Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Affordable loans for low income families

Hon Paula Bennett
Minister for Social Development

13 August 2014

Affordable loans for low income families

Social Development Minister Paula Bennett today officially launched a Community Finance pilot scheme that will see StepUP low-interest loans available in Manukau and Waitakere

“Community Finance will help people with borrowing for assets they need for employment, education and a better quality of life,” says Mrs Bennett.

“This is another way we are helping families to help themselves become financially independent, by offering sustainable borrowing that avoids spiralling debt.”

“Community Finance is an excellent public-private partnership between the Bank of New Zealand, Good Shepherd New Zealand, The Salvation Army, and the Ministry of Social Development.

“Together, our aim is to help low-income families and individuals build up their asset base and achieve greater financial knowledge and skills. Too many people on low incomes feel they have no other option but to borrow from unethical lenders who overinflate their prices and charge exorbitant interest.

“The first Community Finance product is StepUP loans for cars and other goods and services, which are now available to people on low incomes in Manukau City and Waitakere.

“The Bank of New Zealand-backed loans offer good discounts from market interest rates. They are also free of traps such as fees (often hidden in the small print) and savage penalties which other, less ethical, lenders charge.

“The scheme has begun with a one-year pilot in South and West Auckland with the Ministry of Social Development contributing to the running costs of the not-for-profit organisations that provide the backbone and borrower support roles. No Government capital will be loaned directly to borrowers.

“People can apply for the loans through the two local branches of The Salvation Army and borrowers will be supported over the lifetime of the loans with financial education,” says Mrs Bennett.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Teina Pora Wins Appeal: Gordon Campbell On The Privy Council Decision

The quashing of the convictions of Teina Pora for the rape and murder of Susan Burdett in 1992 has shone a spotlight once again on a major gap in the New Zealand justice system.

To all intents and purposes, access by New Zealanders to the Privy Council has now been closed. Yet the number of times in recent years when the Privy Council has quashed the findings of New Zealand courts has demonstrated that we are regularly
(a) jailing the wrong person or
(b) arriving at guilty verdicts on grounds sufficiently flawed as to raise serious doubts that a miscarriage of justice has occurred. More>>

 

PARLIAMENT TODAY:

Urgent Bill Planned: MP Pay Rises To Match Public Service

Prime Minister John Key today announced an overhaul of the Remuneration Authority Act, tying MP salaries to those of the wider public sector, which will be passed under urgency. More>>

ALSO:

PM's Press Conference: MP Pay Rises, Solid Energy, Iraq

Prime Minister John Key answered questions in his Post-Cabinet press conference about the Iraq deployment, Solid Energy and National’s decision to overhaul the Remuneration Authority Act. More>>

ALSO:

Worksafe: MSD Charged Over Work And Income Ashburton Shooting

WorkSafe NZ has laid one charge against the Ministry of Social Development (MSD) in relation to the shooting at the MSD Ashburton office on 1 September 2014 in which two Work and Income staff were killed and another was injured. More>>

ALSO:

Iraq: Ex-Hostage Says Government Not Putting NZers, Iraqis First

Harmeet Singh Sooden is travelling to Iraq in the coming weeks to work with Christian Peacemaker Teams (CPT) on a short-term assignment. More>>

ALSO:

Joint Statement: Australia-New Zealand Leaders’ Meeting

Prime Minister Key warmly welcomed Prime Minister Abbott and Mrs Abbott to New Zealand. The visit has enabled wide-ranging and substantive discussion that has underlined the strength, value, diversity and warmth of our trans-Tasman relationship. More>>

ALSO:

Press Conference: Peters To Stand In Northland By-Election

New Zealand First Leader Winston Peters has announced his intention to stand in the Northland by-election, citing his own links to the electorate and ongoing neglect of the region by central government. More>>

ALSO:

Gordon Campbell: On The Wage Hike For MPs (and Paul Robeson)

Hard to tell what is more infuriating. Is it the 5.3% increase on the already bloated salaries of MPs, or their pantomime of outrage at being gifted with such a wonderful back-dated bonanza? More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news