Stick with your bank
Readjust, stick with your banks and keep supporting your dairy company; things will come right.
"These 10-year recovery loans need to be made available immediately," UDV president Adam Jenkins says.
"There's no reason why agreement can't be reached between the federal and state governments to make these loans right now, so farmers know there's low-interest [funding] to help them through the milk price crisis."
"Farmers need the details of these loans now so they can compare the government [offer] with loans the milk processors are offering."
The federal loans are interest-only for the first five years at 2.66%, then interest plus principal for the remaining five years.
The federal government has made available a separate parcel of A$30m in five-year loans to Victoria farmers severely affected by the state's 1-in-20 year drought. So far the farmers have taken up only $2m. Applications for this close on October 31.
The federal government is controlled by the Liberal/National parties and the Victoria state government by Labour.
"We understand Victoria received A$750,000 to cover the administrative costs of these drought loans," Jenkins says. "Given that only A$2 million [has gone out] it seems reasonable that the state uses the remainder of the A$750,000 for the new round of A$30m in dairy recovery loans."
