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. 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.