The Andrews Labor Government is helping families experiencing financial stress in Wyndham 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.
Member for Werribee Tim Pallas today announced the Victorian Budget 2021/22 invests $14.6 million in the Good Money program, including an expansion into phone-based and digital services, giving Wyndham residents improved access to this vital financial wellbeing service.
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.
The expansion into phone-based and digital services will give Victorians access to this vital financial wellbeing service, no matter where they live.
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.
Quotes attributable to Member for Werribee Tim Pallas
“The financial support offered by Good Money is more important than ever for people in Werribee doing it tough, given the challenges presented by COVID-19.”
“Now that these support services will be available online and over the phone, Werribee residents in financial stress can get the support they need.”