Farm loans interest rate to 1.77pc

Regional Investment Corporation follows Reserve Bank lead

Agribusiness
The Reserve Bank's move to cut interest rates is being passed on to farmers by the Regional Investment Corporation. Photo: Shutterstock

The Reserve Bank's move to cut interest rates is being passed on to farmers by the Regional Investment Corporation. Photo: Shutterstock

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Variable interest rates on farm loans have been reduced to 1.77 per cent by the Regional Investment Corporation.

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REDUCED variable interest rates are today being passed on to farmers by the Regional Investment Corporation.

AgriStarter Loan and Farm Investment Loan borrowers, as well as those who submitted their Drought and AgBiz Drought loan applications after the interest-free terms ended on September 30 last year, will have their interest rates reduced from 1.92 per cent to 1.77pc.

RIC chief executive Bruce King said customers would benefit from the falling interest rate and hoped they might be able to reinvest the savings back into their businesses, particularly those still managing through or recovering from drought.

"The RIC is here to help farmers and farm-related small businesses in financial need of a concessional loan, and we're pleased to see the RIC's variable interest rate fall to another record low," said Mr King.

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