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3 August 2016: Interest rates on Drought Recovery Concessional Loans Scheme fall to record low

3 August 2016

Primary producers wanting to put their drought recovery plans into action can now access concessional loans of up to $1 million with interest rates at a record low 2.66 per cent.

QRAA Chief Executive Officer, Cameron MacMillan, said the finance available under the Drought Recovery Concessional Loans Scheme focussed on assisting farm businesses restock or plant when the season breaks.

“The unique feature of the recovery loans is the pre-approval process – so that funds are there when the seasonal conditions allow restocking or planting to take place,” Mr MacMillan said.

Since the scheme opened in October 2015, QRAA has approved over $12 million in Drought Recovery Concessional Loans, providing Queensland farm businesses affected by drought to commence their recovery.

In addition to concessional interest rates, Drought Recovery Concessional Loans feature repayment terms of up to 10 years with interest only repayments for the first five years.

Mr MacMillan urged farmers who are affected by drought to take advantage of the low interest rates and contact QRAA to start the application process.

“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.

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

The Drought Recovery Concessional Loans Scheme is an initiative of the Australian Government and administered by QRAA.

Last updated
10 May 2017