Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More

Australian Bank Unveils Microfinance Programs

To meet the different needs of the low-income Australians in Far North Queensland

National Australia Bank (NAB) together with Shelter Housing Action Cairns (SHAC) and Good Shepherd Youth & Family Services, a community based organisation, has launched Step UP (low interest loans) and Adds UP (matched-savings) programs in Far North Queensland.

Reportedly, these microfinance programs accessible through SHAC include: StepUp (new) – fixed-rate, low interest, unsecured personal loan for amounts between $800 and $3000; AddsUP (new) – a matched-savings plan to promote financial independence and open to people who have repaid their NILS (No Interest Loan Scheme) or Step UP loan. Once $300 is saved, NAB will ‘one-off’ match every dollar up to $500 and NILS (existing) – no-interest loans between $500 -$1000 for individuals living on low incomes, to buy essential household items.

Ms. Wynn Hopkins, chair management committee for SHAC, said: “Every day we see the connection between financial exclusion and homelessness, so we are delighted that this community partnership will extend the microfinance options for people living on low-incomes in Far North Queensland and can help to break the cycle.”

Our success with NILS has reinforced that there is a high demand for these programs, and demonstrates that with the support of our Microfinance Worker, borrowing and saving are achievable goals for people experiencing disadvantage. Now we can offer a range of safe and affordable savings and loan programs to meet the different needs of the communities we help,” she added.

Richard Peters, head of community finance & development team, NAB, said: “The impact of these programs cannot be underestimated. These products meet a very real community need and their expansion across Australia has provided thousands of low-income Australians with positive banking experiences as well as access to fair and affordable credit.”