In 2020, RIC loan demand skyrocketed due to the interest-free terms on its drought-related loans.
Since then, the RIC has assessed more than half of the loans in its backlog and for new loans received in 2021, is targeting 65 loan handling days, excluding time with customers and their bank, for 80% of its loans.
All loans in the backlog are expected to have a decision by 30 June 2021 and be settled by 30 September 2021.
A RIC loan is a partnership between your farm business, your commercial lender and us, the RIC. When applying for a RIC loan your application will follow this 4 step process.
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Ensure your application is complete, accurate and signed
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The RIC will contact you to provide an update on the status of your application
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The RIC will contact you to discuss your loan application
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Your bank will be in contact during this stage to finalise settlement
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Times will differ depending on each individual application. The RIC is focused on improving loan processing times. The RIC will be in regular contact to keep you updated with how your application is progressing.
The Australian Government’s recent funding announcement included operational funding for the RIC to be spent on a range of improvement initiatives. These improvements will allow the RIC to streamline the process and hire new team members to support demand.