Reduced concessional interest rates welcomed

• Interest rates reduced on Farm Finance and Drought concessional loans schemes

• Concessional loans schemes remain open for eligible WA farm businesses 

Agriculture and Food Minister Ken Baston today welcomed a reduction in interest rates which will apply to the Farm Finance and Drought concessional loans schemes.

These are Australian Government initiatives which the Western Australian Government administers through the Rural Business Development Corporation (RBDC).

Mr Baston said the adjustment to the concessional interest rates was the result of regular six-monthly reviews by the Australian Government.

The interest rate charged on a Farm Finance Concessional Loan will be reduced from 4.5 per cent to 4.34 per cent, effective from February 1, 2015.

"There are 25 farm businesses in WA which currently access Farm Finance loans and will benefit from these reductions," the Minister said.

"These businesses will be notified about the changes by the RBDC."

The interest rate for the Drought Concessional Loans Scheme will be reduced from 4 per cent to 3.84 per cent, effective from February 1, 2015.

Mr Baston said both the Farm Finance and Drought concessional loans schemes remained open in WA.

The State's component of the Drought Concessional Loans Scheme closes on June 30, 2015, or earlier if funds are fully committed.

The second and final round of the Farm Finance Concessional Loans Scheme (WA) 2014-15 closes on April 30, 2015, or earlier if funds are fully committed.

"I encourage those interested in these schemes to access more information from the RBDC and not self-assess," the Minister said.

       Fact File

• For more information on Farm Finance and Drought concessional loans schemes, contact RBDC on freecall 1800 198 231 or online at http://www.agric.wa.gov.au/rbdc

Minister's office - 6552 5400