QUEENSLAND primary producers are being encouraged by rural lender QRAA to take advantage of low interest rates to assist them improve farm viability and better prepare for climate variability.
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QRAA’s new rates from January 1 are 3.39 per cent for one year, 3.38pc for three years and 3.56pc for five years. They apply to newly drawn Sustainability and First Start Loans.
QRAA chief executive officer Cameron MacMillan said he was encouraged by how Sustainability and First Start Loans had benefited and supported Queensland farm businesses.
“With tough economic conditions and the drought gripping much of Queensland, it is heartening to know that Sustainability Loans can provide producers with the opportunity to increase productivity through access to low cost finance to improve water infrastructure or install exclusion fencing.
“Likewise, I am encouraged by young farmers and farming families making use of First Start Loans to implement their succession plans – the future of the rural sector really relies on the next generation making sound financial decisions now and First Start Loans provide an attractive option for this.”.
Mr MacMillan urged farmers who were considering succession planning, or wanting to improve their productivity and sustainability, to take advantage of the low interest rates and contact QRAA.
“QRAA has client liaison officers across Queensland who are available to meet on-farm to discuss loan criteria, terms and conditions and assist with the application process – give them a call today,” he said.
In the past 12 months, QRAA has approved 95 Sustainability Loans valued at more than $23 million and 77 First Start Loans valued at more than $30.49m.
In addition to concessional interest rates, Sustainability and First Start Loans feature lending limits of up to $650,000, no fees or charges and repayment terms of up to 20 years. Primary producers also have the option of using joint lending with commercial banks if they need additional finance beyond $650,000.
For further information visit www.qraa.qld.gov.au or contact QRAA on 1800 623 946.