Editorial: Time for rural banking inquiry
OPINION: A recent survey revealed that farmers are feeling excessive and undue pressure from their banks.
Heartland Bank has launched a term loan to serve farmers.
The new term loan, named Sheep & Beef Direct, is designed for established farmers looking to buy or refinance a sheep or beef farm and will be available online.
This is the newest of Heartlands’ digital lending products.
“Not all Kiwi farmers are able to spend hours on the phone or schedule multiple meetings with a relationship manager,” said Heartland Bank chief executive officer Chris Flood.
“Sheep & Beef Direct is intended to relieve some of the pressure on those farmers who need to arrange finance for the farm, but struggle to find the time to do so.”
The launch comes at a time when rural lending is on its fastest downturn since 1992, according to data from the Reserve Bank of New Zealand.
“With rural lending on a steady decline, customers may be looking into other options that better meet their needs,” said Flood.
He says the new Sheep & Beef Direct term loan is a cost-effective alternative for farmers.
The loan offers up to five years interest only or 25-year terms with revolving credit options.
The interest rate is capped at 4.20% per annum for 12 months and the bank says there are no set up fees attached.
Fonterra has cemented its position as the country’s number one cheesemaker by picking up nine NZ Champion of Cheese trophies this year.
New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
The Food and Agriculture Organisation of the United Nations (FAO) has welcomed a resolution adopted by the United Nations (UN) General Assembly to declare 2026 International Year of the Woman Farmer.
Waikato herd health veterinarian Katrina Roberts is the 2024 Fonterra Dairy Woman of the Year.
Horticulture NZ chief executive Nadine Tunley will step down in August.
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