities like Good Money.
“NAB is the only bank to take action on the issue of financial exclusion by providing $130 million in loan capital to microfinance – because we believe in helping more people to become financially resilient.”
About Good Money
Good Money launched five years ago and has since provided more than 5,000 no and low interest loans, worth more than $5.6 million, to Victorians on low incomes.
- 57% of loans were provided to women.
- The top three needs for a loan are a new fridge or freezer, car repairs or registration, and a new washing machine or dryer.
- Good Money stores now operate in Geelong, Collingwood and Dandenong, as well as South Australia and Queensland.
- Good Money stores in Victoria are supported by the Victorian Government and NAB.
Media contact: Renee Hancock – 0417 055 299 or Kellie Evans – 0418 568 464