StepUP is a low interest loan for people on low incomes who have difficulty accessing credit from a bank. You can borrow from $800 – $3,000 with up to three years to pay it back. There are no fees.

Current interest rate is 5.99% per annum fixed interest rate. (Comparison rate 5.99% p.a.).

A StepUP® Loan is available to those who hold a current Health Care Card, Pension Cad or receive Family Tax Benefit Part A

Loans can be used to purchase a second hand cars or car repairs, furniture, white goods, computers, some medical & dental services, some education expenses.

A community initiative of Good Shepherd Microfinance, and the National Bank of Australia (NAB)

StepUP is a low interest loan for people on low incomes who have difficulty accessing credit from a bank. You can borrow from $800 – $3,000 with up to three years to pay it back. There are no fees.

Current interest rate is 5.99% per annum fixed interest rate. (Comparison rate 5.99% p.a.)

Microfinance workers will help you to collect the documents you need, complete the application and help make sure that you can afford to repay your loan. Loans can be held in individual or joint names.

These loans are to help people to improve their quality of life and are provided on a not-for-profit basis.

Eligible items include:

  • Second hand car or car repairs
  • Household appliances
  • Household furniture
  • Computers
  • Some Education costs
  • Some Medical and Dental services

Loans are not given for cash or the payment of bills.

You can apply to borrow from $800 – $3,000 for approved items.

You will need to visit your local NAB branch to sign a loan contract and receive a cheque made out to the supplier.

Loans can be repaid over a three year period, making repayments to NAB as agreed in the loan application (weekly, fortnightly or monthly)

To be eligible for a StepUP® loan you must live in:

  • Victoria
  • Have lived at your present address for approximately three months
  • Have a current Health Care card or Pension card or be on a Family Tax Benefit Part A.
  • Be up-to-date with your bills (rent, electricity, telephone etc)
  • Do not have a default on your credit file

To apply for a StepUp loan:

  • Check your eligibility for a StepUP loan
  • Download and read the StepUP interview checklist (PDF 784KB)
  • Call 9791 8366 or 9791 8344 to book an application interview
  • Attend your application interview with all documents listed in the interview checklist
  • Application sent to NAB for assessment (including a credit check)
  • If approved: you will need to visit your local NAB branch to sign the loan contract and receive a cheque made out to the supplier
  • If declined: you will receive a call from your StepUP Microfinance Worker and a letter from NAB. If you can resolve the issue within 3 months, a review may be possible.
  • Repay: Start making repayments to NAB as agreed in the loan application (weekly, fortnightly or monthly)

Before you attend your application interview you will need to have all your supporting documents.

See the checklist of documents (PDF 784KB) to bring to your interview.

You will need to find the item you wish to purchase, and ask the supplier for a written quote which shows: the name of the supplier; price; make; model number; delivery cost; warranty and any other relevant information.

The StepUP Microfinance Officer will make sure that you understand StepUP®, how repayments are made and will answer any questions you may have. They will check your documents and your quote, and will go through your budget with you to work out whether you are able to repay the loan. If any details are missing, they may ask you to provide additional information which you can bring to South East Community Links later.

The StepUP Microfinance Officer does not make the decision about your loan. Your application is assessed by the National Australia Bank.

You will be notified of the outcome of your application within three weeks of the application interview.

If your application is approved:

You will need to visit your local NAB branch to sign the loan contract and receive a cheque made out to the supplier.

If your application is declined:

You will receive a call from your StepUP Microfinance Worker and a letter from NAB. If you can resolve the issue within 3 months, a review may be possible.