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Supporting Gippsland and Dandenong ranges families in financial stressGovernment support that is more accessible to families having financial stress. By news@gippsland - 18th May 2021 - Back to News The Andrews Labor Government is helping families experiencing financial stress in Gippsland and the Dandenong Ranges 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.
Support services will be available online and over the phone, Gippsland residents in financial stress will be able to access the support they need
Access to financial wellbeing service
Member for Eastern Victoria Harriet Shing 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 Gippsland and Dandenong Ranges 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 a retail shopfront in Morwell, alongside ones in Collingwood, Geelong and Dandenong. The expansion into phone-based and digital services will give Victorians access to this vital financial wellbeing service, no matter where they live.
Safe, affordable and fair loans
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.
No-interest loans over four years
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.
Giving the support needed
Member for Eastern Victoria Harriet Shing said, "The financial support offered by Good Money is so important for people in Gippsland and the Dandenong Ranges who are doing it tough – especially after dealing with all the challenges presented by COVID-19."
"Now that these support services will be available online and over the phone, more Gippsland and Dandenong Ranges residents in financial stress will be able to access the support they need."
Pictures from Harriet Shingh MP Facebook page.
Source: http://gippsland.com/ Published by: news@gippsland.com
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