Farmers can now access more from loans
FARMERS across Australia can access more money from low interest loans after an an announcement made on Tuesday.
Farmers can access up to $2 million in low interest loans - double the previous limit of $1 million.
Minister for Agriculture David Littleproud said the government had also doubled the total funding available for low-interest loans in any given year.
"These loans will help those in hardship, including drought,” Minister Littleproud said.
"When farmers transfer their commercial loans to our low-interest loans, good savings can be made.
"The first five years of these loans will remain interest-only.”
Mr Littleproud said those already with loans were not exempt from the new limit.
"Farmers with existing government loans will also be able to switch to these Regional Investment Corporation loans to access the interest-only period,” Mr Littleproud said.
"We made this commitment to farmers on August 19 and today we delivered,” he said.
"We can't make it rain but we can help our farmers survive the drought which is affecting so many farming families.”
Regional Investment Corporation interim CEO, Matt Ryan, encouraged farmers to talk to their banks about the new loan limit.
"Our loans can be used for a variety of farm-related activities including refinancing existing commercial debt or accessing new debt for operating expenses and capital improvements,” he said.