Finance

Loans for Centrelink recipients of up to $3000

This information has been provided by MoneySmart.gov and Services Australia.

Good Shepherd in collaboration with the Federal Government and NAB are offering Household Relief Loans Without Interest for those affected by the coronavirus pandemic – along with a free COVID Hardship Support Hotline.

Loans of up to $3,000 are available for rent, rates, body corporate fees and utility bills – with no interest, charges or fees.

For details call 1300 121 130 or tap here to apply.

Things to think about

There are things you need to think about when taking out a loan or using credit. You should ask yourself if all of the following applies:

  • it’s something you really need right now or if you can save up and buy it in full later
  • it’ll make your budgeting tight and will be hard to cover bills like rent or food
  • paying it will stop you from saving or having money for emergencies
  • there are other ways to get or pay for what you want.

There’s safe and affordable finance out there. Check if you can get no interest or low interest loans from Good Shepherd Microfinance.

Before applying for a loan or credit, use the Australian Securities & Investments Commission’s (ASIC) MoneySmart simple money manager. It can help you work out your budget.

If you do apply for a loan or credit, always check the terms and conditions. There will be things lenders won’t tell you up front. Don’t sign a contract if you still have questions.

Think about talking to someone before you take out a loan or credit. You can also find out about free legal advice on the MoneySmart website.

Types of loans and credit

There are many types of loans and credit with different fees, charges and interest rates.

Visit the MoneySmart website for advice about:

Licensed lenders

If you get a loan or credit, it’s a good idea to protect yourself. This may mean taking the time to choose the right loan or lender.

There are laws that licensed lenders must follow when lending money to you. Find out more about consumer credit laws on the ASIC website.

To check for a licensed credit provider or credit assistance provider, search Connect’s Professional Registers on the ASIC website.

If you’re unhappy with a lender, find out how to make a complaint on the MoneySmart website.

Loans for Centrelink recipients Credit: alicat/Getty Images

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