July 1, 2015
Primary producers can now access cheaper Sustainability and First Start Loans from the State Government following a cut in interest rates.
QRAA Chief Executive Officer Colin Holden said the new fixed interest rates for loans drawn down from July 1 are:
- 1 year – 3.23 per cent (down from 3.72pc)
- 3 year – 3.26 per cent (down from 3.76pc)
- 5 year – 3.45 per cent (down from 3.88pc)
These rates are next scheduled for review on January 1, 2016.
Mr Holden said productivity loans were designed to give Queensland primary producers or aspiring producers the opportunity to take proactive steps in developing a sustainable and productive farm business through a Sustainability or First Start Loan.
Sustainability Loans allow producers to invest in projects such as property expansion, predator fencing, improved water infrastructure and more efficient irrigation systems.
First Start Loans support those aspiring to buy their first farm or become partners in the family farm.
Mr Holden said producers were strongly urged not to self assess their eligibility for loans.
He said QRAA Client Liaison Officers were available to meet on-farm to discuss loan criteria, terms and conditions and the application process.
Loans can be up to $650,000, with terms up to 20 years. There are no set-up or exit fees.
Joint lending is available for producers who need extra finance beyond $650,000
More information is available by phoning 1800-623-946.
