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6 January 2016: QRAA's low interest rates continue to benefit Queensland farmers

6 January 2016

Queensland primary producers continue to benefit from low interest rates to assist them improve farm viability and better prepare for climate variability, with QRAA announcing their latest rates effective 1 January 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 3.39 per cent for one year, 3.38 per cent for three years and 3.56 per cent for five years, reflect a tremendous opportunity for primary producers to access funds tailored to their requirements.

QRAA Chief Executive Officer, Cameron MacMillan, said he is pleased that these interest rates remain low and is encouraged by Queensland farmers accessing Sustainability and First Start Loans.

“I recently met with QRAA clients in the Darling Downs, Burnett and Far North regions and it was extremely encouraging to see firsthand how Sustainability and First Start Loans have benefited and supported Queensland farm businesses,” Mr MacMillan said.

“With tough economic conditions and the drought gripping much of Queensland, it is heartening to know that Sustainability Loans can provide producers with the opportunity to increase productivity through access to low cost finance to improve water infrastructure or install exclusion fencing.

“Likewise, I am encouraged by young farmers and farming families making use of First Start Loans to implement their succession plans – the future of the rural sector really relies on the next generation making sound financial decisions now and First Start Loans provide an attractive option for this,” he said.

Mr MacMillan urged farmers who are thinking about succession planning, or wanting to improve their productivity and sustainability, to take advantage of the low interest rates and contact QRAA today.

“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 the past 12 months, QRAA has approved 95 Sustainability Loans valued at more than $23 million and 77 First Start Loans valued at more than $30.49 million to Queensland primary producers, encouraging those with drive and passion to further their primary production enterprise or lay the foundations to establish themselves as primary producers.

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 beyond $650,000.

For further information visit www.qraa.qld.gov.au or contact QRAA on Freecall 1800 623 946.

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Note: Under the Rural and Regional Adjustment Act 1994 we are QRAA. Should clarification be required the preferred wording is ‘QRAA (formerly known as the Queensland Rural Adjustment Authority)’.

The Sustainability and First Start Loans are initiatives of the Queensland Government’s Primary Industry Productivity Enhancement Scheme administered by QRAA.

For Media Enquiries:                                       
Contact QRAA – CEO Cameron MacMillan                
Phone number: (07) 3032 0122

Last updated
10 May 2017