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.
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. In 2017, an additional Victorian store was also opened in Morwell.
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.
I’m privileged to be able to speak with Good Money clients about their financial challenges, successes and aspirations. All too often they speak with regret about the time they tried ‘rent to buy’.
Read MoreLatrobe 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 MoreGood Money, a one-stop store providing financial services to people on low incomes had opened in Dandenong.
Read MoreSouth Australia's first 'one-stop shop' providing financial services on low incomes has opened in Salisbury.
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The LaunchME program supports people start their own business, gain employment or embark on further study. There are four programs: LaunchME for Young Carers, LaunchME South Australia, LaunchME Dandenong and LaunchME Morwell.
No interest loans up to $1,500 for essentials goods and services such as white-goods, furniture, and education expenses.
Low interest loans of between $800 - $3,000 with no fees and affordable repayments offered in partnership with NAB.
Online learning, face-to-face training and webinars that maximise the skills and resources of microfinance workers across Australia.
A buying service which leverages the purchasing power of our national network to access the best prices, quality products and excellent customer service for clients.
A national program providing organisations with a framework to support the development of a series of practical actions they can take to improve financial inclusion for employees, customers and communities.
Affordable, simple and effective insurance policies for people on low incomes, designed in partnership with some of Australia's leading insurers.
It puts you on a par with everyone else and gives you access to fair and affordable finance.
Barbara, Good Money client