Good news for Aussie farmers as loan scheme interest rates fall

Falling interest rates on loans delivered under two vital Federal Government schemes will improve the long term viability of dairy farmers according to national advocacy body, Australian Dairy Farmers (ADF).

Interest on loans delivered under the Farm Finance Concessional Loans Scheme and the Drought Concessional Loans Scheme fell to 4.34 and 3.84 per cent respectively as of 1 February 2015.

ADF President, Noel Campbell said the improved terms of both Federal Government loans would help dairy farmers reduce the cost of farm debt as well as providing cheaper finance for drought recovery on farm.

“This interest rate cut means farmers will be better placed if they want to use these Government loans,” Mr Campbell said.

“While there are many factors beyond our control when it comes to seasonal conditions and drought, this decrease provides a better option for dairy farmers who are trying to return to full viable production as soon as possible.”

As the national voice of Australian dairy farmers, ADF has continually sought Government support to ensure viable farms have access to practical measures that will improve the industry’s longevity.

The decision by Government to lower interest rates shows confidence in Australian agriculture’s efforts to improve its long term sustainability, providing industry with the support to maintain our efforts.

While the interest rate cuts are welcomed by the industry, ADF highlights the need to reduce the loans red tape to ensure they are more accessible to dairy farmers.

To find out more about the Farm Finance and Drought Concessional Loans Schemes and your eligibility, click here

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