The government today announced an extra $15 million to support key financial counselling services for people who are experiencing financial hardship due to mortgage or rental stress. With this, thousands of Victorians facing hardship will get free access to financial counseling services.
This new funding round marks a record total investment into financial counselling by the Labor Government, building on $6.8 million in the Victorian Budget 2024/25 for specialist financial counselling services for victim-survivors of family violence.
Consumer Affairs Victoria will open the funding round in July to expressions of interest from not-for-profit organisations that provide financial counselling services.
The Financial Counselling Program – delivered through Consumer Affairs Victoria – supported almost 19,000 Victorians last financial year, and an additional 3,806 people affected by family violence.
Financial counsellors provide a range of support to help people get their finances back on track, including working out payment plans and negotiating with creditors and insurers.
The Labor Government has invested more than $45 million over the last three years to support community agencies across the state to deliver general and specialist family violence financial counselling to Victorians, and provided more than $16 million to the Financial Counselling Program this financial year.
This $15 million investment in financial counselling for mortage or rental stress is in addition to the $7.8 million Rental Stress Support Package announced earlier this month. The Labor Government also recently launched the renting taskforce, cracking down on dodgy rentals and ensuring renters have a safe and secure home.
Victorians can find their closest financial counselling provider by contacting the National Debt Helpline at ndh.org.au or calling 1800 007 007.
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