I have everything now. I have freedom. I have my life back...that's a big change. - Vaska, StepUP client, Good Money, Collingwood, Victoria
A community focused initiative of Good Shepherd Microfinance and NAB
goodshepherdmicrofinance.org.au
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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.
StepUP is offered by local community organisations in 38 locations across Australia.
Loans are for items such as:
Loans cannot be used for cash, debt consolidation, holidays or bills
I have everything now. I have freedom. I have my life back...that's a big change. - Vaska, StepUP client, Good Money, Collingwood, Victoria
To qualify you must:
Have a Health Care Card/Pension Card, or receive Family Tax Benefit A
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.
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.
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
Send your enquiry to StepUP.
Complete the paperwork provided by the StepUP Microfinance Worker.
Bring all your paperwork to a meeting with your local StepUP Microfinance Worker.
Your application will be sent to NAB for assessment, which includes a credit check.
If approved, you will need to visit your local NAB branch to sign the loan contract and either receive a cheque made out to the supplier or the supplier will be paid via EFT. If declined, you will receive a call from your StepUP Microfinance Worker and a letter from NAB.
Make repayments to NAB weekly, fortnightly or monthly as agreed in the loan application.
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.
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.