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1 July 2016: QRAA’s interest rates drop further to benefit Queensland farmers

1 July 2016

Queensland primary producers continue to benefit from low interest rates to assist them increase productivity, improve profitability and make their start in agriculture, with QRAA announcing their latest rates effective 1 July 2016.

The new concessional interest rates under the Queensland Government’s Primary Industry Productivity Enhancement Scheme (PIPES), apply to newly drawn Sustainability and First Start Loans.

The new rates, which are 3.24 per cent for one year, 3.11 per cent for three years and 3.22 per cent for five years, reflect an incredible opportunity for primary producers to access funds tailored to their requirements.

QRAA Chief Executive Officer, Cameron MacMillan, said he is pleased that QRAA’s rates remain low and is encouraged by how proactive Queensland producers have been by making QRAA their long-term financial partner.

“QRAA plays an important role in nurturing the future of our rural sector – our First Start Loans are helping many rural families to implement succession plans, allowing the next generation of farmers to achieve their agribusiness goals.

“Our Sustainability loans are also allowing producers to invest in infrastructure and new innovations - maximising productivity and improving their future profitability.”

“Many of our clients also return to QRAA for new lending down the track – it’s fantastic to see Queensland producers benefit from a long term partnership with us.”

One example is Simon and Kerry McCarthy of Gracekate farm near Nobby, who have purchased and improved their vegetable farm using multiple PIPES loans.

“We really couldn’t have done this without QRAA – they have kept faith in us all along, and have made it easier to manage by setting up our payment schedule so it’s due after harvest time each year, which is extremely helpful,” Kerry said.

Over the past 12 months, QRAA has approved 109 Sustainability Loans valued at over $31.1 million, and 80 First Start Loans also for a total of more than $31.4 million. Mr MacMillan said he was confident the low interest rates would attract many more producers wanting to increase productivity or make a start in agriculture.

“Our consistently low interest rates help free up valuable funds that can be put to good use elsewhere in the business. Mr MacMillan said.

Mr MacMillan urged farmers who are thinking about succession planning, or are wanting to improve their productivity and sustainability, to contact QRAA.

“QRAA has Client Liaison Officers across Queensland who are available to meet on-farm to discuss loan criteria, terms and conditions and assist with the application process – give them a call today,” he said.

In addition to concessional interest rates, Sustainability and First Start Loans feature lending limits of up to $650,000, no fees or charges and repayment terms of up to 20 years.  Primary producers also have the option of using joint lending with commercial banks if they need additional finance.

For further information contact QRAA on Freecall 1800 623 946.

Last updated
10 May 2017