Bank doubles farm start-up loans
Australia New Zealand Bank has doubled its farm start-up loan fund from $60 million to $120 million following strong interest from young farmers.
The bank’s commercial and agri-managing director Graham Turley said the loans, available over five years, were designed to help young farmers take their first step towards farm ownership.
The aim is to help new farmers get started in their first independent farming position, for example as a contract milker or in leasing land, as a first step towards raising further capital and buying a farm.
Available through ANZ and National Bank agri-managers, up to $50,000 of an applicant’s loan may be unsecured.
The package also includes expert support including coaching and seminars to help new farmers manage their business. Turley said about 100 new farmers were expected to take up packages by June.