StepUP

A stepUP loan is a low interest loan of between $800 and $3000 for individuals and families living on a low income. It is a non profit loan developed by National Australia Bank (NAB) with Good Shepherd Youth & Family Service and now offered by a range of community groups across Australia. Applicants must fit the loan criteria and can use the loans to purchase essential household items and services. The loan desision is made by NAB. The microfinance worker will support applicants through the application process.

Who is eligible for StepUP Loans?

The individual or family must:

• Hold a current Centrelink Healthcare card or pension card or be eligible to receive Family Tax Benefit part A; and
• Have lived at their current address for more than three months

People may still be eligible for a StepUP loan if they:

• Have a poor credit history
• Hold one existing loan or mortage but are currently unable to access normal bank loans because of a change in circumstance; or
• Are over 70 years of age

What can StepUP loans be used for?

StepUP loans provide affordable credit for the purchase of essential personal, household and domestic goods and services including:

• Furniture and whitegoods (eg refrigerators, washing machines)
• House maintenance and repairs
• Medical and dental expenses
• Second hand cars
• Car repairs
• Airfares (for refugee family reunion or emergency)
• Computers
• Vocational educational costs

This loan list is not exhaustive. Loans are not limited to one item.

What can StepUP loans NOT be used for?

• Consolidation of any debt
• Fines
• Christmas Expenses
• Bills
• Holidays
• Cash

Please note, if the applicant already has more than one bank loan, they may not qualify. StepUP is designed for people who cannot access bank credit.

What is involved in the application process and how long will it take?

StepUP Loan Process Information

Once a loan application is submitted, it will take about five working days to be assessed by NAB. A credit check is done by NAB and the documents for an approved loan will be sent to the NAB branch of the applicant’s choice to be signed.

What documentation will people need to take when applying for a StepUP loan?

• Health Care Card, Pensioner Card or their latest income Assessment Notice from the Australian Tax Office
• Statement of Benefit from Centrelink. this must be less than two weeks old
• Last two payslips from any casual or part-time work
• Documents that show their length of stay at their current accommodation (eg a lease)
• Recent bills (eg telephone, gas, electricity)
• Copies of recent savings/cheque account statements, loan statements, credit card statements and any other outstanding accounts.

More information and FAQ about StepUP or visit the NAB website