Progress Loans
Discontinuation of Progress Loans
After six years the joint small loans program between the Brotherhood of St Laurence and ANZ has concluded. Existing loans are not affected but no new loans will be offered.
The Progress Loans program was established in 2006 to explore the viability of small amount credit for low-income people delivered through a mainstream bank, in partnership with a community organisation.
The Progress Loan offered a mainstream loan through ANZ with a market interest rate for amounts from $500 to $3000 for household items and up to $5000 for a car.
One of the primary objectives was for the Progress Loan to be financially sustainable over time. Progress Loans has been successful in providing small loans to over 1250 people but it has been found that the program is not financially sustainable without substantial and ongoing subsidy which has been provided by ANZ.
ANZ recently conducted a review of its financial inclusion and capability programs and have chosen to focus on programs that improve money management skills and savings of participants – MoneyMinded and Saver Plus.
The impact on the lives of those people who received a loan through the program has been evaluated and found to bring significant benefits including improved personal living conditions and quality of life.
The Brotherhood of St Laurence remains committed to advocating for safe and affordable credit options for those people in the community who cannot access mainstream financial products.
Existing Progress Loans clients can contact ANZ for any matters regarding their loan on 13 13 14
For all other enquiries contact: 1300 576 799
No-Interest-Loans (NILs)
The Brotherhood of St Laurence is a provider of the No Interest Loan Scheme (NILS) which is coordinated by Good Shepherd Youth and Family Service. This scheme provides loans of up to $1000 for people on low incomes who have a Centrelink Concession Card. The loan can be used for the purchase of essential household items and can be paid off in affordable amounts. For information about a NILS Loan please contact: 1300 576 799