Interest rate cuts help primary producers

Minister for Agriculture, Fisheries and Forestry John McVeigh has announced a reduction in the interest rates for the Queensland Government’s First Start and Sustainability Loans, stimulating further investment and support for Queensland’s agricultural sector.

Mr McVeigh said the cut in interest rates is 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 1 January 2013 to 30 June 2013 are:

Term Interest rate
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,” he 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.

“QRAA’s loans continue to support primary producers and the Newman Government’s commitment to grow agriculture as one of the four pillars of the Queensland economy,” Mr McVeigh said.

“To date in the 2012-13 financial year, QRAA has approved over $40 million in First Start and Sustainability Loans.

“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.

[ENDS] 25 January 2013                                                           

Media: Louise Gillis – 0408 709 160