Struggling families in the Latrobe Valley can now access safe and affordable financial services at a new one-stop shop in Morwell.
The Good Money hub provides access to zero or low interest loans, financial counselling and affordable insurance.
Minister for Families and Children Jenny Mikakos today officially opened the hub in Morwell, which has already provided 19 people with loans.
Clients can apply for loans for essential items such as a fridge, washing machine, car repairs, computers and school books.
Good Money is a safe and affordable alternative to payday lenders and helps people under financial pressure and at risk of entering a cycle of debt.
The Labor Government is investing $2.3 million in the hub, in partnership with Good Shepherd Microfinance and the National Australia Bank.
The hub is part of the Government’s $174 million Community Investment and Infrastructure Fund, to deal with infrastructure, education and health priorities in the Latrobe Valley.
The Morwell hub is the fourth to open in Victoria. Good Money hubs have worked with nearly 28,000 clients and approved more than 5100 no interest and low-interest loans.
Quotes attributable to Minister for Families and Children Jenny Mikakos
“This is about helping people experiencing financial hardship buy vital, everyday things like fridges, washing machines, or computers to help them get by – without needing to resort to pay day lenders.”
“Good Money hubs are providing meaningful support to people who are struggling – helping people avoid the cycle of debt.”
Quote attributable to Member for Eastern Victoria Harriet Shing
“This is about ensuring local families who are doing it tough can get the financial support they need, when they need it – so that they can focus more on the things that matter to them.”
Quotes attributable to Good Shepherd Microfinance CEO Adam Mooney
“We know that many families are doing it tough and sometimes have to go without the essential everyday goods and services that we take for granted.”
“The Morwell hub is open and ready to serve the needs of the local community.”
Reviewed 19 August 2020