Australians excluded from mainstream banks and services will be assisted to access fair and appropriate financial products, including loans, under a $6.27 million Australian government pilot launched overnight.

The Minister for Families, Housing, Community Services and Indigenous Affairs, Jenny Macklin, launched the initiative at the Fitzroy and Carlton Community Co-operative in Melbourne.

The Co-operative is one of five community development finance institutions (CDFIs) across Australia that will be supported under the pilot project.

Ms Macklin in statement said these institutions have all demonstrated a commitment to supporting vulnerable Australians to get access to financial services.

"CDFIs typically cover their costs through, philanthropic and private investment, and Government assistance with running costs - bringing together government, business and the community.

"Services like these can be an important stepping stone to mainstream financial services and financial independence," she said.

The Pilot Project is part of the Government's Financial Management Program, which provides $124.5 million a year to build financial resilience.

The five CDFIs being supported through the pilot program are Foresters Community Finance (QLD), Community Sector Banking (NSW, with consortium partners operating in WA, QLD, Vic, SA, Tas), Many Rivers Opportunities (NSW and WA), Fitzroy and Carlton Community Co-operative (Vic), and MoneyFast (nationwide coverage through the web).