Supporting Monbulk Families In Financial Stress

The Andrews Labor Government is helping families experiencing financial stress in Monbulk 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 Monbulk James Merlino MP 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 the Yarra
Ranges 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 Monbulk James Merlino MP

“The financial support offered by Good Money is more important than ever for people in the Yarra Ranges
doing it tough, given the challenges presented by COVID-19.”

“Now that these support services will be available online and over the phone, residents in the Yarra Ranges
who are in financial stress can get the support they need.”

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