Time is running out for eligible primary producers to secure an appointment with a rural financial counsellor for assistance to access interest free government loans.
New applicants have until the 30th of September 2020 to submit their paperwork for a Regional Investment Corporation (RIC) drought loan.
The loans offer two years interest free and a rural financial counsellor can help you with your application.
However, with appointments filling fast, if you don’t make an appointment this week you could be disappointed.
Longreach based RFC Rachel Bock knows the zero per cent loans are very popular and desirable for producers whose drought circumstances are unchanged.
“I have clients in their 7th year of drought who have existing loans with QRIDA with rates of between one and two per cent that will be coming up for either repayment or principal and interest repayment,” she said.
Drought affected primary producers should review their situation often - to keep on top of product changes like when special offers expire, or principal repayments are due - and consider their best course of action.
“Switching to a 0% loan may give them the boost they need to recover when seasons turn or alternatively give them some breathing space to make some big decisions which might be to transfer the business to the next generation, retire and sell, or take advantage of opportunities in another industry,” Ms Bock said.
The Rural Financial Counselling Service North Queensland has nine professional financial counsellors across North Queensland who can help with loan applications for primary producers at risk of financial hardship or affected by drought or natural disasters free of charge, confidentially and with no referral necessary.
“Whilst RIC are accepting applications for the 0% facility until 30th September, our appointment times are filling fast and we’d hate for anyone to miss out,” she said.
“I’d encourage anyone who has been thinking about looking at their options to get in touch with us as soon as possible to make an appointment on 4652 5669,” Ms Bock said.