​​Media Release 

Farm Finance Concessional Loans for Queensland farmers extended to 30 June

Minister for Agriculture, Barnaby Joyce MP
Queensland Minister for Agriculture and Fisheries, William Byrne MP

30 April 2015

Queensland farmers will now have until 30 June to apply for a loan under the Australian Government’s Farm Finance Concessional Loans Scheme.

Australian Government Minister for Agriculture, Barnaby Joyce, and Queensland Minister for Agriculture and Fisheries, Bill Byrne, agreed to extend the application closing date to allow Queensland farm businesses more time to take advantage of the loans scheme.

“These loans assist farm business in the short term with debt restructuring, productivity enhancements, or a combination of the two, and help build productivity and profitability in the longer term,” Minister Joyce said.

“The Australian Government has made a total of $50 million in loans available to eligible farm businesses in Queensland for the 2014–15 round of the loans scheme. Funding is still available.”

Minister Byrne said that loans of up to $1 million were available to eligible farm businesses, with an interest rate currently set at 4.34 per cent and a loan term of five years.

“Although the closing date for applications has been extended to 30 June, if you are interested in taking advantage of these loans, I encourage you not to delay in finding out more and submitting an application,” Minister Byrne said.

In addition to the $420 million Farm Finance Concessional Loans Scheme, the Australian Government has a range of assistance measures available to farmers and rural communities experiencing hardship—including income support through the Farm Household Allowance and free financial counselling through the Rural Financial Counselling Service.

“More than $113 million has been delivered to 205 farmers under the three concessional loans schemes available to Queensland primary producers.

“I encourage farmers not to self assess their eligibility for any of these measures, but to talk to the experts and find out more about their options,” Minister Joyce said.

The Drought Concessional Loans Scheme and Drought Recovery Concessional Loans Scheme are also operating in Queensland, and are delivered by QRAA. More information on the three loans schemes, including eligibility criteria and application details, can be found at qraa.qld.gov.au.

Loan applications for the Farm Finance, Drought, and Drought Recovery concessional loans schemes close at 5 pm on 30 June 2015, or when funds are fully committed, whichever is sooner.

For more information on the range of Australian Government assistance available to farmers, farm businesses and rural communities, visit agriculture.gov.au/assistance.