Progress Loans
About the program
The Brotherhood, with ANZ, offers people on low incomes small personal loans of $500 to $3000 for purchasing essential household goods such as fridges and washing machines, and loans of up to $5000 for cars.
The loans give people a chance to build assets and reduce expenses. For example, buying a washing machine is cheaper than using a laundromat.
We started offering Progress Loans in 2006, in response to ANZ research that found that low-income earners are generally excluded from the mainstream financial sectors. The loans charge a commercial interest rate and are a viable alternative to more expensive forms of credit, such as payday lenders, or being forced to go without.
An earlier Brotherhood–Bendigo Bank pilot program, which resulted in surprisingly low default rates, also established that, given appropriate credit, low-income earners can repay debt.
Who is eligible?
You may be eligible for a Progress Loan if you:
- have a Centrelink Health Care Card OR Pension Card
- have lived at your current residence for at least six months
- are up to date with your utility bills and rent.
In some cases, people who are ineligible for a Progress Loan may be considered for the No Interest Loan Scheme (NILS). To find out more, please contact our loan officers. The National NILS network is coordinated by Good Shepherd Youth and Family Service.
Features
Progress Loans offers:
- personal loans of $500 to $3000 for the purchase of essential household goods and services
- personal loans of $500 to $5000 for cars
- the support of a Brotherhood loans officer who is skilled in addressing the financial needs of low-income people
- the opportunity to obtain a loan from a mainstream bank.
Partners
We acknowledge the following partner for their valuable contributions to Progress Loans:
ANZ
Help us improve
We welcome feedback. Please use the online feedback form or contact us directly at Progress Loans at the Brotherhood.
Contact us
Phone: 1300 576 799
Your call will be directed to the nearest office
Email: money@nullbsl.org.au
Fitzroy
Mezzanine Level
145 Smith Street
Fitzroy Vic. 3065
Frankston
24-26 High Street
Frankston Vic. 3199
Craigieburn Centre
120 Hothlyn Drive
Craigieburn Vic. 3064