AgriBusiness banking specialist Rabobank has announced it will offer a range of support measures to farming clients adversely impacted by floods and torrential rainfall in NSW and Queensland. Rabobank group executive country banking Australia Marcel van Doremaele said early indications were that damage from the recent extreme rainfall event affecting the eastern states had primarily been in coastal regions of NSW, particularly the mid-north coast, with reports of livestock losses, flooded paddocks, access issues and damage to fodder crops and fencing.
“As well as the devastating impact this rainfall event has had on a number of communities in northern NSW and southern Queensland, there are concerns about damage, particularly in the mid-north coast region of NSW,” Mr van Doremaele said.
“We are keeping a close watch on the situation and are continuing to make contact with clients in impacted areas to offer support and gauge the extent of any damage they have sustained.” Mr van Doremaele said the bank would work directly with clients whose farms or agribusinesses had been impacted to provide support through immediate difficulties and offer a range of assistance measures in applicable circumstances.
These included:
- Deferral of scheduled loan payments
- Waiver of break costs on early redemption of farm management deposits
- Waiver of fees on loan increases necessary for rebuilding operations
- Waiver of fees for equipment finance contract variations.
Any farming clients who had been impacted by the floods and had not yet spoken to the bank, should contact their local branch or phone Rabobank on 1800 025 484. Mr van Doremaele noted more heavy rainfall was forecast for northwest and western NSW, with heavy falls also experienced in southeast Queensland.
“While we hope good rainfall totals will be largely welcomed by producers in a number of those areas, there is the concern that excessive volumes could be damaging,” he said. For more information, visit rabobank.com.au
