January 25, 2013
Agriculture Minister John McVeigh has announced a cut in interest rates for the State Government’s First Start and Sustainability Loans to stimulate further investment and support for Queensland’s agricultural sector.
Mr McVeigh said the cut in interest rates would be great news for Queensland producers.
“This will help them invest in infrastructure improvements, land purchases and equipment, leading to more sustainable primary production,” Mr McVeigh said.
The new fixed interest rates on First Start and Sustainability Loans drawn down from January 1, 2013, to June 30, 2013, are:
| 1 year fixed | 4.18% (down 0.06% from 4.24% as at 1 July 2012) |
| 3 year fixed | 4.21% (down 0.05% from 4.26% as at 1 July 2012) |
| 5 year fixed | 4.47% (down 0.05% from 4.52% as at 1 July 2012) |
“I encourage Queensland primary producers to take advantage of QRAA’s low interest rates and secure their farming future with the help of a First Start or Sustainability Loan,” Mr McVeigh said.
First Start Loans up to $650,000 are available for applicants who want to enter primary production or become a partner in an existing family operation.
Sustainability Loans up to $650,000 are available for primary producers wanting to improve their productivity and sustainability.
Mr McVeigh said First Start and Sustainability Loans had no set up or exit fees, repayment terms of up to 20 years and offered the option of joint lending with commercial banks.
“To date in the 2012-13 financial year, QRAA has approved over $40 million in First Start and Sustainability Loans,” he said.
“For anyone considering a First Start or Sustainability Loan, QRAA’s Client Liaison Officers are available to meet on-farm to discuss the loan criteria, terms and conditions and the application process.”
The First Start and Sustainability Loans are administered by QRAA under the Primary Industry Productivity Enhancement Scheme.
For further information on loans and eligibility criteria, call 1800-623-946 or visit the website.
