Applying for a loan

Learn more about applying for a loan.

Talk to our loan assessment team before you apply. Call them on 1800 875 675.

You can also get advice from a trusted advisor or the Rural Financial Counselling Service.

Eligibility

Farmers in financial need and are viable in the long term are encouraged to apply.

Check your eligibility for:

You can also read our definitions of key eligibility criteria.

Not eligible for a farm business loan? Check other government support available.

Inspections

Most applications will be managed through the loan assessment team.

If required, we may conduct an on-farm inspection. We will contact you if this is required.

Loan purpose

You can generally use our loans for any farm business-related activity. For example:

  • Expand or diversify your business
  • agisting livestock
  • buying fodder
  • fencing
  • upgrade machinery, plant or equipment
  • grain storage
  • purchase of land (in some circumstances)
  • water infrastructure (including bores or irrigation systems)

Check the detail in the loan guidelines:

Processing time

We aim to assess most loan applications within 25 working days. Due to the strong demand, it is taking longer for us to complete loan assessments.

Make sure you include as much information as possible. We may call you to provide more details. If we need to do this, it will slow down your application.

Review of decision

You can request a review of the loan decision in writing. Check the loan guidelines for details of what to include in your request for review.

Send your request for review by email or post.

Email: info@ric.gov.au

Post:

Loans Review Officer
Regional Investment Corporation
c/o Department of Agriculture and Water Resources
GPO Box 858
Canberra ACT 2601

Please do not submit applications to this address.

Security and valuations

We assess security and valuations on a case-by-case basis. This is similar to a bank.

We will primarily look at land, water rights and livestock as forms of security. We will provide valuer options to you, if a valuation is required.

The maximum we will lend against farmland is 70% of its value.

Farmers who lease their land can apply but must have some form of security.

Assets you cannot use as security:

  • blue chip shares
  • cash deposits
  • Farm Management Deposits.

Priority over security is negotiated between us and your bank. It will depend on the circumstances of the farm business.

Your commercial lender

We work in partnership with your commercial lender, for the benefit of your farm business.

It helps if you let them know before you apply for a RIC loan. Then there are no surprises when we contact them. We will be in touch with them when assessing your application.

Some banks may require minimum loan levels to access particular interest rates or other services.

We encourage you to talk to your bank and to us. Together we can help you make the best decision for your farm business.

Working with us

You may talk to more than one RIC officer over the life of your loan. This allows us to help you as quickly as possible.

We keep detailed notes on file to ensure consistent, high-quality service.

How to apply

We encourage you to talk to our loan assessment team first. Call them on 1800 875 675.

After you have talked to us, you can:

  1. Check the information you will need to provide. 
  2. Talk to your commercial lender. Let them know you plan to apply for a RIC loan.
  3. Gather the required information. The more you provide, the faster we can assess your application.
  4. Submit your application to us.