In the coming weeks, farmers in the Northern Territory will have access to $30 million over two years in concessional loans to help them get back on track and take control of their debt.
Country Liberals Senator for the Northern Territory Nigel Scullion said arrangements to deliver the Farm Finance concessional loans package for the NT had been agreed.
“Five year loans for amounts between $250,000 and $1 million will be available for NT farmers for debt restructuring. This is all about helping farmers and their families who are doing it tough,”
“The Territory faces different pressures from the southern states and that is why loans of up to $1 million will be available recognising the different scale of operations.
“We also have a $40 million reserve fund ready in 2014-15 to allocate to areas of greatest need should conditions change,”
The Australian Government also offers support to Australians in hardship. Farmers can access these as well as the following specific measures: the Rural Financial Counselling Service, the Farm Management Deposits Scheme and the Transitional Farm Family Payment.
For more information on Farm Finance and other Australian Government assistance measures visit: www.daff.gov.au.
Download media release:
2013-12-12 farm finance release.pdf