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The funding boost will see the NILs program gain an additional $48.7 million over the next five years to allow NAB in partnership with Good Shepherd AU/NZ to continue providing eligible participants with no fee, no interest loans for essentials.
Reportedly, over 1 million Australians have already benefited from accessing NILs valued at $560 million, which are used for urgent household purchases and vehicles for essential day-to-day use.
NILs offer affordable loans of up to $3,000 for household goods such as fridges, washing machines, and furniture, along with education and medical expenses.
Additionally, the loans offer up to $5,000 for vehicle purchases, mobility scooters, and related costs such as registration or maintenance expenses.
To be eligible, an individual must earn less than $70,000 (or $100,000 gross as a couple or person with dependents), have experienced family or domestic violence in the last 10 years, or have a healthcare or pensioner card.
Amanda Rishworth, Minister for Social Services, said this investment will help “ease cost of living pressures for many Australians who need support”.
“We’re proud to support Good Shepherd and NAB to deliver no-interest loans as an alternative to other high risk, high interest products such as Buy Now Pay Later products and payday loans,” Minister Rishworth said.
“NILs provides support that is usually unavailable to low-income earners through mainstream providers, meaning tens of thousands of vulnerable Australians can purchase the essential things they need.
“These loans also really help people achieve independence and financial recovery in escaping family, domestic, and sexual violence. And having access to a vehicle gives many Australians the ability and independence to work, study, provide care or seek medical care.”
NAB executive sustainability Jessica Forrest said: “NAB is proud to provide the loan capital that supports the Good Shepherd NILs program, and pleased to keep working with Government on backing this longstanding program.
“This funding will ensure more people continue to get the support they need.
“Too often, people in financial stress turn to high-interest payday loans. No interest loans offer a safer alternative, helping Australians borrow money without having to pay any fees or interest.
“These loans give people a safer alternative to high-cost payday loans and can also assist Australians escaping family, domestic and sexual violence – helping them with financial recovery and independence.”
[RELATED: Demand for no-interest loans from families increases: NAB]
