QRAA cuts loan interest rates for Queensland's agricultural sector
Minister for Agriculture, Fisheries and Forestry John McVeigh today announced that interest rates for the Queensland Government’s First Start and Sustainability Loans had been cut, stimulating further investment and support for Queensland’s agricultural sector.
The new fixed interest rates on First Start and Sustainability Loans drawn down from 1 July 2012 to 31 December 2012 are:
Term Interest rate
1 year fixed 4.24% (down 0.98% from 5.22% as at 1 January 2012)
3 year fixed 4.26% (down 0.80% from 5.06% as at 1 January 2012)
5 year fixed 4.52% (down 0.81% from 5.33% as at 1 January 2012)
“The cut in interest rates is great news for Queensland producers because it will help them invest in infrastructure improvements, land purchases and equipment, leading to more sustainable primary production,” Mr McVeigh said.
“There will also be wider benefits for rural and regional Queensland over the long-term,” he said.
“I encourage Queensland primary producers to take advantage of the Queensland Rural Adjustment Authority’s low interest rates and secure their farming future with the help of a First Start or Sustainability Loan.”
First 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.
Sustainability Loans of 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.
“We have seen the confidence of primary producers pick up over recent months with the loans being a popular source of finance for eligible primary producers,” he said.
“At the end of the 2011/12 financial year, QRAA has approved more than 180 First Start and Sustainability Loans valued at more than $58 million.
“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 loan benefits, terms and eligibility criteria Freecall 1800 623 946 or visit www.qraa.qld.gov.au.
Media Contact: Jacinta Cummins 0408 709 160