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

Roofs removed as strongest wind in years lashes eastern NSW

12:51 EST

A wintry blast is bringing the strongest wind gusts in years and low level snow to parts of eastern and southeast Australia today.

BOM issues NSW severe weather warning, amid flight delays and power outages

12:50 EST

Strong and damaging winds in Sydney have caused flight delays and power outages, as the NSW Bureau of Meteorology (BOM) has issued a severe weather warning for the city and other parts of the state on Friday and Saturday.

Potential for windiest day in years in NSW

08:12 EST

Today will be the windiest day of the year for much of the coast and ranges of New South Wales with potential to be the windiest day in more than two years in parts, including Sydney.