The Andrews Labor Government is helping Victorians experiencing financial stress with the expansion of the Good Money program, which delivers no-interest loans and financial advice – providing a safe alternative to dodgy payday lenders and loan sharks.
Minister for Disability, Ageing and Carers Luke Donnellan today announced the Victorian Budget 2021/22 invest’s’ $14.6 million in Good Money hubs, including an expansion into phone-based and digital services.
Good Money is delivered through a unique partnership between the Government, Good Shepherd Australia New Zealand and National Australia Bank, with retail shopfronts in Collingwood, Geelong, Dandenong and Morwell.
By expanding Good Money to phone-based and digital services, more Victorians will be able access this vital financial wellbeing service no matter where they live – particularly those living in regional and remote areas.
Good Money delivers responsible and sustainable financial services including no-interest and low interest loans, low-cost insurance and budgeting advice for Victorians experiencing significant financial stress.
That includes providing an alternative to predatory pay-day lenders who target vulnerable consumers, putting even more pressure on their finances – sometimes permanently.
Good Money provides no-interest loans that have no hidden costs – giving clients access to safe, affordable and fair credit – ensuring they can manage unexpected bills while maintaining their financial security.
The funding will also continue support for financial wellbeing initiatives in bushfire-affected communities, including Good Money pop-up stores, for a further 12 months.
The enhanced Good Money service is expected to deliver 11,500 no-interest loans over four years, helping around 25,000 Victorians with a low-income.
As stated by Minister for Disability, Ageing and Carers Luke Donnellan
“Needing to buy a fridge or a new set of tyres shouldn’t ruin your finances – or your future. By delivering expanded Good Money services, we’ll help more Victorians access safe and fair support.”
“As we recover from the pandemic and last year’s bushfires, the financial advice and services offered by Good Money are more important than ever for Victorians doing it tough.”
“We’re expanding this program to include digital and phone services so Victorians in financial stress can get the support they need, no matter where they live.”