Strong demand for Good Money in the far north

The Palaszczuk Government-supported Good Money Store in Cairns is rapidly gaining popularity among low income and financially disadvantaged households.

During a visit to the store today (July 17), Minister for Communities Coralee O'Rourke said the volume of zero or low-interest loans issued by the Cairns store had increased markedly since opening its doors in April last year (2017).

“It’s good to know that low income and financially disadvantaged households in the far north know how to tell the difference between a predatory shark and an angelfish,” Mrs O'Rourke said.

“For the final quarter of 2017 alone, the store received 339 enquiries from local residents seeking budgeting advice and help with building their financial resilience.”

Member for Cairns Michael Healy urged locals to visit the Good Money Store and find out what finance options are available to help them.

“It may be that a new fridge is needed to keep food fresh for the table, or a new washing machine is needed so the kids can go to school in clean uniforms,” Mr Healy said.

“It's important that low income and financially disadvantaged households are able to access money for these purchases from a reputable source that won't charge them an arm and leg in interest repayments.

“This is where Good Money comes into the equation offering no interest or low interest loans to eligible households so they can make these essential purchases.”

Good Money Stores are the result of an innovative partnership between Good Shepherd Microfinance and the National Australia Bank. The Queensland Government has supported this partnership to open Good Money Stores in Cairns and on the Gold Coast last year.

The stores offer access to the No Interest Loans Scheme (NILS) and StepUP low interest loans.

“We know that many families are doing it tough and sometimes have to go without the essential everyday goods and services that we all take for granted,” said Good Shepherd Microfinance's Chief Executive Officer Adam Mooney.

“We've had some great results over our first twelve months of operation in Cairns with the number of households we’ve been able to help exceeding our expectations.

“Our clientele ranges from retirees who need help with medical costs, to young mothers who need to buy essential household items like a fridge or a washer.

“Through NILS we can provide small loans up to $1500 for essential goods, and through StepUP we can offer low interest loans up to $3000.”

The Cairns store, located in Mulgrave Street, is part of the Palaszczuk Government's four-year $25 million Better Budgeting program, which includes funding for 27 financial counsellors and resilience workers statewide.

“Fast money does not always equate to good money so please come in and have a chat with someone at the store before accepting money from a high interest fringe lender,” Mr Healy said.

“Good Money team members can help with information about safe and affordable financial products and services. Residents who need a small loan can drop by and have a chat about their financial situation.

“They are especially interested in helping people with a net income less than $45,000; young people leaving care; women escaping domestic violence; people from culturally and linguistically diverse backgrounds; Indigenous people; homeless people; seniors and women in general who are experiencing financial stress.”

Mrs O’Rourke said creating thriving communities was a key priority for the Palaszczuk Government.

“This vision is about people of all ages, backgrounds and abilities being able to participate, being included and resilient, and enjoying high levels of social and economic wellbeing,” she said.

For more information about Better Budgeting Program visit www.qld.gov.au/community/losing-your-job-income/financial-literacy-resilience-services

ENDS

Media Contact: Benjamin Mulcahy 0419 562 389