Step 1. Before you start
Not sure if you're ready to apply? Visit our Before you apply page to check your eligibility, learn about RIC loan requirements and review the loan guidelines.
Step 2. Checklist
Before you begin
- check and understand our loan eligibility criteria by exploring our tools here
You need to check
- you understand the terms of the loan
- you can meet the loan eligibility criteria
- you have read the loan guidelines
- you have informed your commercial lender you plan to apply for a RIC loan
You need to provide
- Australian Business Number (ABN)
- proof of your eligibility (you may be asked about your farm business, financial need, and [tooltip definition="An event outside of your control that has reduced the profitability of your business."]significant financial impact[/tooltip])
- financial statements for at least the past three (3) years
- your business cash flow budget (template available)
- your [tooltip definition="A statement at a particular point in time outlining assets and their value, liabilities and amounts owing."]statement of position[/tooltip] (template available)
- what you are offering as security
Refer to the document checklist for a detailed list of mandatory documents you will need to include in your application as well as additional documents you may be requested to submit during the assessment of your loan application. You may also use our tools & templates provided here.
Step 3. Start application
When you are ready to start your application, fill out the application form and use these helpful resources to support you along the way.
What's next?
Once you applied for a RIC loan, every application is individually assessed.
An Agri Lending Specialist is assigned to assess your application to ensure everything is complete. Be ready and available to talk through your application.
We may need to request additional information. An application is assessed for eligibility, and to make sure credit and lending criteria is met including adequate security and the ability to repay the loan.
Loan decision & settlement
The loan agreement is finalised, and funding is ready to be provided.
A letter of offer and legal documents are sent to review and sign. Once documents are returned, RIC will prepare for settlement and confirm the settlement date with your commercial lender. After settlement is confirmed, RIC disburses the loan funds to your nominated bank account
Resources
Find documents, checklists, forms and templates to support you in your RIC loan application.
Ask a question
If you have started a loan application and need help using the online form, we can assist you.
Get in touch if you have any other questions about completing and submitting your application.