Fairfax Media Network

Weather News

Round two of farm finance loans opens

Lydia Burton, Tuesday January 7, 2014 - 15:51 EDT
ABC image
The second round for farm finance concessional loan applications opens today. - ABC

The second round for applications for a farm finance concessional loan opens today.

Queensland Rural Adjustment Authority (QRAA) CEO Colin Holden says the big change from the first round is an increase in the upper limit on loans available from $650,000 to $1 million.

He explains less than 50 per cent of applications were approved in the first round.

"The main reasons people weren't being approved ranges from them not demonstrating viability to not demonstrating a need for concessional loans in their applications."

He says he expects considerably more applications to be lodged in the second round, after 91 applications in the first round.

Chairman of the Northern Gulf Graziers Group, John Bethel, says there a few reasons people have been deterred from applying.

"It's a very complex application process."

"The feedback I've been getting is people don't think it's worth the pain of the paperwork and effort to get the funding," he says.

"People are not in a position to take on any more debt and you're basically replacing existing debt with a lower interest rate but the thing is, it has to be paid back within five years, which is not possible in the current conditions."

For more information on the second round of farm finance concessional loans, visit www.qraa.qld.gov.au


- ABC

© ABC 2014

More breaking news

Sydney Morning Herald
ABC News
National Nine News
News Limited

Display Your Local Weather

Weather News

Hot and dry autumn ahead for Australia

17:43 EDT

The seasonal outlook for autumn is hot and dry, but what is causing it? Both maximum and minimum temperatures look to be above average, especially for central Australia, extending down through inland NSW and western VIC.

Wet end to summer for eastern NSW

13:41 EDT

Wrapping up a hot and humid summer many will be happy to forget, rain is on its way for most of NSW east of the divide.

Autumn weather: Australia set for continued hot temperatures after 'exceptional' start to 2017

12:03 EDT

Although autumn is on the way, the Bureau of Meteorology has warned the hot weather is likely to continue, with warmer than average temperatures forecast for most of southern and eastern Australia.