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. 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.

Latest News from Good Money

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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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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5 May 2015 Media Release

Victoria continues to lead the way in inclusive finance

Good Shepherd Microfinance and NAB have welcomed the Victorian Government’s continued investment in the innovative and successful Good Money program, with $7.2 million committed over four years.

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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.

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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

No Interest Loans (NILS) Coronavirus Relief

No Interest Loans and financial information for anyone adversely impacted by the Coronavirus will be made available soon. These loans of up to $1500 or more will provide financial relief for household products and bills with a payment period of 18 months. However, anyone needing immediate assistance can apply for a NILS loan through our existing program, although this loan has narrower criteria and is not for bills. For further information about a NILS loan, please call us on 1300 770 550.