Farm Finance interest rate drop benefits QLD producers Queensland producers are set to benefit following the Federal Minister for Agriculture, Barnaby Joyces announcement that the interest rate for Farm Finance Concessional Loans will fall to 4.34 per cent effective 1 February 2015. QRAA Chief Executive Officer, Colin Holden, welcomes the reduced interest rate and encourages eligible farm businesses to contact QRAA today to discuss the benefits of refinancing with a Farm Finance loan. “More than 93 producers have already benefited from loans valued at over $55 million. The interest rate cut offers even more savings and greater financial security,” Mr Holden said. “Over 60 per cent of the Farm Finance Loan recipients have come from the North Queensland and Central Queensland coastal regions where 34 producers have received $21.5 million to restructure their existing farm business debt. Key features include: • variable concessional interest rate currently set at 4.5 per cent, will reduce to 4.34 per cent effective from 1 February 2015 • concessional loan amounts will be less than 50 per cent of the total eligible debt of the farm business • interest only repayments are available for up to five years. “Applications for Farm Finance Concessional Loans of up to $ 1 million close on 30 April 2015, so Queensland farm businesses should apply now to take advantage of the reduced interest rate. “Applications are assessed in order of receipt, and must be complete before they can enter the assessment queue, so producers should talk to QRAA to clarify loan criteria, terms and conditions and the application process. QRAA’s Client Liaison Officers are also available to meet producers on-farm.” Farm businesses in some districts may also be eligible for the Australian Government’s Drought Concessional Loans Scheme. For further information or to book a meeting with a local Client Liaison Officer, contact QRAA on Freecall 1800 623 946. Full details including scheme guidelines and application forms are available at qraa.qld.gov.au. The Farm Finance Concessional Loans Scheme is funded by the Australian Government and delivered by QRAA. Contact us For further information about QRAA or details on any of QRAAs range of products and services, please visit qraa.qld.gov.au or contact QRAA on Freecall 1800 623 946. Keep up to date with the latest information from QRAA by subscribing to QRAAs newsletter mailing list, email your details to [email protected]. Assisting others Is there someone you know who is wishing to enter into primary production or looking to achieve greater productivity and long-term sustainability? If so, please forward this email to them.
Posted on: Thu, 22 Jan 2015 11:44:29 +0000
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