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7 July 2016: Rural Succession an Affordable Reality with QRAA

7 July 2016

With stamp duty on family farm transfers removed and interest rates on QRAA’s First Start Loans dropping as low as 3.11 per cent on 1 July, rural succession has become a more affordable reality for Queensland producers.

QRAA CEO, Cameron MacMillan, is thrilled by these changes and what they mean for the agriculture industry.

“Until now, stamp duty exemption has only applied when the property was transferred as a gift – an option not financially viable for many Queensland families,” he said.

“The removal of this duty will save farming families tens of thousands of dollars – allowing parents to retire earlier, and the next generation to pursue their own agribusiness goals sooner.”

Mr MacMillan said that he is proud of the role QRAA has played in facilitating rural succession to date, by providing low-interest First Start Loans of up to $650,000 to hundreds of up and coming farmers.

“Our First Start Loans have provided aspiring producers the low-interest finance they needed to purchase the property from their family, while Sustainability Loans have been helping others dive straight into improving the operation,” Mr MacMillan said.

“Together with the removal of transfer duty on family farms, the consistently low, concessional interest rates on these loans present an incredible opportunity to those looking to enter primary production.”

Since 2010, QRAA has approved almost $188 million in First Start Loans, allowing over 470 Queenslanders to make their start in agriculture. Mr MacMillan said that the changes to stamp duty will assist QRAA’s commitment to bring more young Queenslanders into agriculture.

“QRAA is actively challenging the perception that farming is an older person’s game. In 2015-16 the average age of our First Start loan recipients was 35 years young!

“I’m looking forward to seeing even more young producers – and the energy and ideas that they bring – enter agribusiness now that the stamp duty road block has been removed,” Mr MacMillan said.

First Start and Sustainability Loans have no fees or charges and can be obtained for terms of up to 20 years. The current fixed interest rates are 3.24 per cent for one year, 3.11 per cent for three years and 3.22 per cent for five years. Joint lending is also available when more than $650,000 is required.

QRAA has eight Client Liaison Officers based throughout rural and regional Queensland, who are available to meet producers on-farm to discuss eligibility and what the removal of the stamp duty means to them. Visit www.qraa.qld.gov.au or Freecall 1800 623 946 to arrange an appointment.

Last updated
10 May 2017