GOOD SHEPHERD MICROFINANCE

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Good Shepherd Microfinance Logo National Australia Bank Logo

A community focused initiative of Good Shepherd Microfinance and NAB
goodshepherdmicrofinance.org.au

FIND YOUR NEAREST PROVIDER

WHAT IS StepUP?

StepUP is a low interest loan for people on low incomes who have difficulty accessing credit from a bank. You can borrow from $800 – $3,000 with up to three years to pay it back. There are no fees.

Microfinance workers will help you to collect the documents you need, complete the application and help make sure that you can afford to repay your loan. Loans can be held in individual or joint names.

These loans are to help people to improve their quality of life and are provided on a not-for-profit basis.

FIND YOUR LOCAL StepUP PROVIDER

Click here

StepUP is offered by local community organisations in 38 locations across Australia.

To find your nearest Provider, Click here.

WHAT CAN THE LOANS BE USED FOR?

Loans are for items such as:

  • Secondhand cars or repairs
    Secondhand cars or repairs
  • New household appliances such as fridges and washing machines
    White goods
  • >Furniture
    Furniture
  • Computers
    Computers
  • Vocational education
    Vocational education
  • Medical expenses
    Medical expenses

Loans cannot be used for cash, debt consolidation, holidays or bills

Vaska, StepUP client, Good Money, Collingwood, Victoria
I have everything now. I have freedom. I have my life back...that's a big change. - Vaska, StepUP client, Good Money, Collingwood, Victoria

StepUP
LOAN DETAILS

  • Borrow between $800 – $3,000
  • No fees and low interest at 5.99% p.a. (Comparison rate* 5.99% p.a.)
  • Repay over a set term of up to 3 years
  • A credit check is required

AM I ELIGIBLE FOR A StepUP LOAN

To qualify you must:

  • Have a Health Care Card/Pension Card, Family Tax Benefit A, or earn less than $35,000 a year (after tax)

  • Reside in your current premises for more than 3 months

This and other eligibility criteria will be discussed by the Microfinance Worker when you enquire.

Calculator

REPAYMENT
CALCULATOR

5.99% interest rate p.a. (Comparison rate* 5.99% p.a.)

Loan Amount Repayments
Term 3 Years Weekly Fortnightly Monthly
$1000 $6.97 $13.88 $30.92
$2000 $13.94 $27.74 $61.83
$3000 $20.93 $41.73 $92.25
Term 2 Years
$1000 $10.14 $20.15 $44.32
$2000 $20.27 $40.29 $89.63
$3000 $30.45 $60.67 $133.95
Term 1 Year
$1000 $19.55 $39.11 $87.06
$2000 $39.34 $78.68 $173.12
$3000 $59.12 $118.25 $258.19

Please Note:
The repayment amounts should be used as an approximate guide only. The specific details of your loan will be provided to you in your loan contract. Lending by NAB is subject to NAB's lending criteria.

Reza, StepUP client, Good Money, Collingwood, Victoria
StepUP helped me out of a really bad financial situation and to begin a new life with my family - Reza, StepUP client, Good Money, Collingwood, Victoria

HOW DOES IT WORK?

  • ENQUIRE 1. ENQUIRE

    Send your enquiry to StepUP.

  • Paperwork 2. Paperwork

    Complete the paperwork provided by the StepUP Microfinance Worker.

  • Interview 3. Interview

    Bring all your paperwork to a meeting with your local StepUP Microfinance Worker.

  • Assessment 4. Assessment

    Your application will be sent to NAB for assessment, which includes a credit check.

  • Loan Outcome 5. Loan Outcome

    If approved, you will need to visit your local NAB branch to sign the loan contract and receive a cheque made out to the supplier. If declined, you will receive a call from your StepUP Microfinance Worker and a letter from NAB.

  • Repay 6. Repay

    Make repayments to NAB weekly, fortnightly or monthly as agreed in the loan application.

WHO IS GOOD
SHEPHERD
MICROFINANCE?

Good Shepherd Microfinance is Australia's largest microfinance organisation.

We offer a suite of people-centred, affordable financial programs for people on low incomes at different financial stages of their lives.

Our aim, together with those of our community partners, is to enable clients to realise their own economic wellbeing, as they define it themselves, through appropriate financial services. As a result, people feel valued, accepted, included and in control of their own finances and lives.

Our flagship loan programs include the No Interest Loan Scheme (NILS) and the StepUP low interest loan.

Good Shepherd Microfinance Logo

WHY IS NAB INVOLVED
IN THIS PROGRAM?

StepUP is a not-for-profit initiative between Good Shepherd Microfinance and National Australia Bank (NAB) who provides money for the loans.

NAB is a large financial services organisation with over 12.4 million customers. NAB is using its skills, resources and expertise to help address the issue of financial exclusion in Australia and to help people to have a healthy relationship with money.

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