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2 August 2019: Productivity loan interest rates drop for seventh time to 2.36%

2 August 2019

QUEENSLAND primary producers looking to buy their first property or enhance the productivity of their existing property are benefiting from record low interest rates offered through the Queensland Rural and Industry Development Authority (QRIDA).

New monthly rates released today (August 1) have dropped as low as 2.36% on one-year fixed rate loans made available through the Primary Industry Productivity Enhancement Scheme (PIPES).

First Start Loans of up to $2 million are available to support new entrants in the acquisition or establishment of their first viable primary production enterprise while Sustainability Loans of up to $1.3 million enable existing primary producers to increase productivity and viability of their enterprise with terms of up to 20 years.

Three-year fixed rates dropped to 2.37% while five year fixed rates dropped to 2.49%.

In the 12 months to June 2019 QRIDA approved 197 PIPES loans for $89.3million including 108 First Start Loan approvals for $59.9m and 89 Sustainability Loan approvals for $29.4m, while more than $1 billion has been approved since the scheme was established.

QRIDA Chief Executive Officer Cameron MacMillan said it was the seventh consecutive month PIPES interest rates had dropped.

“Producers across the state are using First Start and Sustainability Loans to buy their first property or livestock, improve business efficiencies, upgrade and diversify operations, achieve long-term sustainability, or a range of activities that allow them expand their current operations to improve productivity or long-term sustainability,” Mr MacMillan said.

“Sustainability Loans are used for range of purposes including desilting or building new dams or other on-farm infrastructure such as grain or fodder storage to help prepare and mitigate impacts of drought and improve the longer term sustainability of the business.

“We encourage producers not to self-assess but get in contact with our team of Regional Area Managers on the ground across the state to find out how a First Start Loan or Sustainability Loan could help them.”

QRIDA’s team or Regional Area Managers are available across 10 offices state-wide to help primary producers with local knowledge and on-farm visits.

Regional Area Managers are available in Innisfail, Kingaroy, Brisbane, Toowoomba, Mackay, Rockhampton, Roma, Emerald, Longreach and Cloncurry, with an eleventh office due to open in Townsville later this year.

For more information see qrida.qld.gov.au or Freecall 1800 623 946.

ENDS

QRIDA contact Emma Clarke 3032 0137

Last updated
2 August 2019