Discounts for new appliances in no-interest loan scheme

Clients of a no-interest loans scheme offered through St Vincent De Paul in Woy Woy are now eligible for significant discounts on new appliance purchases.

"Through the Home Energy Action Appliance Program, we can now offer clients who are applying for one of our microfinance loans discounts of 40 to 50 per cent on good quality, energy-efficient TVs and fridges," said Mr Isaac Buatava, the charity's Woy Woy loan administrator.

"This means our clients who want to buy fridges or TVs using our No Interest Loan Scheme will need to borrow less in order to buy what they need."

Under the program old inefficient appliances are removed and recycled, when the new appliance is delivered.

Taking away the inefficient item can prevent losses of up to $200 on annual energy bills for fridges and up to $125 for TVs.

St Vincent De Paul Woy Woy is part of the nationwide Good Shepherd Microfinance No Interest Loan Scheme network.

The scheme offers no-interest loans to people on low incomes for essential goods and services.

Loans are between $300 and $1200 and repayments are set up at an affordable amount over 12 to 18 months.

The scheme has been operating on the Peninsula for three years.

"We all know rising energy costs have a disproportionate impact on people with low incomes and we know energy efficient appliances are one of the best ways to combat this increase," Mr Buatava said.

Media Release, 25 Aug 2016

Isaac Buatava, St Vincent De Paul