Unprecedented demand has affected loan processing times. Once a RIC application is confirmed to be completed, the average time to settlement is about 11 months (as at September 2020).
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 and accurate
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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 Federal 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.