Low income loans – Help for low earners – Tips from NAB – MoneySmart

Our washing machine is not working. Yeah I know I had a look at it yesterday.
I think we need a new one. How are we going to afford that? It’s going to take us a whole year to save
up for a new one. Maybe we can get another loan? We’re already paying one off for the car repairs. I think we’re eligible for a microfinance
loan. Tell me more. Well Bill and Cath, when their fridge packed
it in, Bill gave me the number to ring this organisation and I rang them up yesterday
and made an appointment for us tomorrow. Impressed? We’ll see. We will have to have a talk to
them and make sure we can afford it first. Developed by Good Shepherd Youth and Family
Service and available through approved community organizations, no interest loans, or NILS
of up to $2000 are available for people living on low incomes. These loans are primarily for buying essential
household goods and furniture. StepUp Loans are a safe, low interest loan
for between $800 and $3000 for people living on low incomes. As with NILS, StepUp Loans can be used to
buy essential household goods, as well as important personal services like medical expenses. Developed by Good Shepherd Youth and Family
Service and NAB, a Step Up Loan is a great way to obtain an entry into the mainstream
credit system. AddsUP is a match savings account scheme set
up by NAB and is available to people who have successfully repaid a NILS or step up loan. AddsUP accounts offer a $300 to $500 one-off
matching of savings for people who have saved at least $300 over a 12 month period. How good is this new washing machine! Yeah, it’s deadly. And no interest. It’s lucky I heard about those microfinance
loans. Yeah lucky. Now you can do all the washing. What? Look, it comes with all the instructions. For more information speak with an Indigenous
money mentor, an approved community organization, or visit the Good Shepherd Youth and Family
Service website.

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