{"id":37481,"date":"2013-07-01T14:19:09","date_gmt":"2013-07-01T04:19:09","guid":{"rendered":"http:\/\/southburnett.com.au\/news2\/?p=37481"},"modified":"2020-09-15T12:11:46","modified_gmt":"2020-09-15T02:11:46","slug":"rate-cuts-for-farm-loans","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2013\/07\/01\/rate-cuts-for-farm-loans\/","title":{"rendered":"Rate Cuts For Farm Loans"},"content":{"rendered":"

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Queensland Agriculture Minister John McVeigh<\/figcaption><\/figure>July 1, 2013<\/strong><\/p>\n

Agriculture Minister John McVeigh has announced further interest rate cuts for the State Government\u2019s First Start and Sustainability Loans for farmers.<\/p>\n

Mr McVeigh said the cut was good news for farmers wishing to invest further in their businesses.<\/p>\n

\u201cThe lower rates will help farmers invest in infrastructure improvements, land purchases and equipment, leading to more sustainable primary production,\u201d Mr McVeigh said.<\/p>\n

\u201cHelping support sustainable and productive enterprises will directly contribute to our objective of doubling Queensland\u2019s food production by 2040.\u201d<\/p>\n

The new fixed interest rates for First Start and Sustainability Loans drawn down from July 1, 2013 to December 31, 2013 are:
\n

<\/p>\n\n\n\n\n\n\n
Term<\/center><\/strong><\/td>\n
Interest Rate<\/center><\/strong><\/td>\n<\/tr>\n
1 year fixed<\/td>\n3.73 per cent (down 0.45 per cent)<\/td>\n<\/tr>\n
3 year fixed<\/td>\n3.88 per cent (down 0.33 per cent)<\/td>\n<\/tr>\n
5 year fixed<\/td>\n4.17 per cent (down 0.30 per cent)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

<\/center>
\n\u201cFirst Start Loans of up to $650,000 are available for applicants who want to enter primary production or become a partner in an existing family operation,\u201d Mr McVeigh said.<\/p>\n

\u201cSustainability Loans of up to $650,000 are available for primary producers wanting to improve their productivity and sustainability.<\/p>\n

\u201cThe loans are administered by the Queensland Rural Adjustment Authority, under the Primary Industry Productivity Enhancement Scheme, and have been well taken up by producers, with more than $78 million approved in the 2012-13 financial year.\u201d<\/p>\n

The loans have no set up or exit fees, repayment terms of up to 20 years and offer the option of joint lending with commercial banks.<\/p>\n

QRAA\u2019s Client Liaison Officers are available to meet on-farm to discuss the loan criteria, terms and conditions and the application process.<\/p>\n