Queensland agricultural sector to benefit from rate cuts
Queenslanders with a stake in rural property across the state may be set to benefit from interest rate cuts for First Start and Sustainability Loans.
Minister for agriculture, fisheries and forestry John McVeigh said the state government initiative is a major boon for the agricultural sector, with a rate reduction potentially stimulating further investment in the industry.
From January 1 to June 30 this year, one year fixed loans will fall 0.06 per cent from 4.24 per cent, three year fixed loans will drop 0.05 per cent from 4.21 per cent and five year fixed loans will plunge 0.05 per cent from 4.52 per cent.
"I encourage Queensland primary producers to take advantage of QRAA's (Queensland First Start and Sustainability Loans) low interest rates and secure their farming future with the help of a First Start or Sustainability Loan," Mr McVeigh explained.
"This will help them invest in infrastructure improvements, land purchases and equipment, leading to more sustainable primary production."
Primary producers wanting to improve their productivity and sustainability may be eligible for a Sustainability Loan up to $650,000, while those who want to enter primary production or become a partner in an existing enterprise may be interested in applying for a First Start Loan of up to $650,000.