Round two of farm finance loans opensLydia Burton, Tuesday January 7, 2014 - 15:51 EDT
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 2014
More breaking news
Rainfall totals are the lowest on record over the past year for parts of western Victoria and south-eastern South Australia, weather forecasters are warning.
Agriculture Minister Barnaby Joyce 'takes on board' concern that farmers are struggling to access drought loans
Agriculture Minister Barnaby Joyce has indicated he might be prepared to consider changes to improve the Federal Government's concessional loans scheme for drought-hit farmers.
Labor, Greens slam Agriculture White Paper for lack of strategic vision or climate change consideration
Prime Minister Tony Abbott says his government "wants to back people who are prepared to back themselves", and that a newly released vision for Australian agriculture will do just that.